Indosolar's $3.57 Billion IPO opens on September 13

Bangalore: Indosolar, a solar photo-voltaic cell maker, is all set to hit the capital market with a public issue of 357 crore ($3.57 billion) on September 13. The company has fixed a price band at 29-32 per share for the offer, which will close on September 15.

The issue proceeds are proposed to be used for the expansion of annual manufacturing capacity for solar photo-voltaic (SPV) cells by adding a third line of 100 MW.

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Indosolar manufactures poly-crystalline solar photo-voltaic (SPV) cells from silicon wafers utilizing crystalline silicon SPV cell technology for converting sunlight directly into electricity through a process known as the photo-voltaic effect.

The issue is being made through the 100 percent Book Building Process wherein at least 50 percent of the issue will be allocated on a proportionate basis to Qualified Institutional Buyers (QIBs) provided that the Company may allocate up to 30 percent of the QIB Portion, to Anchor Investors, on a discretionary basis out of which at least one-third will be available for allocation to domestic mutual funds only.

Further, not less than 15 percent of the Issue will be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35 percent of the Issue will be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price.

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE).

The book running lead manager to the issue is Enam Securities, while Link Intime India is the registrar.