Overview

• Shares opened at Rs 389 on the BSE and Rs 388.50 on the NSE, about 11% above the Rs 351 issue price.
• The stock later reversed to finish near Rs 323 on both exchanges, closing roughly 8% below the offer price.
• The IPO raised Rs 490 crore, including a Rs 440 crore fresh issue and a Rs 50 crore offer for sale by promoter Pioneer Facor IT Infradevelopers.
• Overall subscription was about 65 times, reflecting strong institutional and retail interest during the September 23–25 window.
• Proceeds are earmarked primarily to part-finance a 1.2 GW solar PV TopCon cell facility in Madhya Pradesh, with the company operating as a solar EPC provider and 1.8 GW module manufacturer.