The initial public offering of Vikram Solar received a solid response on its opening day. According to data from the NSE, the issue attracted 6.88 crore bids against 4.53 crore shares on offer, leading to overall subscription of 1.52 times.
Investor categories showed varied participation. Non institutional investors led the way with their portion subscribed 3.84 times. Retail individual investors also showed keen interest with subscription of 1.36 times. The portion reserved for qualified institutional buyers recorded a modest start at around 2 percent, leaving room for stronger participation in the coming days.
Vikram Solar has grown rapidly since its inception in 2009. It started with an installed solar module capacity of only 12 megawatts and has expanded to 4.5 gigawatts today. The company operates two large solar PV module facilities in West Bengal and Tamil Nadu, along with a solar cell manufacturing unit in Gangaikondan, Tamil Nadu. Its pan India presence covers 19 states and two Union Territories.
The company has established itself as a trusted partner for both government and private clients. Its customer portfolio includes NTPC, Neyveli Lignite Corporation and Gujarat Industries Power Company as well as major private independent power producers such as Adani Green Energy, Azure Power India, JSW Energy, ACME Cleantech Solutions and Rays Power Infra.
Funds raised through the IPO will be directed towards capital expenditure in its wholly owned subsidiary VSL Green Power Private Limited. JM Financial, Nuvama Wealth Management, UBS Securities, Equirus Capital and PhillipCapital are acting as book running lead managers for the issue.
Market observers note that the enthusiasm among retail and high net worth investors highlights strong confidence in the renewable energy sector. With India accelerating its clean energy transition and global momentum behind solar adoption, Vikram Solar is expected to benefit from favorable industry conditions. However, institutional participation in the remaining days of the bidding process will play an important role in shaping the final outcome of the issue.
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