Sungarner Energies IPO Day 3: GMP, Subscription Status, and More
The ongoing Sungarner Energies IPO, which started accepting subscriptions on August 21, is set to conclude today, August 23, marking the third day of the subscription period.
Diverse Power Solutions Offered by Sungarner Energies
Sungarner Energies Ltd, a prominent player in the energy sector, specializes in a wide array of power solutions such as solar power, UPS, batteries, and inverters. The company, as outlined in the Red Herring Prospectus (RHP), also deals in solar panels and extends its expertise to engineering, design, and solution-oriented services.
Furthermore, Sungarner Energies Ltd is dedicated to providing comprehensive services, including the maintenance and operation of solar power generation systems, along with the execution of solar power plant projects.
Expanding Presence and Global Reach
With a strong foothold in India, Sungarner Energies Ltd has established service centers across key regions including Delhi, Uttar Pradesh, Haryana, Bihar, Assam, and Bengal. The company has ambitious plans to extend its reach to all major districts in India by the close of 2025. To achieve this, the company is actively inducting 500 additional franchisees. Notably, the company has also forayed into international markets, exporting its products to nations like Nigeria, Bhutan, Dubai, Nepal, and Lebanon over the past two years.
Leadership and Promoters
Sungarner Energies Ltd is guided by its dynamic promoters, Sumit Tiwari and Snigdha Tiwari.
Sungarner Energies IPO Subscription Status:
As of day 3, the subscription status of the Sungarner Energies IPO has surged to an impressive 152.38 times. This remarkable response underscores the enthusiasm from both retail investors, with a subscription rate of 192.89 times, and non-institutional buyers, with a subscription rate of 110.59 times. This data is sourced from chittorgarh.com.
The IPO has garnered bids for a substantial 8,87,45,600 shares, significantly surpassing the available offering of 640,000 shares, according to data available at 18:09 IST on chittorgarh.com.
Gradual Subscription Uptrend
The IPO subscription history showcases a gradual uptrend, with a subscription rate of 26.35 times on day 2, following a subscription rate of 2.68 times on the inaugural day.
Sungarner Energies IPO GMP:
The Sungarner Energies IPO GMP remains consistent at +17, mirroring the previous trading session. This suggests that the grey market is valuing Sungarner Energies IPO shares at a premium of ₹17 on Wednesday, according to insights from topsharebrokers.com.
Taking into account the upper end of the price band and the prevailing premium in the grey market, industry experts estimate the listing price for Sungarner Energies Ltd shares to be around ₹100 each. This projection represents a noteworthy 20.48% increase over the original share price of ₹83.
Over the weekend, Sungarner Energies Ltd shares were traded at their issue price in the grey market, devoid of any premium or discount.
The range for the GMP varies between ₹0 and ₹17, indicating strong potential for a favorable listing, as suggested by today’s GMP trend.
Also Read: Sungarner Energies IPO Details | GMP, Date, Price, Review
Sungarner Energies IPO Details:
The Sungarner Energies IPO has been priced in the range of ₹83 per equity share, with a face value of ₹10 each. Notably, the minimum lot size for this IPO is set at 1600 shares. It’s noteworthy that the issue price of ₹83 is eight times the face value of the equity share.
The IPO consists of a fresh issue of 640,000 equity shares, aggregating to ₹5.31 crore, without any offer for sale (OFS) component. As indicated in the company’s Red Herring Prospectus (RHP), the net proceeds will be allocated toward fulfilling working capital needs, general corporate purposes, and expenses related to the issuance.
Sungarner Energies IPO Key Dates:
Fast Track Finsec Private Ltd is the lead manager for the Sungarner IPO, while Skyline Financial Services Private Ltd serves as the registrar.
The basis of share allotment is scheduled to be finalized on August 28, with refunds initiated on August 29. Allottees can anticipate the shares to be credited to their demat accounts on August 30. Sungarner Energies Ltd shares are projected to debut on NSE SME on August 31.
Expert Opinion on Sungarner Energies IPO:
Dilip Davda, a contributing editor at Chittorgarh.com, offered his insight on the IPO. He highlighted that the company operates in a competitive sector and its IPO pricing reflects near-term considerations. Given the modest paid-up equity capital, he indicated potential for longer gestation before yielding substantial returns. Savvy investors, he suggested, might consider a long-term investment approach for optimal rewards.
About Sungarner Energies:
Sungarner Energies operates within the realm of producing solar inverters, online UPS systems, EV chargers, and lead-acid batteries. Its origins trace back to a Design Engineering and Solar Engineering, Procurement, and Construction (EPC) enterprise. Over time, the company strategically expanded its scope to encompass the manufacturing of power electronics and energy storage solutions.
