Vikram Solar's IPO Shines Bright: Oversubscribed by 4.56 Times

Vikram Solar's IPO was oversubscribed 4.56 times by the second day, receiving bids for 20.7 million shares against 4.5 million available. The offering, valued at approximately Rs 2,079 crore, closes on Thursday. Capital raised will fund expansion projects and manufacturing capabilities, boosting solar infrastructure across India.

Vikram Solar's initial public offering (IPO) has seen overwhelming interest, with the subscription reaching 4.56 times the offered shares by its second day. According to NSE data, the IPO received bids for over 20.7 million shares against the 4.5 million shares available.

The breakdown of the subscription shows that non-institutional investors subscribed 13.01 times, retail individual investors (RIIs) 3.47 times, and qualified institutional buyers (QIBs) part saw 11% subscription. Vikram Solar had earlier raised Rs 621 crore through anchor investors on Monday.

The IPO, which concludes on Thursday, aims to raise approximately Rs 2,079 crore, with plans to use part of the Rs 1,500 crore raised from fresh issues to fund capital expenditure for its subsidiary, VSL Green Power Private Ltd. This expansion will further boost Vikram Solar's manufacturing prowess, supporting key domestic projects across India.