Kolkata-based solar panel manufacturer Vikram Solar has raised ₹620.81 crore from 43 institutional investors through its anchor book on August 18, a day before the opening of its initial public offering (IPO).
The IPO, scheduled for August 19–21, aims to mobilize ₹2,079.4 crore, which includes a fresh issue of ₹1,500 crore and an offer for sale (OFS) worth ₹579.4 crore by promoters. The price band has been set at ₹315–332 per share.
The company has allotted 1.87 crore shares at the upper price band of ₹332 to anchor investors. Participants included global institutions such as Goldman Sachs, Prudential Hong Kong, Morgan Stanley, Pinebridge Global Funds, Societe Generale, Integrated Core Strategies (Asia), and Citigroup Global, alongside leading domestic players like Kotak Mahindra AMC, Franklin India, Nippon Life India, UTI AMC, Tata MF, HSBC MF, Edelweiss, ICICI Prudential Life Insurance, SBI General Insurance, Taurus MF, and Finavenue Capital Trust.
Out of the total allocation, 97.96 lakh shares went to nine domestic mutual funds, spread across 22 schemes.
Vikram Solar plans to deploy ₹769.7 crore from the fresh issue to establish a 3,000 MW solar cell and 3,000 MW solar module facility at Gangaikondan, Tamil Nadu, while ₹595.2 crore will be used to expand its existing solar module capacity to 6,000 MW at the same site. The remaining funds will go towards general corporate purposes.
The company currently operates with a solar PV module manufacturing capacity of 4.5 GW, which it targets to scale up to 15.5 GW by FY26 and further to 20.5 GW by FY27.
Disclaimer: This article is for informational purposes only and should not be considered investment advice. Please consult your financial advisor before making any investment decisions.
