Solar module manufacturer Vikram Solar has successfully raised Rs 621 crore from anchor investors ahead of its initial public offering (IPO), which opens to the public on August 19. The company allotted 1.87 crore equity shares to 43 institutional investors at a price of Rs 332 per share.
Major global investors like Goldman Sachs Fund, Morgan Stanley India Investment Fund, BNP Paribas, HSBC, and Citigroup participated in the anchor round, alongside domestic institutions such as ICICI Prudential Life Insurance and SBI General Insurance. Mutual fund houses including UTI MF, Franklin Templeton MF, Kotak Mahindra MF, Nippon India MF, and Edelweiss MF were also among the subscribers.
The company’s Rs 2,079-crore IPO will remain open from August 19 to August 21 with a price band of Rs 315–332 per share. The offer includes a fresh issue of shares worth up to Rs 1,500 crore, while the remaining Rs 579.37 crore is being offered for sale by existing promoters at the upper end of the price band.
Vikram Solar plans to use a part of the proceeds to fund capital expenditure for its subsidiary VSL Green Power Private Ltd for Phase I and Phase II projects.
Founded in 2009, the company has grown its solar PV module manufacturing capacity from 12 MW to 4.50 GW. It currently operates facilities in West Bengal and Tamil Nadu, and serves customers in 19 states and two Union Territories. Major domestic clients include NTPC, Neyveli Lignite Corporation, Adani Green Energy, and JSW Energy.
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