Vikram Solar, Gem Aromatics mobilise ₹756 cr from anchor investors; IPOs open today

Specialty fragrance maker Gem Aromatics and renewable energy solutions provider Vikram Solar are set to launch their initial public offerings (IPOs) today after raising a combined ₹756 crore from anchor investors. While Vikram Solar garnered ₹620.8 crore via the anchor book, Gem Aromatics secured ₹135.37 crore from anchor investors. The anchor book of both companies received strong response from institutional investors, according to exchange data.

Vikram Solar allocated 1.87 crore equity shares at the upper end of the price band at ₹332 per share to anchor investors on Monday. Some of the marquee Institutions that participated in the anchor includes Kotak Mutual Fund, Nippon Mutual Fund, Goldman Sachs, Franklin Templeton Mutual Fund, Singularity Equity Fund I, Morgan Stanley, Tata Mutual Fund, ICICI Prudential Life, SBI General Insurance, BNP Paribas, HSBC, Citigroup and many more. The anchor book reflects a good mix of domestic mutual funds, foreign portfolio investors and insurance companies.

Out of the total allocation of 1.87 crores equity shares to the anchor investors, 97.96 lakh equity shares were allocated to 9 domestic mutual funds through a total of 22 schemes, which represented 52.39% of the total anchor book size.

On the other hand, Gem Aromatics allotted 41,65,383 equity shares at ₹325 per share to anchor investors. The institutional investors that participated in the anchor include Citigroup Global, Societe Generale, Goldman Sachs, Nippon India, SageOne, Nuvama, and Niveshaay Sambhav Fund.

IPO details

Kolkata-based Vikram Solar looks to raise ₹2,079.37 crore via the IPO route at a price band of ₹315-332 per share. The IPO of the photovoltaic module manufacturer will open for subscription today and close on August 21, while the allotment of shares is expected to be finalised on August 22. The shares of Vikram Solar are expected to be listed on the BSE and the NSE on August 26, 2025.

The Vikram Solar IPO is a combination of fresh issue of 4.52 crore shares aggregating to ₹1,500 crore and offer for sale of 1.75 crore shares worth ₹579.37 crore. At the upper end of the price band, the market capitalisation of the company is pegged at around ₹12,009 crore.

The lot size for the IPO is 45 and in multiples thereafter. The minimum amount of investment required by a retail investor is ₹14,175 for one lot.

According to the RHP filed with Sebi, up to 50% of the net offer is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NII), and the remaining 35% for retail individual investors.

Meanwhile, Gem Aromatics looks to mobilise ₹451.25 crore at a price band of ₹309-325 apiece. The IPO of the Mumbai-based company will be open for subscription between August 19 and August 21.

The allotment for the Gem Aromatics IPO is expected to be finalised on August 22, while the tentative listing date is August 26, 2025.

The IPO is a mix of fresh issue of equity shares amounting to ₹175 crore and an OFS worth ₹276.25 crore. The market value of the company is pegged at around ₹1,697.71 crore at the higher end of the issue price.

The company, an established manufacturer of specialty ingredients, including, essential oils, aroma chemicals and value-added derivatives in India, has reserved 50% of the net offer for QIBs, 15% for NIIs, and the remaining 35% for retail individual investors.

Incorporated in October 1997, Gem Aromatics offers a diversified portfolio of products, ranging from the mother ingredients to its various value-added derivatives. Its products find application across a broad spectrum of industries, such as, oral care, cosmetics, nutraceuticals, pharmaceuticals, wellness and pain management and personal care.

The company plans to use ₹140 crore out of the ₹175 crore raised from fresh equities for repayment of loan availed by it and its subsidiary, Krystal Ingredients Private Limited.

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