Vikram Solar IPO garners 1.52 times subscription on Day 1 of offer

New Delhi, Aug 19 (PTI) The initial public offer of solar module maker Vikram Solar Ltd garnered 1.52 times subscription on the first day of bidding on Tuesday.

The initial share sale received bids for 6,88,40,280 shares against 4,53,61,650 shares on offer, according to data available with the NSE.

Non-Institutional Investors part attracted 3.84 times subscription, while the quota for Retail Individual Investors (RIIs) got subscribed 1.36 times. Qualified Institutional Buyers (QIBs) part fetched 2 per cent subscription.

Vikram Solar on Monday mobilised Rs 621 crore from anchor investors.

The Rs 2,079-crore initial public offering (IPO) with a price band of Rs 315 to Rs 332 per share would conclude on August 21.

The IPO includes fresh issues of equities worth up to Rs 1,500 crore and an offer for sale (OFS) of over 1.74 crore shares, valued at around Rs 579.37 crore at the upper end of the price band, by its promoters.

Of the fresh issuance, the company plans to use the proceeds for funding capital expenditure for investment in its wholly owned subsidiary, VSL Green Power Private Ltd, for both Phase I and Phase II of the project.

Vikram Solar commenced its manufacturing operations in 2009 with an installed solar PV module manufacturing capacity of 12 MW has grown to 4.50 GW installed capacity as of the date.

It has two solar PV module manufacturing facilities located in West Bengal and Tamil Nadu, and a solar cell manufacturing facility with two units in Gangaikondan, Tamil Nadu. It has established a pan-India presence, serving 19 states and two Union Territories.

The company's key domestic customers include prominent government entities, such as NTPC, Neyveli Lignite Corporation, and Gujarat Industries Power Company and large private independent power producers (IPPs), like ACME Cleantech Solutions, Adani Green Energy, Azure Power India, JSW Energy and Rays Power Infra, among others.

JM Financial, Nuvama Wealth Management, UBS Securities, Equirus Capital and PhillipCapital are book-running lead managers to the offer. PTI SUM SUM SHW