The initial public offering (IPO) of solar module manufacturer Vikram Solar has received strong investor interest, with an overall subscription of 4.56 times by the end of the second day of bidding on Wednesday.
The non-institutional investor (NII) category was subscribed 13.01 times, while the retail individual investor (RII) portion saw 3.47 times subscription. The qualified institutional buyer (QIB) segment recorded 11% subscription.
The IPO, valued at ₹2,079 crore, is open for subscription until August 21 with a price band of ₹315–₹332 per share.
The issue includes a fresh equity share sale worth ₹1,500 crore and an offer for sale (OFS) of over 1.74 crore shares, amounting to around ₹579.37 crore at the upper price band, from the promoters.
Proceeds from the fresh issue will be used to fund capital expenditure for VSL Green Power Pvt. Ltd., a wholly owned subsidiary, covering both Phase I and Phase II expansion plans.
The IPO is being managed by JM Financial, Nuvama Wealth Management, UBS Securities, Equirus Capital, and PhillipCapital.
