Vikram Solar IPO Subscription Status: The initial public offering (IPO) of Vikram Solar closed with a massive subscription on Thursday, August 21, amid strong demand from all quotas of investors, positive brokerage views and decent grey market premium (GMP).
Vikram Solar IPO had sailed through on the first day of the bidding process itself, closing with over 6 times subscription.
Vikram Solar IPO Subscription Status
Vikram Solar IPO was booked 54.63 times at the end of the third day of the bidding process. The qualified institutional buyer (QIB) portion was subscribed the most at 142.79 times, the non-institutional investor (NII) portion was booked 50.90 times and the retail portion received 7.65 times bids. Lastly, the employee quota saw 4.84 times subscription.
Overall, Vikram Solar IPO garnered bids for 2,47,81,57,740 shares as against 4,53,61,650 shares on offer.
Vikram Solar IPO GMP
Vikram Solar IPO GMP today is ₹46. This means shares of Vikram Solar are trading at ₹46 above the issue price in the grey market. At the prevailing GMP and the issue price, Vikram Solar IPO listing price could be ₹378, a premium of 13.86%.
Grey market premium indicates investor willingness to pay more than the issue price for an IPO.
Vikram Solar IPO Details
The ₹2079.37 crore Vikram Solar IPO was open for bidding from August 19 to August 21. The mainboard IPO was a mix of fresh share sale of ₹1500 crore and an offer for sale of ₹579.37 crore.
Vikram Solar IPO price band was set at ₹315-332 apiece. Investors could apply for 45 shares in one lot, requiring an investment of ₹14,175.
The company plans to use the funds raised for partial funding of the capital expenditure of the Phase I and Phase II projects, along with general corporate purposes.
JM Financial Ltd. is the book-running lead manager, and MUFG Intime India is the registrar of the issue.
Following the closure of the Vikram Solar IPO, investor focus will now shift to the allotment status. The Vikram Solar IPO allotment status is slated to be out tomorrow, August 22. Meanwhile, listing of shares is likely on August 26 on the BSE and NSE.
Incorporated in 2005, Vikram Solar Limited is a solar photovoltaic (PV) module manufacturer.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
