Vikram Solar IPO
GMP, Subscription, Price, Dates & Financial Details
Electric Equipment
Incorporated in 2005, Vikram Solar Limited is one of India’s leading solar photovoltaic (PV) module manufacturers with over 15 years of industry experience. The company specializes in the manufacturing of high-efficiency solar PV modules, and also offers comprehensive Engineering, Procurement, and…
Open Date
Tue, 19 Aug 2025
Close Date
Thu, 21 Aug 2025
Price Band
₹ 315 – 332
Lot Size
45
Issue Size
₹ 2,079.37 Cr
Minimum Investment
₹ 14,940 (45 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Vikram Solar IPO has successfully completed its IPO process and is now listed on the NSE and BSE. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹2,079.37 Crore, comprising a fresh issue of 4.52 Crore equity shares aggregating to ₹1,500.00 Crore and an offer for sale (OFS) of 1.75 Crore equity shares aggregating to ₹579.37 Crore by the existing shareholders.
The Vikram Solar IPO remained open for subscription from August 19, 2025, to August 21, 2025. The basis of allotment was finalized on August 22, 2025, and the company's shares were listed on the NSE and BSE on August 26, 2025.
The company had fixed the price band at ₹315 to ₹332 per share, with a lot size of 45 shares. Retail investors were required to make a minimum investment of ₹14,940 (based on the upper price band) to apply for one lot.
MUFG Intime India Private Limited served as the registrar to the issue. JM Financial Limited, Nuvama Wealth Management Limited, UBS Securities India Private Limited, Equirus Capital Private Limited, and PhillipCapital (India) Private Limited acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Vikram Solar Limited is now a publicly listed company on the NSE and BSE. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Vikram Solar IPO Timeline (Tentative)
- IPO Open Date
- Tue, 19 Aug 25
- IPO Close Date
- Thu, 21 Aug 25
- Basis of Allotment
- Fri, 22 Aug 25
- Initiation of Refunds
- Mon, 25 Aug 25
- Credit of Shares to Demat
- Mon, 25 Aug 25
- Listing Date
- Tue, 26 Aug 25 — NSE & BSE
Open Date
19 August 2025
Close Date
21 August 2025
Basis Of Allotment
22 August 2025
Listing Date
26 August 2025
IPO Subscription
Check Live Subscription →The Vikram Solar IPO has received bids for 2,47,81,57,965 shares against 4,53,61,650 shares offered, resulting in an overall subscription of 54.63x. the NII category is subscribed 50.9x, Retail Investors 7.65x, Employees 4.84x, and QIBs 142.79x. Within the NII category, BNII is subscribed 57.35x, while SNII is subscribed 38x.
QIB
142.79x
NII
50.9x
BNII
57.35x
SNII
38x
RII
7.65x
EMP
4.84x
Total
54.63x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 2,26,63,365 shares, representing 49.96% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 1,26,67,954 shares (27.93%), while Non-Institutional Investors (NIIs) receive 97,12,871 shares (21.41%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 12,667,954 | 27.93% |
| Non-Institutional | 9,712,871 | 21.41% |
| BNII | 6,475,248 | 14.27% |
| SNII | 3,237,623 | 7.14% |
| Retail Investors | 22,663,365 | 49.96% |
| Employees | 317,460 | 0.7% |
| Total | 45,361,650 | 100% |
Financials Details(₹ in Crores)
| Particular | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 2832.15 | 2585.5 | 2476.29 |
| Revenue | 3459.53 | 2523.96 | 2091.91 |
| Profit After Tax | 139.83 | 79.72 | 14.49 |
| Net Worth | 1241.98 | 445.41 | 365.91 |
| Reserve & Surplus | 0 | 0 | 0 |
| Total Borrowings | 230.66 | 808.33 | 737.78 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Vikram Solar Limited KPI Information
| Particular | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| ROE % | 16.57 | 19.67 | 4.05 |
| ROCE % | 24.49 | 20.76 | 12.78 |
| Debt / Equity | 0.19 | 1.81 | 2.02 |
| RoNW % | 11.26 | 17.9 | 3.97 |
| Pat Margin % | 4.08 | 3.17 | 0.7 |
Peers Comparison
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Vikram Solar Ltd | 10 | 0.00 | 4.61 | 4.60 | 11.26 | 39.24 |
| Waaree Energies Ltd | 10 | 45.79 | 68.24 | 67.96 | 20.09 | 334.00 |
| Premier Energies Ltd | 1 | 47.01 | 21.35 | 21.35 | 33.21 | 62.61 |
| Websol Energy System Ltd | 10 | 40.04 | 36.66 | 36.17 | 55.65 | 65.88 |
About Vikram Solar Limited
Incorporated in 2005, Vikram Solar Limited is one of India’s leading solar photovoltaic (PV) module manufacturers with over 15 years of industry experience. The company specializes in the manufacturing of high-efficiency solar PV modules, and also offers comprehensive Engineering, Procurement, and Construction (EPC), along with Operations and Maintenance (O&M) services for solar energy projects.
Market Leadership & Capacity
As of March 31, 2024, Vikram Solar has an installed manufacturing capacity of 3.50 GW, making it one of the largest solar PV module manufacturers in India. Among pure-play non-captive manufacturers, the company holds one of the highest enlisted capacities in the Ministry of New & Renewable Energy’s Approved List of Module Manufacturers (ALMM) with 2.43 GW as of July 2024.
Vikram Solar began its manufacturing journey in 2009 with just 12 MW capacity, growing steadily to its current scale. It has been consistently recognized as a Tier 1 manufacturer by BloombergNEF since 2014 and has been featured as a Top Performer in the PVEL Reliability Scorecard for six consecutive years since 2019.
Manufacturing & Expansion
The company operates two strategically located manufacturing facilities at:
- Falta SEZ, Kolkata, West Bengal
- Oragadam, Chennai, Tamil Nadu
These locations offer logistical advantages for both domestic and international operations. To meet rising demand, Vikram Solar is undertaking large-scale expansions to increase its manufacturing capacity to:
- 10.50 GW by Fiscal 2026
- 15.50 GW by Fiscal 2027
Additionally, the company is establishing a 3.00 GW solar cell manufacturing facility in Tamil Nadu as part of its backward integration strategy.
Product Portfolio
Vikram Solar offers a range of high-efficiency solar PV modules, including:
- PERC (p-type monocrystalline)
- TOPCon (n-type Tunnel Oxide Passivated Contact)
- HJT (n-type Heterojunction Technology)
These modules are available in both bifacial (glass-to-glass / glass-to-transparent back sheet) and monofacial (glass-to-white/black back sheet) formats, with wattage ranging from 395 Wp to 725 Wp and efficiency levels between 21.51% and 23.34%.
Technology & Innovation
Vikram Solar integrates advanced technologies such as artificial intelligence, machine learning, virtual and augmented reality, and robotic process automation into its manufacturing operations. The facilities are certified under:
- ISO 14001:2015 (Environmental Management)
- ISO 45001:2018 (Occupational Health and Safety)
The company's R&D center at Falta, West Bengal, is NABL-accredited and is developing a Centre of Excellence (CoE) to drive innovations, including a Digital Twin project for real-time simulation and predictive maintenance.
In Fiscal 2024, the company achieved notable improvements in operational efficiency:
- 39.55% reduction in cost of poor quality
- 0.66% reduction in specific power consumption
- 35.83% reduction in specific water consumption
Market Presence & Clients
Vikram Solar has a pan-India presence across 23 states and 3 union territories, supported by a strong network of:
- 41 authorized distributors
- 64 dealers
- 67 system integrators
Key clients include prominent public and private entities such as:
- NTPC (National Thermal Power Corporation)
- Neyveli Lignite Corporation (NLC)
- Gujarat Industries Power Company Limited (GIPCL)
- ACME Cleantech Solutions Pvt. Ltd.
Human Resources
As of March 31, 2024, Vikram Solar employs:
- 1,513 permanent employees
- 728 contractual employees
Vikram Solar IPO Promoters
- Gyanesh Chaudhary
- Gyanesh Chaudhary Family Trust
- Vikram Capital Management Private Limited
Promoters Holding
Holding Pre Issue
77.64%
Holding Post Issue
63.11%
Vikram Solar IPO Objective
The Company Vikram Solar IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
- Partial funding of capital expenditure for the Phase-I Project.
- Funding of capital expenditure for the Phase-II Project
- General Corporate Purposes
Vikram Solar Limited Address / Contact Details
Vikram Solar Limitd
Biowonder, Unit No. 1102, 11th Floor,
789, Anandapur Main Road,
Eastern Metropolitan Bypass,
E.K.T, Kolkata -700107, West Bengal
Phone: +91 33 2442 7399
Email: secretarial@vikramsolar.com
Website: http://www.vikramsolar.com/
IPO Snapshot
Vikram Solar IPO Lot Size
The Vikram Solar IPO has a lot size of 45 shares. Retail investors require a minimum investment of ₹14,940 by applying for 1 lot (45 shares). The maximum application allowed for the retail category is 13 lots (585 shares), requiring an investment of ₹1,94,220.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 45 | 14,940.00 |
| Retail (Max) | 13 | 585 | 194,220.00 |
| S-HNI (Min) | 14 | 630 | 209,160.00 |
| S-HNI (Max) | 66 | 2,970 | 986,040.00 |
| B-HNI (Min) | 67 | 3,015 | 1,000,980.00 |
Issue Reservation
- QIB — 27.93%
- NII — 21.41%
- RII — 49.96%
- EMP — 0.7%
Book Running Lead Managers
- JM Financial Limited
- Nuvama Wealth Management Limited
- UBS Securities India Private Limited
- Equirus Capital Private Limited
- PhillipCapital (India) Private Limited
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Vikram Solar IPO?
Vikram Solar IPO is a Book-building IPO with a total issue size of ₹2079.37 crore. The Vikram Solar IPO price band is ₹315 to 332 per share. The Vikram Solar IPO subscription opens on Tue, Aug 19, 2025, and closes on Thu, Aug 21, 2025. The Vikram Solar IPO will be listed on the NSE,BSE. MUFG Intime India Private Limited is the registrar for the Vikram Solar IPO.
When will the Vikram Solar IPO open for subscription?
The Vikram Solar IPO opens on Tue, Aug 19, 2025 and closes on Thu, Aug 21, 2025
What is Vikram Solar IPO Price Band?
Vikram Solar IPO Price Band is ₹315 to 332 per share.
What is Vikram Solar IPO Lot Size?
Vikram Solar IPO lot size is 45 shares, Retail investors need a minimum investment of ₹14940 based on the upper price band
What is the minimum investment for Vikram Solar IPO?
The minimum investment for Vikram Solar IPO is ₹14940, based on one lot of 45 shares at the upper price band of ₹332 per share.
How to apply for Vikram Solar IPO?
Investors can apply for the Vikram Solar IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Thu, Aug 21, 2025. The application amount remains blocked until the Vikram Solar IPO allotment is finalized.
What is Vikram Solar IPO Issue Size?
Vikram Solar IPO issue size is ₹2079.37 crores.
What is the Vikram Solar IPO Allotment Date?
Vikram Solar IPO allotment date is Fri, Aug 22, 2025.
Who is the Vikram Solar IPO Registrar?
The registrar for Vikram Solar IPO is MUFG Intime India Private Limited. Investors can go to MUFG Intime India Private Limited website to check Vikram Solar IPO allotment status, refund processing, and other IPO-related information.
What is the Vikram Solar IPO GMP?
The Vikram Solar IPO GMP (Grey Market Premium) is ₹35 as of Tue, Aug 26, 2025. Based on the upper price band of ₹332 per share, the estimated Vikram Solar IPO listing price is ₹367, indicating a potential listing gain of approximately 10.54% over the issue price.
Who is the Vikram Solar IPO Lead Manager?
The book-running lead managers (BRLMs) for the Vikram Solar IPO are JM Financial Limited, Nuvama Wealth Management Limited, UBS Securities India Private Limited, Equirus Capital Private Limited, and PhillipCapital (India) Private Limited. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Vikram Solar IPO Red Herring Prospectus (RHP).