On Tuesday, August 19, the initial public offering of Vikram Solar will open for bidding. The company announced to offer its shares in the range of Rs 315-332 per equity share. Until Thursday, August 21, investors can apply for a minimum of 45 equity shares and multiples. On Monday, August 18, the anchor book for the issue shall open.
What Is The Sale Component Of Vikram Solar IPO?
The IPO of Vikram Solar includes a fresh share sale component of Rs 1,500 crore and an offer-for-sale (OFS) of up to 1,74,50,882 equity shares by its promoter Gyanesh Chaudhary, Vikram Capital Management and Anil Chaudhary, worth Rs 579.37 crore at the upper end of the price band. The company is looking to raise a total of Rs 2079.37 crore via the IPO route.
Phase 1 & Phase 2 Projects
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For the Phase I and Phase II projects, the net proceeds from the fresh issue shall be utilised towards partial funding of capital expenditure. However, proceeds from the selling shareholders will go to them only. The company is commanding a grey market premium of Rs 68-70 per share, suggesting an upside potential of 20-21 per cent over the upper end of the price band.
Solar PV Models
Vikram Solar's energy products consist of high-efficiency solar PV modules. Its domestic customers include prominent government entities, such as NTPC, NLC India and Gujarat Industries Power Company, and large private independent power producers (IPPs) such as ACME Cleantech Solutions, among others.
QIBs & NIIs
The company has reserved shares worth Rs 10 crore for its eligible shareholders. Of the net issue, 50 per cent shares a reserved for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of allocation in the net offer. Retail investors will have 35 per cent of the allocation in this IPO.
Who Is The Registrar Of The Issue?
Book-running lead managers of the IPO of Vikram Solar are JM Financial, Nuvama Wealth Management, Equirus Capital, UBS Securities India and Phillip Capital India, and MUFG Intime India is the registrar of the issue. On August 26, shares of the company shall be listed on both BSE and NSE.
More About Vikram Solar
Incorporated in 2005, Kolkata-based Vikram Solar is a solar photovoltaic (PV) module manufacturer. It has three core operations, including solar photovoltaic (PV) module manufacturing; engineering, procurement, and construction (EPC) services; and operations and maintenance (O&M) of solar power installations.
