Vikram Solar Makes Muted Market Debut, Lists at 2% Premium Over IPO Price

Vikram Solar, one of India’s largest solar photovoltaic (“PV”) module manufacturers, made its much-anticipated debut on the stock exchanges today. Shares listed at ₹340 on the BSE and ₹338 on the NSE, reflecting a 2.4% and 1.8% premium, respectively, over the IPO issue price of ₹332 per share.

After a muted listing, Vikram Solar shares surged to ₹370.45 by 10:17 AM, marking a strong intraday rebound. 

Vikram Solar IPO Details

The Vikram Solar IPO comprised a fresh issue of ₹1,500 crore and an Offer for Sale (OFS) of ₹579.37 crore, aggregating a total issue size of ₹2,079.37 crore. The bidding window, open from August 19 to August 21, received an overwhelming response from investors, with a subscription rate of 54.6 times overall.

The Qualified Institutional Buyer (QIB) category subscribed over 142 times, followed by Non-Institutional Investors (50.9 times) and Retail Investors (7.65 times). 

The price band was set between ₹315 and ₹332 per share. Ahead of the IPO, Vikram Solar had raised ₹621 crore from anchor investors. 

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About Vikram Solar

Kolkata-based Vikram Solar is among India’s oldest solar PV module manufacturers, with more than 17 years of experience. They have two solar PV module manufacturing facilities located in West Bengal and Tamil Nadu with 4.50 GW of installed manufacturing capacity.  

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