Vikram Solar IPO Shines with Overwhelming Response
Vikram Solar's IPO was over-subscribed 54.63 times, attracting bids for 2.47 billion shares. The offering raised Rs 621 crore from anchor investors and featured a price band between Rs 315 to Rs 332 per share. The proceeds will fund capital expenditure in its subsidiary VSL Green Power.
- Country:
- India
Vikram Solar's initial public offering (IPO) has garnered significant investor interest, with a subscription rate of 54.63 times on its last bidding day. Investors bid for a staggering 2.47 billion shares against the 4.5 million available, indicating strong market confidence in the company.
The IPO attracted 142.79 times subscription from Qualified Institutional Buyers, while Non-Institutional Investors and Retail Individual Investors subscribed 50.90 and 7.65 times, respectively. The company raised Rs 621 crore from anchor investors during this robust offering.
Vikram Solar plans to allocate the proceeds from the Rs 2,079-crore IPO towards capital expenditures for its subsidiary, VSL Green Power, across Phase I and II projects. Established in 2009, the company has expanded its manufacturing capabilities significantly and serves key clients across India.
(With inputs from agencies.)
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