Vikram Solar IPO to open on August 19: Anchor investors pick Rs 620.8 crore worth shares

Vikram Solar IPO

Solar panels manufacturer Vikram Solar has mopped up Rs 620.81 crore from 43 institutional investors via anchor book on August 18, a day before the public issue opening for subscription.

The company aims to raise Rs 2,079.4 crore via initial public offering (IPO) which comprises of fresh issuance of shares worth Rs 1,500 crore, and an offer-for-sale of 1.74 crore shares amounting to Rs 579.4 crore by promoters.

The price band for the offer, which opens during August 19-21, is Rs 315-332 per share.

"...has finalised allocation of 1,86,99,120 equity shares to anchor investors at Rs 332 per share," Kolkata-based Vikram Solar in its filing to exchanges said.

Marquee names like Goldman Sachs, Prudential Hong Kong, Morgan Stanley, Pinebridge Global Funds, Societe Generale, Integrated Core Strategies (Asia), and Citigroup Global participated in the Vikram Solar IPO anchor book.

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Further, domestic institutional investors like Kotak Mahindra AMC, Franklin India, Nippon Life India, UTI AMC, Tata Mutual Fund, HSBC MF, Edelweiss, ICICI Prudential Life Insurance, SBI General Insurance Company, Taurus MF, and Finavenue Capital Trust also invested in the company.

"Out of the total allocation of 1,86,99,120 shares to anchor investors, 97,96,275 shares were allocated to nine domestic mutual funds which applied through their total 22 schemes," the company said.

Vikram Solar intends to utilise Rs 769.7 crore of fresh issue proceeds for setting up of 3,000 MW solar cell and 3,000 MW solar module manufacturing facility at Gangaikondan, Tamil Nadu, and Rs 595.2 crore for doubling the solar module manufacturing facility 6,000 MW at the same project site. The remainder funds will be used for general corporate purposes.

Currently, the company has an installed solar PV module manufacturing capacity of 4.50 GW, which is expected to be increased up to 15.50 GW by FY26 and further up to 20.50 GW by FY27.