Winsol Engineers IPO opens on May 6: Check subscription, GMP, price band

Winsol Engineers IPO, which opened on May 6, 2024, has garnered strong investor interest, with the public issue being subscribed 10.64 times, as of 12:33 PM. 

The IPO, consisting entirely of a fresh issue of 3.1 million shares, aims to raise Rs 23.36 crore.

The company plans to utilise the net proceeds for working capital requirements and general corporate purposes.

Winsol Engineers, established in 2015, specialises in providing integrated engineering, procurement, construction, and commissioning services for Balance of Plant (BoP) Solutions in the solar and wind power sectors. Its core services include foundation work, substation civil and electrical work, and right-of-way services.

 

Here is all you need to know about the Winsol Engineers IPO:

Lot size

The minimum lot size is 1,600 shares for retail investors, which amounts to Rs 1,20,000. For high-net-worth individuals (HNIs), the minimum lot size is 3,200 shares, amounting to Rs 2,40,000.

Price Band

Winsol Engineers IPO price band is set at Rs 71 to Rs 75 per share.

Allotment, listing details

The IPO allotment status is expected to be finalised on Friday, May 10, with non-allottees receiving refunds by Monday, May 13. Successful applicants will receive shares in their Demat accounts on the same day.

Winsol Engineers IPO shares are slated to be listed on the NSE SME platform, Emerge, on Tuesday, May 14.

GMP

The Grey Market Premium (GMP) of the company is 130, indicating a listing gain of 173.33 per cent for Winsol Engineers on the bourses.

Lead Managers

Beeline Capital Advisors Pvt Ltd is the book running lead manager for the IPO, with Kfin Technologies Limited serving as the registrar. Spread X Securities is the market maker for the IPO.

Financials

Winsol Engineers has shown strong growth, with notable revenue and profit increases over the past few fiscal years, attributed to changes in servicing/materials offerings resulting in higher margins. For FY23, the company reported a total revenue/net profit of Rs 65.45 crore / Rs 5.18 crore, and for the 9M of FY24, ended on December 31, 2023, it earned a net profit of Rs 6.77 crore on a total revenue of Rs 52.02 crore.

Competitors

The company competes with the likes of L&T and RVNL among others in this segment.