Vikram Solar's IPO subscribed over 50 times
Vikram Solar's IPO just wrapped up with a huge buzz—investors bid for 2.48 billion shares, while only 45.36 million were up for grabs.
Big institutions led the charge, subscribing over 142 times their quota, while non-institutional and retail investors weren't far behind at nearly 51x and 8x respectively.
Leading solar panel manufacturer
Founded in 2009, Vikram Solar is one of India's top solar panel makers with a production capacity of 4.5 GW as of the date of the IPO.
With factories in West Bengal and Tamil Nadu, plus a solar cell manufacturing facility with two units in Gangaikondan, they supply major government clients like NTPC and Neyveli Lignite Corporation, as well as private players such as Adani Green Energy, across 19 states and two Union Territories.
Details of the IPO
The IPO was priced between ₹315-₹332 per share and included both new shares (raising ₹1,500 crore) and promoter shares (worth about ₹579 crore).
The funds will help expand Vikram Solar's projects through its subsidiary VSL Green Power Private Ltd., fueling more clean energy growth ahead.