Indosolar will start trading live on Indian stock exchanges at the end of this month as it aims to raise 4bn rupees ($86.6m) to fund the expansion of its business.
“The stock will go live on 29 September on both the National Stock Exchange (NSE) of India and Bombay Stock Exchange (BSE) after the bid closes,” a source tells Recharge.
The initial public offering (IPO) will open on Monday and close on 15 September.
The source says the price band has been fixed at 29-32 rupees per share.
He adds that the proceeds of the IPO will go towards raising Indosolar’s solar cell production capacity to 260MW by the end of 2011, up from the current capacity of 160MW.
The production will include both multi and mono crystalline solar cells, with an average efficiency rating of more than 16%, peaking at 17.2%.
India’s solar PV market saw a 20% growth in 2008 to reach 36MW in annual installations, indicating the start of far stronger developments ahead, Indosolar says.
The Jawaharlal Nehru National Solar Mission, a favourable policy regime, is expected to drive the growth of solar generation.
It aims to achieve a phased installation of 20GW of on-grid and 2GW of off-grid solar power by 2022.
India’s solar market motsly remains off-grid, prompting a need for widespread rural electrification programmes.
