Solar module maker Vikram Solar’s ₹2,079-crore IPO witnessed strong demand on its opening day, garnering 1.52 times subscription, with non-institutional investors leading the rush.
 |
| Vilram Solar Ltd. IPO press conference in Taj Bengal, Kolkata on Wednesday. |
Kolkata : Vikram Solar Ltd’s initial public offering (IPO) opened on a strong note on Tuesday, drawing 1.52 times subscription on the very first day of bidding. Data from the National Stock Exchange (NSE) showed that the solar module manufacturer’s share sale received bids for 6,88,40,280 shares against 4,53,61,650 shares on offer.
Among investor categories, the non-institutional investor segment witnessed robust demand, recording 3.84 times subscription. The retail individual investors’ portion was subscribed 1.36 times, while the quota for qualified institutional buyers (QIBs) drew 2 per cent subscription.
Ahead of the issue, Vikram Solar mobilised Rs 621 crore from anchor investors on Monday. The Rs 2,079-crore IPO, with a price band set between Rs 315 and Rs 332 per share, will remain open until August 21. The offer comprises a fresh issue of equity shares worth up to Rs 1,500 crore and an offer for sale (OFS) of more than 1.74 crore shares, valued at about Rs 579.37 crore at the upper end of the price range, by the company’s promoters.
Proceeds from the fresh issue will be utilised to fund capital expenditure for investments in Vikram Solar’s wholly owned subsidiary, VSL Green Power Private Ltd, covering both Phase I and Phase II of its expansion projects.
Established in 2009, Vikram Solar began with a modest solar PV module manufacturing capacity of 12 MW, which has since grown to 4.50 GW. The company operates two solar PV module facilities in West Bengal and Tamil Nadu, along with a solar cell manufacturing plant comprising two units in Gangaikondan, Tamil Nadu. With operations spread across 19 states and two Union Territories, the company has built a strong pan-India presence.
Its clientele includes major government organisations like NTPC, Neyveli Lignite Corporation, and Gujarat Industries Power Company, as well as leading private independent power producers such as ACME Cleantech Solutions, Adani Green Energy, Azure Power India, JSW Energy, and Rays Power Infra.
JM Financial, Nuvama Wealth Management, UBS Securities, Equirus Capital, and PhillipCapital are serving as the book-running lead managers for the issue.
إرسال تعليق