Esteem Solar Tech’s initial public offering received a total of 15,867 applications for 603.95 million new shares worth $289.9 million, out of the 10.5 million new shares made available for the public, representing an overall oversubscription rate of 56.53 times.
A total of 8,735 applications for the 262.7 million shares available were received, which represents an oversubscription of 47.13 times.
The public portion was oversubscribed by 65.91 times, after a total of 7,122 applications for 351.26 million new shares were received.
All the new shares made available to the eligible directors, employees, and selected investors have been fully subscribed and placed out.