The initial public offering of Vikram Solar was subscribed 1.52 times on the first day of bidding on Tuesday.
The IPO, which aims to raise Rs 2,079 crore, is open till Aug. 21. The price band is set at Rs 315 to Rs 332 apiece, with a face value of Rs 10.
The solar photovoltaic module manufacturer's IPO is a mix of a fresh issue of shares up to Rs 1,500 crore and an offer for sale by promoters of up to 17.45 million equity shares worth Rs 579 crore.
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. The tentative date of allotment of shares to IPO investors is Aug. 22, and the stock is set to list on both the exchanges on Aug. 26.
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.
Use Of Proceeds
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 expand capacity to 6,000 MW at the project site. The remaining amount will be used for general corporate purposes.
IPO Subscription Details
Vikram Solar IPO was subscribed 1.52 times as of 5 p.m. on Tuesday.
Qualified Institutions: 2%
Non-Institutional Buyers: 3.84 times
Retail Investors: 1.37 times
Employee portion: 1 times
Vikram Solar IPO GMP
The grey market premium of Vikram Solar was at Rs 47 as of 5:54 p.m. on InvestorGain. The GMP price indicated 14.16% listing gain as indicated by the implied listing price of Rs 379.
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