Vikram Solar IPO Listing Date: Check Expected Listing Price Based On Latest GMP

The shares of Vikram Solar are set to be listed on the NSE and BSE on Tuesday, August 26. Ahead of its debut, the IPO’s grey market premium has remained firm, signalling expectations of healthy gains for investors.

The initial public offering (IPO) allotment was finalised on August 22. The public issue received an overwhelming response, with a subscription rate of 54.63 times its final day of subscription on August 21.

A total of 4.53 crore shares were on offer in the IPO, which eventually received bids for over 247.81 crore shares. 

Vikram Solar IPO's latest GMP is Rs 41 on August 25 at 11:30 a.m. With a price band of Rs 332, the estimated listing price is Rs 373. This suggests a possible gain of 12.35% per share.

Before the IPO opened, the shares were trading as high as Rs 68 (gain of 20.48%) before declining gradually. Despite a drop in the premium, the company is still expected to deliver strong positive returns to investors.

Note: GMP does not represent official data and is based on speculation. 

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Vikram Solar plans to use the IPO proceeds for different business needs. Around over Rs 1,300 crore will go toward funding of capital expenditure for its projects. Around Rs 100 crore of the funds will be used for general corporate purposes.

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Vikram Solar’s IPO is a book-built issue worth Rs 2,079.37 crore. It includes a fresh issue of 4.52 crore shares, raising Rs 1,500 crore, and an offer for sale of 1.75 crore shares, worth Rs 579.37 crore. The IPO opened for subscription on Aug. 19 and closed on Aug. 21.

The price band is set between Rs 315 and Rs 332 per share. The issue was subscribed 56.42 times overall. QIBs subscribed 145.10 times, showing the highest interest. NIIs subscribed 52.87 times. Retail investors subscribed 7.98 times. The employee portion of the IPO saw 5.10 times subscription.

JM Financial Ltd. is the book-running lead manager for the issue. MUFG Intime India Pvt. Ltd. is the registrar for this IPO.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.

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