Patel Retail & Vikram Solar IPOs Steal the Spotlight—Shree Shipping and Gem Aromatics Ride the Wave of Strong Investor Demand

IPO Frenzy Hits Market as Retail and Solar Giants Lead Charge

Investors pile into new listings—because nothing says 'bull market' like throwing cash at unproven companies. Patel Retail and Vikram Solar dominate attention with oversubscribed offerings, while Shree Shipping and Gem Aromatics capitalize on the hype train.

Market Ignores Fundamentals—Again

No one's asking about profitability timelines or market saturation—just how fast they can flip allocations. The usual suspects: institutional FOMO meets retail greed, with everyone pretending they've done 'deep research' on solar panel supply chains and spice export margins.

Because who needs due diligence when you've got momentum?

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