Solar Module Maker Vikram Solar's Shares See Lukewarm Debut With Over 2% Premium Against ₹332 Issue Price

New Delhi: Shares of solar module maker Vikram Solar made a tepid market debut on the exchanges on Tuesday, listing with a premium of over 2 per cent against the issue price of Rs 332.The stock opened for trading at Rs 338 apiece, up by 2.41 per cent on the NSE.

On the BSE, the stock listed at Rs 340, up by 1.81 per cent.Later, it surged by 13.43 per cent each to hit a high of Rs 376.60 per piece on the bourses.The company's market valuation stood at Rs 13,564.39 crore on the NSE.

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The initial public offer (IPO) of Vikram Solar garnered 54.63 times subscription, which closed last Thursday.The Rs 2,079-crore initial public offering (IPO) has a price band of Rs 315 to Rs 332 per share.The IPO includes fresh issues of equities worth up to Rs 1,500 crore and an offer for sale (OFS) of over 1.74 crore shares, valued at around Rs 579.37 crore at the upper end of the price band, by its promoters.

Of the fresh issuance, the company plans to use the proceeds for funding capital expenditure for investment in its wholly owned subsidiary, VSL Green Power Private Ltd, for both Phase I and Phase II of the project.Vikram Solar commenced its manufacturing operations in 2009 with an installed solar PV module manufacturing capacity of 12 MW and has grown to 4.50 GW installed capacity as of the date.

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It has two solar PV module manufacturing facilities located in West Bengal and Tamil Nadu, and a solar cell manufacturing facility with two units in Gangaikondan, Tamil Nadu. It has established a pan-India presence, serving 19 states and two Union Territories.

The company's key domestic customers include prominent government entities, such as NTPC, Neyveli Lignite Corporation, and Gujarat Industries Power Company, and large private independent power producers like ACME Cleantech Solutions, Adani Green Energy, Azure Power India, JSW Energy and Rays Power Infra, among others.

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