Vikram Solar IPO subscribed 4.56 times on 2nd day of bidding

New Delhi: Solar module maker Vikram Solar's initial public offer got subscribed 4.56 times on Wednesday, the second day of bidding.

The IPO received bids for 20,70,74,925 shares against 4,53,61,650 shares on offer, as per NSE data.

The non-institutional investors portion received 13.01 times subscription, while the quota for Retail Individual Investors(RIIs) got subscribed 3.47 times. Qualified Institutional Buyers (QIBs) part received 11 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 will conclude on Thursday.

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 and 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.