Indosolar IPO fully subscribed

Gets bids for 18.20 crore shares

The initial public offer (IPO) of solar photo-voltaic cells manufacturer Indosolar was fully subscribed on final day of the issue today, 15 September 2010. The IPO was subscribed 1.48 times and received bids for 18.20 crore shares, compared with 12.31 crore shares on offer.



The price band for the IPO was Rs 29-32 per share. The issue had opened on 13 September 2010. The company will use the proceeds from the IPO for capacity expansion.

Indosolar manufactures poly-crystalline solar photovoltaic (SPV) cells from silicon wafers. SPV cells are used in SPV modules for converting sunlight directly into electricity through a process known as the photovoltaic effect. The company sells SPV cells primarily to module manufacturers who in turn supply to the system integrator who install the systems for grid or off grid applications in domestic or overseas markets.

The company reported a net loss of Rs 66.21 crore on sales of Rs 112.52 crore for in the year ended March 2010. The commercial production began in July 2009.