Key Points:
- Vikram Solar raises ₹620.8 cr from anchors ahead of its ₹2,079 cr IPO.
- Gem Aromatics secures ₹135.37 cr from anchors for its ₹451 cr IPO.
- Both IPOs list on Aug 26 with strong institutional support.
Specialty fragrance maker Gem Aromatics and solar energy company Vikram Solar have raised a combined ₹756 crore from anchor investors ahead of their initial public offerings (IPOs), which opened for subscription today. Vikram Solar mobilized ₹620.8 crore, while Gem Aromatics secured ₹135.37 crore through anchor allotments, according to exchange filings.
Strong Institutional Support for Vikram Solar
Kolkata-based Vikram Solar allocated 1.87 crore equity shares at the upper end of its price band, ₹332 per share, to anchor investors on Monday. The allocation included marquee institutions such as Kotak Mutual Fund, Nippon Mutual Fund, Goldman Sachs, Franklin Templeton, Morgan Stanley, Tata Mutual Fund, ICICI Prudential Life, and SBI General Insurance.
Of the total shares allotted, 97.96 lakh shares went to nine domestic mutual funds across 22 schemes, accounting for over half (52.39%) of the anchor book. The IPO, which seeks to raise ₹2,079.37 crore, will remain open until August 21, with allotments expected to be finalized on August 22 and listing scheduled for August 26 on the BSE and NSE.
The offering comprises a fresh issue of 4.52 crore shares worth ₹1,500 crore and an offer for sale (OFS) of 1.75 crore shares aggregating to ₹579.37 crore. At the upper price band, Vikram Solar’s market capitalization is estimated at about ₹12,009 crore.
The company has set a lot size of 45 shares, requiring retail investors to commit at least ₹14,175 for one lot. As per regulatory filings, up to 50% of the IPO is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors, and 35% for retail investors.
Gem Aromatics Launches ₹451 Crore Issue
Mumbai-based Gem Aromatics, a specialty fragrance and ingredients manufacturer, raised ₹135.37 crore by allotting 41.65 lakh equity shares to anchor investors at ₹325 per share. Institutions such as Citigroup Global, Societe Generale, Goldman Sachs, Nippon India, and SageOne participated in the anchor round.
The company’s IPO, open from August 19 to 21, aims to mobilize ₹451.25 crore. This includes a fresh issue of shares worth ₹175 crore and an OFS valued at ₹276.25 crore. The company’s market capitalization is pegged at approximately ₹1,697.71 crore at the upper end of the price band. The share allotment is slated for August 22, with a tentative listing date of August 26.
Incorporated in 1997, Gem Aromatics manufactures essential oils, aroma chemicals, and derivatives used in industries such as oral care, cosmetics, nutraceuticals, pharmaceuticals, and wellness. The company plans to use ₹140 crore from the fresh issue to repay loans taken by it and its subsidiary, Krystal Ingredients Private Limited.
Like Vikram Solar, Gem Aromatics has reserved 50% of its issue for QIBs, 15% for non-institutional investors, and 35% for retail investors.
IPO Market Momentum
The twin offerings come at a time when India’s capital markets continue to see robust IPO activity, particularly in the renewable energy and specialty chemicals sectors. Analysts note that strong anchor participation indicates institutional confidence in both companies’ growth prospects, though investor response in the retail segment will be crucial for overall subscription levels.
Both Vikram Solar and Gem Aromatics are scheduled to debut on the stock exchanges on August 26, marking another significant week for India’s primary market.
