From pv magazine India
Vikram Solar’s IPO was subscribed 1.52 times on its first day, driven by strong demand from retail and non-institutional investors.
Bidders offered 68,916,960 shares against 45,361,650 equity shares on offer, according to stock exchange data. Non-institutional investors subscribed 3.84 times, retail investors 1.37 times, and the qualified institutional investors portion 0.02 times. The subscription period opened on Aug. 19 and will close on Aug. 21, 2025.
The day before the IPO, Vikram Solar raised INR 6.208 billion ($75 million) from anchor investors, including 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.
Brokerage firms such as SBI Cap Securities, Can Money Securities, Reliance Securities, Ventura Securities, and Marwadi Financial Securities rated the IPO “Subscribe,” citing the company’s fourfold capacity expansion to 15.5 GW by FY26 and favorable policy support.
JM Financial, Nuvama Wealth Management, UBS Securities India, Equirus Capital, and PhillipCapital (India) are the book-running lead managers, while MUFG Intime India serves as registrar.
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