Indosolar IPO subscribed 20%

Gets bids for 2.41 crore shares

The initial public offer (IPO) of solar photo-voltaic cells manufacturer Indosolar was subscribed 20% by 16:00 IST on the second day of the issue today, 14 September 2010. The IPO received bids for 2.41 crore shares, compared with 12.31 crore shares on offer.



The price band for the IPO is Rs 29-32 per share. The issue closes on 15 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.