Indosolar Limited which had tapped the capital markets with an issue to raise Rs 357 crs in a price band of Rs 29-32 has fixed the price at the lower band of Rs 29. The issue had opened on Monday the 13th of September and closed on the 15th of September. Retail investors were large investors and put in bids for 7.08 cr shares at cut off.

The issue received bids for 18.15 cr shares at the upper end of the price band and logically the issue should have been priced at the top end of the price band of Rs 32. Why the price was fixed at Rs 29 is a mystery and would need some explanation.

One thing is however certain the pricing at the lower end would put pressure on the share on listing. Let us wait and see what happens on listing.