Vikram Solar shares rise over 1% on day 2 of listing, up nearly 9% from the IPO issue price

The stock is up 1.36% to ₹361.25 apiece on the National Stock Exchange (NSE) at 11:02 am. Intraday, it climbed as much as 5.21%.

Its market capitalisation stands at ₹13,068.84 crore.

The scrip has rose 8.81% over the issue price of ₹332 per share.

Vikram Solar's ₹2,079.37 crore IPO was a fresh issue of equity shares valued at ₹1,500 crore and an offer for sale (OFS) of ₹579.37 crore. The price band was fixed at ₹315 to ₹332 per share.

The funds raised will be utilised for corporate general purposes and fund capital expenditure requirements through investment in the wholly-owned subsidiary VSL Green Power Pvt Ltd for Phase I and Phase II projects.

The initial public offering secured a 54.63 times subscription, with bids for 2,47,81,57,965 shares compared to 4,53,61,650 shares on offer during the three-day bidding period, as per the NSE data.

The portion set aside for qualified institutional buyers, or QIBs, was subscribed 142.79 times, as they placed bids for 1,80,88,16,760 shares compared to 1,26,67,954 shares on offer.

The non-institutional investors' (NIIs) category was booked 50.90 times, as they submitted applications for 49,43,81,250 shares against 97,12,871 shares on offer.

Retail individual investors placed bids for 17,34,22,845 shares as against 22,26,63,365 shares reserved for the category. This shows a 7.65 times subscription.

The company had collected ₹621 crore in the anchor round before the IPO. The anchor investors included Goldman Sachs Fund, Morgan Stanley India Investment Fund, BNP Paribas, Citigroup, HSBC, ICICI Prudential Life Company, SBI General Insurance Company, UTI Mutual Fund (MF), Nippon India MF, Franklin Templeton MF, Kotak Mahindra MF, and Edelweiss MF.

Vikram Solar started its manufacturing operations in 2009. It has an installed solar PV module manufacturing capacity of 4.50 GW as of the date.

Its clients include NTPC, Neyveli Lignite Corporation, Gujarat Industries Power Company, Adani Green Energy, ACME Cleantech Solutions, Azure Power India, Rays Power Infra, and JSW Energy, among others.