The shares of Vikram Solar jumped to 9% on Tuesday morning, August 26, a day after a muted market debut following the IPO listing. The stock is now trading at 12% above its Initial public offering (IPO) price as it is learned that the investors' sentiment has changed on the back of strong revenue guidance and a growing solar order book.
Vikram Solar's stock touched Rs 371.25 on the Bombay Stock Exchange (BSE) after listing marginally above its issue price. The photo-voltaic (PV) module manufacturer's IPO was open from August 19 to August 21. The IPO allotment was finalised on August 22 and listed today, August 26. The shares were listed on both the NSE and BSE.
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Vikram Solar shares were listed at Rs 340.00 per share on the BSE, a premium of 2.41% to the issue price of Rs 332 per share. On the NSE, the stock was listed with a 1.81% premium at Rs 338.00 per share.
Vikram Solar IPO GMP
Ahead of its listing, shares of Vikram Solar were quoting a premium of 11% in the grey market, an unofficial ecosystem where shares start trading before the allotment in the IPO and continue till the listing day. Most investors track the GMP to get an idea of the listing price.
The IPO was subscribed 54.63 times before it closed on August 21 and received good responses on the opening date, August 19. The Rs 2,079-crore IPO was bid by Qualified institutional buyers (QIBs) with 142.79 times subscription, followed by non-institutional investors (NIIs) at 50.90 times. Retail investors subscribed 7.65 times their allotted quota.