Vikram Solar IPO Day 2 Live: The initial public offering (IPO) of Vikram Solar Ltd, a manufacturer of solar modules, received 1.52 times subscription on its opening day of bidding on Tuesday.
The Non-Institutional Investors segment saw a subscription rate of 3.84 times, while the portion designated for Retail Individual Investors (RIIs) was subscribed 1.36 times. The Qualified Institutional Buyers (QIBs) segment garnered a subscription of 2 percent.
On Monday, Vikram Solar raised ₹621 crore from anchor investors.
With Vikram Solar IPO price band set between ₹315 and ₹332 per share, the ₹2,079-crore IPO is set to close on August 21.
Vikram Solar IPO consists of fresh equity issues totaling up to ₹1,500 crore and an offer for sale (OFS) of over 1.74 crore shares, which at the upper end of the price band, are valued at approximately ₹579.37 crore from its promoters.
Out of the fresh equity being issued, the firm intends to utilize the funds for capital expenditure aimed at investing in its wholly owned subsidiary, VSL Green Power Private Ltd, for both Phase I and Phase II of their project.
JM Financial, Nuvama Wealth Management, UBS Securities, Equirus Capital, and PhillipCapital serve as the lead managers for the offer.
(Stay tuned for more updates)
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