Vikram Solar IPO: Latest Updates, Subscription Status, GMP, and More
The initial public offering of Vikram Solar has opened for its final day of bidding, with the portion for non-institutional and retail investors being overbooked, while qualified investors have received a subdued response.
Subscription Status
The IPO was subscribed 4.73 times till the end of day two on Wednesday and 1.52 times on the first day. As of 10:17 a.m. on Thursday, the IPO was subscribed 5.19 times.
The breakdown of the subscription status is as follows:
- Qualified Institutions: 0.13 times or 13%
- Non-Institutional Buyers: 15.20 times
- Retail Investors: 3.77 times
- Employee portion: 2.54 times
Grey Market Premium (GMP)
The grey market premium of Vikram Solar was at Rs 42 as of 5:54 p.m. on InvestorGain, indicating a 12.65% listing gain as indicated by the implied listing price of Rs 374.
IPO Details
The IPO, which aims to raise Rs 2,079 crore, is open till Aug. 21. The price band is set at Rs 315 to Rs 332 apiece, with a face value of Rs 10.
The solar photovoltaic module manufacturer’s IPO is a mix of a fresh issue of shares up to Rs 1,500 crore and an offer for sale by promoters of up to 17.45 million equity shares worth Rs 579 crore.
Anchor Investors
Vikram Solar Ltd. raised Rs 620.8 crore from anchor investors on Monday, ahead of its initial public offering. The company allotted 1.87 crore shares at Rs 332 apiece to 43 anchor investors.
Listing Details
The tentative date of allotment of shares to IPO investors is Aug. 22, and the stock is set to list on both the exchanges on Aug. 26.
Book Running Lead Managers
JM Financial Ltd., Nuvama Wealth Management Ltd., UBS Securities India Pvt., Equirus Capital Pvt. and PhillipCapital India Pvt. are the book-running lead managers for the issue.
Read our IPO guide to learn more about the IPO process and how to invest in IPOs.
Investment Risks
Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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