The much-anticipated IPO of Vikram Solar, the solar PV module manufacturer, received 1.52 times subscription on the first day of the offer on Tuesday. 

Vikram Solar’s IPO received 6,88,40,280 bids for the offered  4,53,61,650 shares, shows the data available with the NSE.

Vikram Solar’s IPO’s Non-Institutional Investors portion got 3.84 times subscription. while the part reserved for Retail Individual Investors (RIIs) was subscribed to 1.36 times. The IPO’s Qualified Institutional Buyers (QIBs) portion got  2 per cent subscription.

Vikram Solar business portfolio

Vikram Solar commenced its manufacturing operations in 2009 with an installed solar PV module manufacturing capacity of 12 MW has grown to 4.50 GW installed capacity as of the date.

 The company 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. 

Proceeds utilisation plan

Vikram Solar plans to use the proceeds from the fresh issue for funding capital expenditure in its wholly owned subsidiary, VSL Green Power Private Ltd. 

JM Financial, Nuvama Wealth Management, UBS Securities, Equirus Capital, and PhillipCapital are book-running lead managers to the offer.