Vikram Solar Shines Bright on Market Debut with 13.43% Surge

Vikram Solar's shares began trading on the stock market with a modest debut, showing a 2% premium. However, the stock later surged by 13.43%, reaching Rs 376.60 per share. The IPO, which raised substantial capital, will fund further expansion and investments in solar power projects across India.

Shares of Vikram Solar, a leading solar module manufacturer, saw a modest start on the stock market with a 2% premium over the issue price of Rs 332. The company made its debut with shares trading at Rs 338 on the NSE, marking a 2.41% increase.

On the BSE, Vikram Solar's stock was listed at Rs 340, which was a 1.81% increase. However, the market response was notably positive as the stock later soared by 13.43%, reaching a high of Rs 376.60 per share. The company's market valuation subsequently rose to Rs 13,564.39 crore on the NSE.

The company's IPO was highly successful, being subscribed 54.63 times. This success allows Vikram Solar to channel the funds into expanding its capital expenditure for its subsidiary, VSL Green Power Private Ltd. The firm, established in 2009, has significantly expanded its solar module manufacturing capacity and maintains a strong presence across India.

(With inputs from agencies.)