Jamnagar’s SME IPO gets highest listing premium of 387% in 2024, 15th multibagger debut of the year

Jamnagar-based Winsol Engineers on Tuesday received the highest premium on listing so far this year, mostly in-line with expectations. The stock debuted with a massive premium of nearly 387% over the issue price on Tuesday, making it one of the best listings seen in the recent past.

Before the debut of Winsol, only two companies — Maxposure and Kay Cee Energy — have rallied over 300% on listing this year. A total of 15 companies have turned multibaggers on debuts with returns of 100% or more, out of which seven of them fetched a premium of over 200%.

The blockbuster listing of Winsol reaffirms the growing interest among investors in SME IPOs, despite concerns flagged by the market regulator around price manipulation and valuations.

The IPO, which was completely a fresh equity issue of 31.15 lakh shares, received bumper subscription of over 600 times at close.

The net proceeds from the public offer will be used for setting up working capital requirements, general corporate purposes, and public issue expenses.
Also Read: Blockbuster debut! Winsol Engineers shares list at 387% premium over issue price

Based in Jamnagar, Winsol Engineers is an integrated engineering, procurement, construction and commissioning company providing Balance of Plant (BoP) solutions for both wind and solar power generation companies.

Its core services for BoP Solutions include foundation work, substation civil and electrical work, right of way services, cabling to substation and Grid, and other miscellaneous activities.

The company’s clients are in the renewable energy industry, who prefer Winsol BoP solutions due to the historic track record of timely completion of projects, expertise and extensive experience in the business and cost efficiency.

In addition to the core BoP Solutions, Winsol also provides operation and maintenance services for plant handling and monitoring.

Balance of Plant solutions for Wind and Solar projects refers to all the components of a power generation facility excluding
the main generating equipment. This includes structures, equipment, and systems necessary for the plant’s operation.

This can involve the design, procurement, installation, and commissioning of the balance of plant systems necessary for the overall functioning of the facility.

Winsol is responsible for delivering the entire project, including balance of plant components but excluding the main generating equipment (such as turbines or generators). Under operation and maintenance vertical, the company provides support to site operations for optimized performance.

For the period ended December 2023, the company clocked revenues of Rs 52.02 crore and net profit of Rs 6.77 crore.