Dalal Street’s Fab Five: Vikram Solar, Patel Retail, and the Billion-Rupee Buzz

India’s primary market is buzzing this week as five mainboard IPOs and three SME offerings open for subscription, collectively aiming to raise over ₹3,700 crore. From solar panels and supermarket chains to shipping logistics and aroma chemicals, the diversity of sectors reflects investor appetite for growth stories across the board. With grey market premiums (GMPs) flashing green and listing dates locked in, retail and institutional investors are racing to place their bids before the window closes.

Here’s a comprehensive breakdown of the five headline IPOs currently open for subscription:

1. Vikram Solar: The Renewable Heavyweight

- Kolkata-based solar module manufacturer Vikram Solar is launching the largest IPO of the week, worth ₹2,079 crore  
- The issue includes a fresh issue of ₹1,500 crore and an offer-for-sale (OFS) of 1.74 crore shares worth ₹579 crore  
- Price band: ₹315 to ₹332 per share  
- GMP: ₹66, indicating a potential listing price of ₹398 and a premium of nearly 20 percent  
- Subscription window: August 19 to August 21; listing expected on August 26  
- Funds will be used to expand manufacturing capacity under Phase I and II projects  

2. Patel Retail: Supermarket Chain with Suburban Roots

- Patel Retail, which operates 43 outlets across Maharashtra under the Patel’s R Mart brand, is raising ₹243 crore  
- The IPO includes a fresh issue of 85.18 lakh shares and an OFS of 10.02 lakh shares  
- Price band: ₹237 to ₹255 per share  
- GMP: ₹45, suggesting a listing price of ₹300 and a premium of 17.65 percent  
- Subscription window: August 19 to August 21; listing on August 26  
- Proceeds will be used to reduce debt and fund operational expansion  

3. Shreeji Shipping Global: Riding the Coastal Trade Winds

- Jamnagar-based Shreeji Shipping Global is raising ₹411 crore through a 100 percent fresh issue  
- The company specializes in dry bulk cargo logistics across India’s west coast  
- Price band: ₹240 to ₹252 per share  
- GMP: ₹30, indicating a listing price of ₹282 and a premium of 11.90 percent  
- Subscription window: August 19 to August 21; listing on August 26  
- Funds will be used to acquire supramax dry bulk carriers and expand fleet capacity  

4. Gem Aromatics: Scenting the Specialty Ingredient Market

- Mumbai-based Gem Aromatics is raising ₹451 crore through a mix of fresh issue and OFS  
- The company manufactures essential oils, aroma chemicals, and specialty ingredients  
- Price band: ₹309 to ₹325 per share  
- GMP: ₹28, pointing to a listing price of ₹353 and a premium of 8.62 percent  
- Subscription window: August 19 to August 21; listing on August 26  
- Proceeds will go toward debt repayment and operational strengthening  

5. Mangal Electrical Industries: Powering Up the Transformer Segment

- Mangal Electrical Industries, a manufacturer of transformer components, is raising ₹400 crore  
- The IPO is entirely a fresh issue of 71 lakh equity shares  
- Price band: ₹533 to ₹561 per share  
- GMP: Currently flat, indicating a muted listing outlook  
- Subscription window: August 20 to August 22; listing expected on August 28  
- Funds will be used for capacity expansion and working capital needs  

Investor Sentiment and Market Pulse

- Vikram Solar and Patel Retail are leading in terms of GMP and subscription interest  
- Retail investors are actively participating, with minimum lot sizes ranging from ₹13,746 to ₹14,214 depending on the IPO  
- Institutional interest is strong in Vikram Solar and Shreeji Shipping, while Gem Aromatics is seeing moderate traction  
- Market analysts expect listing day volatility, especially in light of global trade tensions and domestic liquidity shifts  

Sources: IndiaTV News, Moneycontrol, Financial Express, Business Today, Outlook Business.

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