Gujarat-based Bright Solar is coming out with an initial public offer (IPO) to raise Rs 19.44 crore. The company is offering 54,00,000 equity shares of Rs 10 each with a fixed price of Rs 36 per share. The issue opened for subscription on June 26 and will close on June 29. Minimum application is to be made for 3,000 shares and in multiples thereon, thereafter. Post allotment, shares will be listed on NSE SME Emerge. The issue constitutes 26.47 per cent of the post issue paid-up capital of the company.
The company, which is engaged in assembling of DC/AC solar pumps and solar pump systems under the brand name of Pumpman, Bright Solar and Bright Solar Water Pump, will utilise the proceeds of the issue to part finance its plans for acquisition of land including stamping and registration for proposed solar PV modules or panels manufacturing project, working capital and general corpus fund needs.
The issue is lead managed by Swastika Investment. Alankit Assignments is the registrar to the issue.
Incorporated in 2010, Bright Solar is also engaged in EPC contracts of solar photovoltaic water pumps which include supplying, installing and commissioning of the pump system along with comprehensive maintenance contract for a specific period of 1-5 years. In solar pump system, it has wide range of products like DC solar pump, solar pump inverter, and AC solar pumps.