The primary market remained vibrant with four public issues that saw a robust response across all investor categories. Against the combined issue size of ₹3,184 crore, they received bids worth whopping ₹1.27 lakh crore (net-off anchor investor portion).

Among them, the star performer was Patel Retail, which hit the capital market eyeing ₹242.76 crore at a price band of ₹237–₹255. The IPO comprised a fresh issue of ₹215.91 crore and an offer for sale of up to ₹25.50 crore. While the portion reserved for qualified institutional buyers saw an aggressive bidding of 272.43 times, others, such as non-institutions, retail investors and employees, also showed equal interest, with their respective portions subscribed 108.18 times, 42.49 times and 25.37 times.

The proceeds from the fresh issue, to the extent of ₹59 crore, will be utilised for repayment/prepayment, in full or in part, of certain borrowings availed of by the company; ₹115 crore for funding the company’s working capital requirements; and the rest for general corporate purposes.

The company has garnered ₹43.46 crore from anchor investors ahead of the issue from marquee Institutions, including Chanakya Opportunities Fund, BNP Paribas Financial Markets, Maybank Securities, Beacon Stone Capital, Saint Capital Fund and Pine Oak Global Fund.

Patel Retail, incorporated in 2007, is primarily engaged as a retail supermarket chain operating in tier-III cities and nearby suburban areas, with a focus on “value retail”, offering food, non-food (FMCG), general merchandise and apparel.

Vikram Solar

Vikram Solar, the biggest issue among them at ₹2,079.37 crore, generated bids worth ₹82,275 crore. QIB’s portion was subscribed by 142.79 times, followed by NIIs (50.9 times), retail 7.65 times and employee (4.84 times).

The IPO — a mix of a fresh issue of ₹1,500 crore and an OFS of ₹579.37 crore — came out with a price band of ₹315-332.

The proceeds from the fresh issue to the extent of ₹769.73 crore for partial funding of capital expenditure through investment in its wholly owned Subsidiary, VSL Green Power Private Limited for the Phase-I Project; ₹ 595.21 crore for funding of capital expenditure through investment in its wholly owned Subsidiary, VSL Green Power Private Limited for the Phase-II Project; and general Corporate Purposes.

As part of IPO, Vikram Solar garnered ₹620.8 crore from anchor investors who included 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.

Vikram Solar Ltd commenced its manufacturing operations in 2009 with an installed solar PV module manufacturing capacity of 12.00 MW and has grown to an installed capacity of 4.50 GW as of the current date.

Shreeji Shipping

The ₹410.71-crore IPO of Shreeji Shipping Global was subscribed 58.10 times. The IPO, a completely fresh issue, received bids for ₹16,072 crore. Leading the bidding scale was QIBs (110.41 times), followed by NIIs (72.7 times) and retail (21.94 times).

The company plans to utilise net proceeds from the fresh issue towards the acquisition of vessels (Dry Bulk Carriers in the Supramax category from the secondary market) estimated to be ₹251.18 crore, prepayment/repayment, in part or full, of certain outstanding borrowings availed by the company worth ₹23 crore and the balance towards general corporate purposes.

Ahead of IPO, Shreeji Shipping Global raised ₹123 crore from anchor investors who included Bank of India Mutual Fund (MF), Morgan Stanley Asia (Singapore) Pte, BNP Paribas Financial Market — ODI, Aarth AIF Growth Fund, Viney Growth Fund, Khandelwal Finance, Golden Equity Fund Series I, SB Opportunities Fund II, Invicta Continuum Fund I, and Rajasthan Global Securities.

Shreeji Shiping Global Ltd provides shipping and logistics solutions for dry bulk cargo at various Ports and Jetties in India and Sri Lanka.

Gem Aromatics

The ₹451.25-crore IPO of Gem Aromatics (₹175 crore fresh issue) and (₹276.25 crore OFS) was subscribed 30.27 times by receiving bids for ₹9,623 crore. QIB portion received bids for 55.28 times and NIIs 45.06 times. The quota for retail investors was subscribed 10.31 times.

As part of the IPO exercise, Gem Aromatics garnered ₹135.37 crore from anchor investors to some of the marquee investors including Citigroup Global, Societe Generale, Goldman Sachs, Nippon India, SageOne, Nuvama, and Niveshaay Sambhav Fund.

Proceeds from the fresh issue will primarily be used to repay debt — approximately Rs 140 crore is earmarked for this purpose — with the balance set aside for general corporate needs. The company claims that the move is expected to strengthen the company’s balance sheet and improve margins.

Gem Aromatics Ltd is an established manufacturer of speciality ingredients, including essential oils, aroma chemicals, and value-added derivatives in India with a track record spanning over two decades

Published on August 21, 2025