Vikram Solar IPO subscribed 1.52 times on day 1
solar module manufacturer
Vikram Solar
gained 1.52 times subscription on the first day of bidding on Tuesday.
According to the press release, the ₹2,079-crore share sale received bids for 6.88 crore shares against the total offer size of 4.53 crore shares.
The issue was driven by strong demand from non-institutional and retail investors. The portion reserved for Non-Institutional Investors was subscribed 3.84 times, while the quota for Retail Individual Investors was filled at 1.36 times.
The IPO, which has a price band of ₹315 to ₹332 per share, will close for subscription on Thursday, 21 August.
The public issue consists of a fresh issuance of equity shares aggregating up to ₹1,500 crore and an offer for sale of up to ₹579 crore by its promoters.
The company plans to utilise the net proceeds from the fresh issue to fund capital expenditure for a manufacturing facility under its subsidiary, VSL Green Power Private.
Ahead of the IPO, Vikram Solar successfully raised ₹621 crore from anchor investors on Monday.
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