Vikram Solar Raises Rs 621 Crore From Anchor Investors Ahead Of IPO Launch
Nine domestic mutual funds applied through 22 schemes and collectively netted 52.39% of the anchor portion.
Vikram Solar Ltd. raised Rs 620.8 crore from anchor investors on Monday, ahead of its initial public offering. The company allotted 1.87 crore shares at Rs 332 apiece to 43 anchor investors.
Goldman Sachs India Equity Portfolio and Prudential Hong Kong Asia Pacific Active Growth Equity Portfolio- AHAPAG- Eastspring Growth Equities Team got the highest allocation of 8.06% each. Franklin India Small Cap Fund and Franklin India Opportunities Fund got the second highest allotment of 6.45% and UTI Value Fund got 4.62% stake in the company.
Nine domestic mutual funds have applied through 22 schemes, the solar company said in an exchange filing on Monday. They have collectively netted 52.39% of the anchor portion. Kotak Mahindra, Franklin India, Nippon Life India and UTI were among the top fund houses in this category.
JM Financial Ltd., Nuvama Wealth Management Ltd., UBS Securities India Pvt., Equirus Capital Pvt. and PhillipCapital India Pvt. are the book-running lead managers for the issue.
The company will launch its initial public offering on Tuesday to raise up to Rs 2,079 crore through a mix of fresh issue and offer for sale. The company has set a price band of Rs 315 to Rs 332 per share for its three-day IPO. The minimum application lot size is 45 shares.
The offer, which concludes on Thursday, is set to list on the BSE and the National Stock Exchange.
Vikram Solar will utilise Rs 770 crore from the fresh issue to invest in its wholly owned subsidiary, VSL Green Power Pvt., for setting up an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility in Tamil Nadu, as per the offer documents.
The company will also invest Rs 595 crore to then expand capacity to 6,000 MW at the project site. The remaining amount will be used for general corporate purposes.
Kolkata-based Vikram Solar is a solar photovoltaic module manufacturer with 16 years of experience. The company has installed 4.5 GW of manufacturing capacity for solar PV modules and an order book of 10,340.8 MW as of March 31, 2025. Last year, it won contracts from NTPC Renewable Energy Ltd. and NLC India Ltd.
The company has two solar PV module manufacturing facilities located in West Bengal and Tamil Nadu, and a solar cell manufacturing facility with two units, in Gangaikondan, Tamil Nadu.
The company's key domestic customers include prominent government entities, such as NTPC, Neyveli Lignite Corporation, and Gujarat Industries Power Company, among others.
