Ahmedabad, July 9, 2018 - Solar water pumping and energy company, Bright Solar Limited (BSL) was publicly listed on the NSE SME Emerge share trading platform today.
To mark the occasion, the Bell Ringing Ceremony was held at Hotel Courtyard by Marriott today morning. The event was graced by dignitaries viz, Mr. Ashish Goyal (Vice President, NSE), Mr. Nikhil Shah from Beeline, CA Vikash Jain (Founding Partner, V Can & co), along with Directors from Bright Solar Limited - Mr. Piyushkumar Babubhai Thumar (CMD), Mr. Dwarkadas Thumar (Executive Director) and Mr. Phoolkumar Saluja (Independent Director).
As the representative for the NSE, Mr. Ashish Goyal gave a rousing address encouraging investors to invest in solar energy and also inviting small and medium industries to go public through the NSE Emerge platform. Mr. Piyushkumar Babubhai Thumar gave his vote thanks to all the investors and the public for their positive and encouraging response. He shared that the vision of Bright Solar Limited will be furthered through public support.
On the first day of trading, Bright Solar shares opened at a price of Rs 36.60, reaching a high of Rs 38.40, before closing at a price of Rs 36.95.
The listing comes as a result of the company’s successful Initial Public Offering (IPO) which took place between 26th and 29th June, 2018. The IPO was extremely successful with 94,10,000 application bids received against 54,00,000 shares. Hence, the issue was oversubscribed by 1.76 times.
To finance its plans for acquisition of land including stamping and registration for proposed solar PV Modules/panels manufacturing project, working capital and general corpus fund needs, BSL had come out with a maiden IPO of 5400000 equity shares of Rs. 36 per share to mobilize Rs. 19.44 cr. Issue constituted 26.47% of the post issue paid up capital of the company. Minimum application allowed was for 3000 shares and in its multiples, thereafter. Issue was solely lead managed by Swastika Investment Ltd. Alankit Assignments Ltd. was the registrar to the issue. The advisor to the issue was ProEx Advisors LLP.