Vikram Solar Ltd’s Initial Public Offering (IPO) has been subscribed 1.52 times on the first day of bidding, with a strong demand particularly from retail and non-institutional investors.
The issue received bids for 68,916,960 shares against the offered 45,361,650 equity shares, according to the data available on the stock exchanges.
Non-institutional investors portion saw a strong response with a subscription of 3.84 times. Retail portion was subscribed 1.37 times. Qualified Institutional Investors portion was subscribed just 0.02 times.
The issue kicked off for subscription on Aug. 19 and will close on Aug. 21, 2025.
A day before the opening of the issue, Vikram Solar Ltd raised INR 620.80 crore from anchor investors. Some of the institutions that participated in the anchor portion included Kotak Mutual Fund, Nippon Mutual Fund, Goldman Sachs, Franklin Templeton Mutual Fund, Singularity Equity Fund I, Morgan Stanley, Tata Mutual Fund, ICICI Prudential Life, SBI General Insurance, BNP Paribas, HSBC, and Citigroup.
Leading brokerage firms like SBI Cap Securities, Can Money Securities, Reliance Securities, Ventura Securities, Marwadi Financial Securities have given a “Subscribe” rating to the issue highlighting the company’s strong growth outlook backed by a fourfold capacity expansion to 15.5 GW by FY26 and robust policy tailwinds.
JM Financial, Nuvama Wealth Management, UBS Securities India, Equirus Capital and PhillipCapital (India) are the book-running lead managers, and MUFG Intime India is the registrar of the issue.
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