Indosolar IPO closes today, bid 0.33 times till now

Indosolar Limited IPO, which had opened for subscription from Monday, September 13, 2010, has been subscribed 0.33 times on an overall basis till Day 2, i.e. till Tuesday, September 14, 2010. The IPO has garnered about 38% subscription in the Retail Category till Day 2

Indosolar Limited manufactures poly-crystalline solar photo-voltaic (SPV) cells from silicon wafers utilizing crystalline silicon SPV cell technology for converting sunlight directly into electricity through a process known as the photo-voltaic effect

Indosolar IPO had received an IPO Grade 3/5 from credit rating agency CRISIL. CRISIL assigns IPO grading on a scale of IPO Grade 1 to IPO Grade 5, with IPO Grade 1 indicating poor fundamentals and Grade 5 indicating strong fundamentals. This grade as per CRISIL, indicates that the company has 'Average Fundamentals'