August 15, 2025
admin
Vikram Solar IPO will be a book-built issue, with the exact size yet to be announced.ookbuilding process, includes a fresh issue of Rs.1500 crore and an offer for sale of 17450882 shares. The issue opens on August 19, 2025, and closes on August 21, 2025, with allotment expected on August 22, 2025. The shares will be listed on BSE and NSE, tentatively on August 26, 2025. The shares are offered in the price band of Rs 315 to Rs. 332 and lot size is 45 shares. JM Financial Limited is acting as the book-running lead manager, while MUFG Intime India Private Limited (Link Intime) will serve as the registrar to the issue.
Table of Contents
- GMP
- Reviews
- Subscription
- Allotment
Latest news about this IPO
Grey market premium for this IPO has declined marginally on 15 August 2025
Who are the promoters of Vikram Solar IPO?
Gyanesh Chaudhary, Gyanesh Chaudhary Family Trust and Vikram Capital Management Private Limited are the company promoters.
The promoters hold 77.64% shares in the post IPO capital of the company.
What are the Objects of Vikram Solar IPO?
The Offer comprises a Fresh Issue by the Company and an Offer for Sale by the Selling Shareholders.
The net proceeds of the Offer are proposed to be utilised in the following manner:
- Partial funding of capital expenditure for the Phase-I Project. Rs.769.73
- Funding of capital expenditure for the Phase-II Project Rs. 595.21
- General corporate purposes.
What is the business of Vikram Solar?
Vikram Solar IPO details
| IPO opens on | 19 August, 2025 |
| IPO closes on | 21 August, 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 62631604 Shares / Rs 2079.37 Crore |
| * Fresh Issue | Rs 1500 Crore |
| * Offer for Sale | Rs 579.37 Crore |
| Employee Portion | Rs. 10 crore |
| Face Value per share: | Rs. 10 |
| Price Band | Rs. 315-332 |
| Retail Discount | Rs 0 per share |
| Employee discount | Rs. per share |
| Retail Lot Size | 45 Shares |
| Listing will at | BSE, NSE |
How are the shares offered in Vikram Solar IPO?
| Investor Category | Shares Offered |
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
How can the shares be appliedin Vikram Solar IPO?
Vikram Solar IPO key Dates
| IPO opens on | 19 August 2025 |
| IPO Closes on | 21 August 2025 |
| IPO Allotment on | 22 August 2025 |
| Unblocking of Asba | 25 August 2025 |
| Credit of Shares | 25 Augut 2025 |
| Listing of Shares | 26 August 2025 |
Vikram Solar IPO lead Managers & Registrar
| Registered Office of the company Vikram Solar Ltd. Biowonder, Unit No. 1102, 11th Floor, 789, Anandapur Main Road, Eastern Metropolitan Bypass, E.K.T, Kolkata, West Bengal, 700107 |
|
| Lead Managers of the IPO Jm Financial Limited Nuvama Wealth Management Limited Ubs Securities India Private Limited Equirus Capital Private Limited PhillipCapital India Private Limited |
|
| Registrar to IPO | |
| Mufg Intime India Pvt Limited |
Vikram Solar IPO Financial Snpshot
| Period Ended | 31-Mar-24 | 31-Mar-23 | 31-Mar-22 |
| Assets | 2,585.50 | 2,476.29 | 2,237.23 |
| Total Income | 2,523.96 | 2,091.91 | 1,743.05 |
| Profit After Tax | 79.72 | 14.49 | -62.94 |
| Net Worth | -0.1 | -0.08 | -0.06 |
| Reserves and Surplus | 445.42 | 106.37 | 92.46 |
| Total Borrowing | 0.1 | 0.09 | 0.07 |
| Amount in Rs. Crore | |||
Key Performance Indicators
Vikram Solar IPO comparison with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Vikram Solar Ltd. on Cap price | 72.17 | 11.26 |
| Waaree Energies Limited | 45.79 | 20.09 |
| Premier Energies Limited | 47.01 | 33.21 |
| Websol Energy System Limited | 40.04 | 55.65 |
# This is only coverage of News related to Grey Market. We do not deal in grey market premium, nor we recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Vikram Solar Limited – IPO Review by Paresh Gordhandas, CA & Research Analyst
Vikram Solar Limited stands among India’s leading manufacturers of high-efficiency solar photovoltaic (PV) modules, with a diversified presence across domestic and international markets. The company operates in three core business segments:
-
PV Module Manufacturing – Offering advanced modules such as p-type monocrystalline PERC, n-type monocrystalline TOPCon, and n-type monocrystalline HJT, available in both bifacial (glass-to-glass / glass-to-transparent back sheet) and monofacial (glass-to-white/black back sheet) configurations.
-
Turnkey EPC Solutions – Delivering comprehensive Engineering, Procurement & Construction services for solar power projects.
-
Operations & Maintenance (O&M) – Providing plant performance optimisation and long-term asset management services.
The company’s manufacturing units are located at Falta SEZ, Kolkata (West Bengal) and Oragadam, Chennai (Tamil Nadu). Its distribution footprint covers 23 states and 3 union territories, supported by 41 authorized distributors, 64 dealers, and 67 system integrators.
Since commencing production in FY 2009 with an installed capacity of 12 MW, Vikram Solar has expanded to 4.50 GW by the date of the RHP. As of 31 March 2025, its order book stood at 10,340.82 MW — approximately 2.3 times its rated capacity. The company is executing significant greenfield and brownfield expansion projects, targeting 15.50 GW capacity by FY 2026 and 20.50 GW by FY 2027.
In a strategic move towards backward integration, the company plans to enter the Battery Energy Storage Systems (BESS) segment with an initial capacity of 1.00 GWh, scalable to 5 GWh by 2027. Over the past three years, Vikram Solar has delivered substantial improvement in its financial metrics.
Valuation & Recommendation:
The IPO is priced at a P/E multiple of 72.17, which is notably higher than most peer companies. However, given its robust expansion pipeline, diversified product portfolio, and strong order visibility, the issue presents healthy growth prospects. We expect positive listing gains – Apply.
Vikram Solar Limited, incorporated in 2005, is a leading manufacturer of high-efficiency solar photovoltaic (PV) modules. The company also offers Engineering, Procurement, and Construction (EPC) services for solar power projects and provides Operations & Maintenance (O&M) services to enhance plant efficiency. It serves both domestic and international markets.
TThe company’s portfolio includes advanced PV modules such as p-type monocrystalline PERC, n-type monocrystalline TOPCon, and n-type monocrystalline HJT modules. These are available in bifacial (glass-to-glass / glass-to-transparent back sheet) and monofacial (glass-to-white/black back sheet) formats.
Vikram Solar operates manufacturing units at Falta SEZ in Kolkata, West Bengal, and Oragadam in Chennai, Tamil Nadu.
The company’s domestic clients include government entities like NTPC, Neyveli Lignite Corporation, and Gujarat Industries Power Company, along with private IPPs such as ACME Cleantech Solutions
Vikram Solar IPO will open for subscription on 19th August 2025 and closes on 21 August 2025. The allotment is on22 August 2025. The tentative listing date is 26 August 2025. The shares are offered in the price band of Rs. 315-332 and lot size is 45 shares.
Vikram Solar IPO details
Vikram Solar IPO dates price & lot
Vikram Solar IPO Review
Quicklinks
