Vikram Solar IPO
IPO Listing Details
- Listing Date
26 Aug 2025
- Listing Price
₹340.00
- Listing Change
2.41%
- Last Traded Price
₹246.30
Vikram Solar IPO Details
-
Open Date
19 Aug 2025
-
Close Date
21 Aug 2025
-
Listing Date
26 Aug 2025
- IPO Price Range
₹ 315 to ₹332
- IPO Size
₹ 2,079.37 Cr
- Listing Exchange
BSE NSE
Vikram Solar IPO Timeline
Vikram Solar IPO Subscription Status
| Date | QIB | NII | Retail | TOTAL |
|---|---|---|---|---|
| 19-Aug-25 | 0.02 | 3.99 | 1.43 | 1.57 |
| 20-Aug-25 | 0.12 | 13.51 | 3.62 | 4.73 |
| 21-Aug-25 | 145.10 | 52.87 | 7.98 | 56.42 |
Last Updated: 29 September 2025 3:07 PM by rahul_raskar
Vikram Solar Limited, launching a ₹2,079.37 crore IPO, is a leading Indian manufacturer of high-efficiency solar PV modules, including PERC, TOPCon, and HJT types in bifacial or monofacial formats. It offers EPC and O&M services for solar projects, serving domestic and global markets. With plants in Kolkata and Chennai, it operates across 23 states and 3 union territories via 41 distributors, 64 dealers, and 67 integrators.
Established in: 2005
Managing Director: Mr. Gyanesh Chaudhary
Peers
| Particulars | Vikram Solar Limited | Waaree Energies Limited | Premier Energies Limited | Websol Energy System Limited |
| Total income (in ₹ million) | 34,595.27 | 148,460.60 | 66,520.86 | 5,774.30 |
| Face value (₹ per share) | 10.00 | 10.00 | 1.00 | 10.00 |
| Closing price on August 11, 2025 (₹ per share) | [●] | 3,112.10 | 1,003.60 | 1,448.30 |
| P/E (x) | [●] | 45.79 | 47.01 | 40.04 |
| EPS (Basic) (₹ per share) | 4.61 | 68.24 | 21.35 | 36.66 |
| EPS (Diluted) (₹ per share) | 4.60 | 67.96 | 21.35 | 36.17 |
| RoNW (%) | 11.26% | 20.09% | 33.21% | 55.65% |
| Net Worth (₹ in million) for Fiscal 2025 | 12,419.89 | 95,952.80 | 28,221.06 | 2,780.50 |
| Net Asset Value per share (₹ per share) for Fiscal 2025 | 39.24 | 334.00 | 62.61 | 65.88 |
| Market capitalization as on August 11, 2025 (in ₹ million) | [●] | 894,054.04 | 452,397.16 | 61,127.45 |
Vikram Solar Objectives
1. The company will partially fund the capital expenditure for its Phase I project.
2. It will allocate funds towards the capital expenditure for its Phase II project.
3. The remaining proceeds will be utilised for general corporate purposes.
Vikram Solar IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹2,079.37 Cr |
| Offer for Sale | ₹579.37 Cr |
| Fresh Issue | ₹1,500.00 Cr |
Vikram Solar IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 45 | ₹14,175 |
| Retail (Max) | 13 | 585 | ₹ 1,84,275 |
| S-HNI (Min) | 14 | 630 | ₹ 1,98,450 |
| S-HNI (Max) | 66 | 2,970 | ₹ 9,35,550 |
| B-HNI (Min) | 67 | 3,015 | ₹ 9,49,725 |
Vikram Solar IPO Reservation
| Investors Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (Cr.)* |
|---|---|---|---|---|
| QIB | 145.10 | 1,24,66,080 | 1,80,88,16,760 | 60,052.72 |
| NII (HNI) | 52.87 | 93,49,560 | 49,43,50,785 | 16,412.45 |
| Retail | 7.98 | 2,18,15,640 | 17,41,07,385 | 5,780.37 |
| Total** | 56.42 | 4,39,32,485 | 2,47,88,10,510 | 82,296.51 |
*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.
| Particulars (in Rs. Crores) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 2,091.91 | 2,523.96 | 3,459.53 |
| EBITDA | 186.18 | 398.58 | 492.01 |
| PAT | 14.49 | 79.72 | 139.83 |
| Particulars (in Rs. Crores)] | FY23 | FY24 | FY25 |
|---|---|---|---|
| Total Assets | 2,476.29 | 2,585.50 | 2,832.15 |
| Share Capital | 258.83 | 258.83 | 316.54 |
| Total Borrowings | 0 | 0 | 0 |
| Particulars (in Rs. Crores | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net Cash Generated From / (used in) operating activities | 195.43 | 152.02 | 298.68 |
| Net Cash Generated From / (used in) investing activities | -110.51 | -63.69 | -168.84 |
| Net Cash Generated From / (used in) financing activities | -102.22 | -81.03 | -99.72 |
| Net Increase (Decrease) In Cash And Cash Equivalents | -17.30 | 7.31 | 30.12 |
Strengths
1. Large 3.50 GW capacity solar PV manufacturing capability
2. Strong R&D and stringent quality control systems
3. Established domestic and international market presence
4. Loyal customer base with strong brand recognition
Weaknesses
1. No long-term contracts for raw material supply
2. Loss-making subsidiaries impacting company’s market reputation
3. Heavy reliance on Vikram Solar US Inc. sales
4. EPC cost estimation errors affecting financial stability
Opportunities
1. Rising solar energy demand across Indian markets
2. Growing global adoption of renewable energy solutions
3. Expansion potential in emerging international solar markets
4. Scope to diversify product portfolio and services
Threats
1. EPC project delays impacting cash flow and profits
2. Supply disruptions due to lack of contracts
3. Market share risk from increasing solar competition
4. US sales disruption impacting overall business revenue
1. Access to rapid capacity expansion and integration efforts
2. Frontline solar tech R&D with global-quality certifications
3. Strong financial trajectory with healthy margins and exports
4. Aligns with India’s massive renewable energy growth ambitions
India’s solar energy sector is poised for robust growth, driven by government initiatives, falling technology costs, and rising environmental awareness. With ambitious national renewable energy targets, solar power capacity is expected to expand significantly over the coming decade. Vikram Solar, as one of India’s largest solar PV module manufacturers with advanced manufacturing facilities and strong R&D capabilities, is well-positioned to benefit from this growth.
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FAQs
Vikram Solar IPO opens from August 19, 2025 to August 21, 2025.
The size of Vikram Solar IPO is ₹2,079.37 Cr.
The price band of Vikram Solar IPO is fixed at ₹315 to ₹332 per share.
To apply for Vikram Solar IPO, follow the steps given below:
● Login to your 5paisa account and select the issue in the current IPO section
● Enter the number of lots and the price at which you wish to apply for the Vikram Solar IPO.
● Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.
You will receive a mandate notification to block funds in your UPI app.
The minimum lot size of Vikram Solar IPO is 1 lot consisting of 45 shares and the investment required is ₹14,175.
The share allotment date of Vikram Solar IPO is August 22, 2025
The Vikram Solar IPO will likely be listed on August 26, 2025.
JM Financial Ltd. is the book running lead manager for Vikram Solar IPO.
Vikram Solar plans to utilise the raised capital from the IPO for:
- The company will partially fund the capital expenditure for its Phase I project.
- It will allocate funds towards the capital expenditure for its Phase II project.
- The remaining proceeds will be utilised for general corporate purposes.
Vikram Solar Contact Details
Biowonder, Unit No. 1102, 11th Floor,
789, Anandapur Main Road, Eastern Metropolitan
Bypass, E.K.T,
Kolkata, West Bengal, 700107
Phone: +91 33 2442 7399
Email: secretarial@vikramsolar.com
Website: https://www.vikramsolar.com/
Vikram Solar IPO Register
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: vikramsolar.ipo@linkintime.co.in
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Vikram Solar IPO Lead Manager
JM Financial Ltd.
Nuvama Wealth Management Ltd.
UBS Securities India Pvt.Ltd.
Equirus Capital Pvt.Ltd.
PhillipCapital India Pvt.Ltd.