Vikram Solar Share Price: Shares of solar module maker Vikram Solar are trading in the positive zone on Thursday, August 28, the second day of listing.
The stock rose 1.36% to ₹361.25 per share at 11:02 am on the National Stock Exchange (NSE). It gained 5.21% during the day’s trade.
It has a market capitalisation of ₹13,068.84 crore.
The stock is up 8.81% from its issue price of ₹332 per share.
The company’s shares opened at ₹338, up 1.81% from the issue price on the NSE. It debuted at ₹340 on the BSE, showing a gain of 2.41%.
Vikram Solar’s ₹2,079.37 crore IPO was a fresh issue of equity shares worth ₹1,500 crore and an offer for sale (OFS) of ₹579.37 crore. The price band was fixed at ₹315 to ₹332 per share.
The funds raised will be used for corporate general purposes and to meet capital expenditure requirements through investment in wholly-owned subsidiary VSL Green Power Pvt Ltd for Phase I and Phase II projects.
According to NSE data, the initial public offering (IPO) was subscribed 54.63 times, with bids received for 2,47,81,57,965 shares against 4,53,61,650 shares during the three-day bidding period.
The portion reserved for qualified institutional buyers (QIBs) was subscribed 142.79 times as they placed bids for 1,80,88,16,760 shares against an offer of 1,26,67,954 shares.
The category of non-institutional investors (NIIs) witnessed 50.90 times booking as they submitted applications for 49,43,81,250 shares against an offer of 97,12,871 shares.
Retail individual investors placed bids for 17,34,22,845 shares against 22,26,63,365 shares reserved for this category. This represents a 7.65 times subscription.
The company had raised ₹621 crore in an anchor round ahead of the IPO. Anchor investors included Goldman Sachs Fund, Morgan Stanley India Investment Fund, BNP Paribas, Citigroup, HSBC, ICICI Prudential Life Company, SBI General Insurance Company, UTI Mutual Fund (MF), Nippon India MF, Franklin Templeton MF, Kotak Mahindra MF and Edelweiss MF.
Vikram Solar started its manufacturing operations in 2009. As on date, it has an installed solar PV module manufacturing capacity of 4.50 GW.
Its customers include NTPC, Neyveli Lignite Corporation, Gujarat Industries Power Company, Adani Green Energy, ACME Cleantech Solutions, Azure Power India, Rays Power Infra and JSW Energy, among others.
