Vikram Solar IPO

Vikram Solar IPO is priced at ₹315–₹332 per share with an issue size of ₹2079.37 crore. The IPO opens on Aug 19, 2025 and closes on Aug 21, 2025, with a lot size of 45 shares and a minimum investment of ₹14,940.

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Vikram Solar Limited IPO

Mainboard Live
₹14,940 (45 Shares)
Minimum Investment
Check Allotment
IPO Dates
Aug 19, 2025 – Aug 21, 2025
Price band
₹315-332 per equity share
Minimum Investment
₹14,940
Issue size
₹2079.37 Cr
Lot size
45
Allotment Date
Aug 22, 2025
Listing
Aug 26, 2025
Listing At
BSE, NSE

  1. Aug 19, 2025

    Open Date

    Completed

  2. Aug 21, 2025

    Close Date

    Completed

  3. Aug 22, 2025

    Allotment Date

    Completed

  4. Aug 26, 2025

    Listing Date

    Completed

Vikram Solar IPO Expected Premium (Grey Market Trend)

₹52-54 (16%)

Vikram Solar IPO expected premium (also known as grey market premium or GMP) indicates current market sentiment and potential listing expectations.

Expected Premium provided in this website is derived from market rumors. It is not a guaranteed indicator of the actual listing price and should be interpreted with caution.

Vikram Solar IPO Live Subscription Details

View Subscription Details
QIB 0.02x
Retail 1.44x
NIIs 4.00x
bHNI 3.90x
sHNI 4.22x
Retail 1.44x
EMP 1.08x
Total 1.58x

Vikram Solar IPO subscription status shows demand across QIB, NII, and retail categories, helping investors understand participation levels.

Last updated:

Vikram Solar IPO Essentials

Vikram Solar IPO Details

Vikram Solar IPO is priced at ₹315-332 per share with a total issue size of 2079.37 crore. The IPO has a lot size of 45 shares and will be listed on BSE and NSE.

Issue price
₹315-332 per equity share
Lot size
45 shares
Face value
₹10 Per Equity Share
Issue size
Total 2,079.37 Cr :
#Fresh Issue : 4,51,80,722 shares(aggregating up to ₹1,500.00 Cr) +
#OFS : 1,74,50,882 shares of ₹10(aggregating up to ₹579.37 Cr)
Total issue size
6,26,31,604 shares
(aggregating up to ₹2079.37 crore)
Fresh issue
4,51,80,722 shares
(aggregating up to ₹1500 crore)
Offer for sale (OFS)
1,74,50,882 shares
(aggregating up to ₹579.37 crore)
Listing at
BSE, NSE
Listing date
Registrar
MUFG Intime India Private Limited (Link Intime)
Lead manager
Jm Financial Limited, Nuvama Wealth Management Limited, Ubs Securities India Private Limited, Equirus Capital Private Limited, PhillipCapital India Private Limited

Market Lot Size

Investors can bid for a minimum of 45 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

Application Lots Shares Amount
Retail (min) 1 45 ₹14,940
Retail(max) 13 585 ₹1,94,220
sHNI(min) 14 630 ₹2,09,160
sHNI(max) 66 2,970 ₹9,86,040
sHNI(min) 67 3,015 ₹10,00,980

Vikram Solar IPO Documents

DRHP

RHP

ANCHOR

Vikram Solar IPO Reservation

Vikram Solar IPO reservation details show category-wise allocation of shares. Out of the total NA shares, approximately 0% are reserved for QIB, 0% for NII, 0% for retail investors, 0% for employees, and 0% for anchor investors.

Investor Category Shares Offered Maximum Allottees
Anchor Investor Shares Offered NA (NA%)
QIB Shares Offered 12466080 (NA%)
NII (HNI) Shares Offered 9349560 (NA%)
bHNI > ₹10L 6233040 (NA%) 9894
sHNI < ₹10L 3116520 (NA%) 4947
Retail Shares Offered 21815640 (NA%) 484792
Employee Shares Offered 301205 (NA%)
Total Shares Offered NA (NA%)

Vikram Solar IPO Analytics

Vikram Solar Valuations

Earnings

EPS Pre IPO
₹4.42/-
EPS Post IPO
₹3.87/-
P/E Pre IPO
75.16
P/E Post IPO
85.88

Returns

ROE
16.57%
ROCE
24.49%
RoNW
11.26%
PAT Margin
4.08%

Fundamentals

Debt / Equity
0.19
Price / Book
8.46

Data sourced from DRHP / RHP • For educational purposes only

Vikram Solar Financials( In Crs.)

31-Mar-25 31-Mar-24 31-Mar-23
Assets 2,832.15 2,585.5 2,476.29
Revenue 3,459.53 2,523.96 2,091.91
Profit After Tax 139.83 79.72 14.49

Vikram Solar financials show revenue growth and profitability trends over recent years, indicating business stability.

Vikram Solar Company & Offer Insights

About Vikram Solar

Founded in 2005, Vikram Solar Limited is a manufacturer of solar photo-voltaic (PV) modules.

Key Activities:
Solar Photovoltaic (PV) Module Manufacturing: With expertise in manufacturing high-efficiency solar PV modules, Vikram Solar serves the domestic and export markets.
Engineering, Procurement, and Construction (EPC) Services: Vikram Solar offers end-to-end EPC services for solar power projects, delivering effective project execution from conception to commissioning.
Operations and Maintenance (O&M): Vikram Solar provides O&M services to enhance the performance and lifespan of solar power installations.

The products of the company in solar energy include the following high-efficiency solar PV modules: (i) p-type monocrystalline silicon based Passivated Emitter and Rear Contact (PERC) modules; (ii) n-type monocrystalline silicon based Tunnel Oxide Passivated Contact (TOPCon) modules; and (iii) n-type monocrystalline silicon based heterojunction technology (HJT) modules; all of these either bifacial (glass-to-glass/ glass-to-transparent back sheet) or monofacial (glass-to-white/black back sheet) modules.

Production facilities at:
Falta SEZ, Kolkata, West Bengal and Oragadam, Chennai, Tamil Nadu.
The company have established a pan-India footprint, covering 23 states and three union territories, through an extensive distributor network of 41 authorized distributors, 64 dealers and 67 system integrators.The company's domestic clients comprise major government organizations, including National Thermal Power Corporation, Neyveli Lignite Corporation Limited and Gujarat Industries Power Company Limited, and major private independent power producers (IPPs), including ACME Cleantech Solutions Pvt. Ltd.
As of March 31, 2024, we have 1,513 regular employees and 728 contractual employees.

Vikram Solar Promoter(s)

Gyanesh Chaudhary, Gyanesh Chaudhary Family Trust, Vikram Capital Management Private Limited are the company's promoters of Vikram Solar.

Pre-Issue Holding
77.64%
Post-Issue Holding
63.11%

Vikram Solar IPO Issue Objectives

•
Partial funding of capital expenditure for the Phase-I Project.
•
Funding of capital expenditure for the Phase-II Project
•
General Corporate Purposes

Vikram Solar IPO - Anchor Investors

Vikram Solar IPO : Anchor investors choose Rs 620.8 crore value shares.

Marquee investors such as Goldman Sachs, Prudential Hong Kong, Morgan Stanley, Pinebridge Global Funds, Societe Generale, Tata Mutual Fund, HSBC MF, Edelweiss, ICICI Prudential Life Insurance, SBI General Insurance Company, Taurus MF, and Finavenuestitutional investors such as Kotak Mahindra AMC, Franklin India, Nippon Life India, UTI AMC, Tata Mutual Fund, HSBC MF, Edelweiss, ICICI Prudential Life Insurance, SBI General Insurance Company, Taurus MF, and Finavenue Capital Trust invested in the firm.

Vikram Solar IPO - Strengths and Risks

Vikram Solar IPO strengths and risks highlight key business factors, financial position, and market sentiment that may impact investor interest.

Strengths

One of India’s largest solar module manufacturers with a strong order book.
Robust financial performance, backed by strong brand recognition and a proven track record.
Diversified business, ability to provide EPC and O&M service as an additional value add-on.

Risks

Their future performance depends on building scalability and manufacturing facilities in a cost-effective way.
Global pandemics like the current one and unfavourable economic conditions can lower the company’s profit potential.
Company’s sustainability depends mainly on the continuation of favourable government policies.

Contact Information

Contact Details

Vikram Solar

+91 33 2442 7399

secretarial@vikramsolar.com

http://www.vikramsolar.com/

Biowonder, Unit No. 1102, 11th Floor, 789, Anandapur Main Road, Eastern Metropolitan Bypass, E.K.T,, Kolkata, West Bengal, 700107

Registrar Contact Details

MUFG Intime India Private Limited (Link Intime)

+91-22-4918 6270

vikramsolar.ipo@linkintime.co.in

https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Frequently Asked Questions

Click any question to reveal the answer

Vikram Solar IPO is a book-built IPO worth ₹2079.37 crore. The price band is ₹315–₹332 per share. The IPO opens on Aug 19, 2025 and closes on Aug 21, 2025. It will be listed on BSE and NSE. MUFG Intime India Private Limited (Link Intime) is the registrar.

The price band of Vikram Solar IPO is ₹315 to ₹332 per share.

The lot size of Vikram Solar IPO is 45 shares.

The minimum investment for Vikram Solar IPO is approximately ₹14,940 based on the upper price band .

Vikram Solar IPO opens on Aug 19, 2025 and closes on Aug 21, 2025.

The allotment date of Vikram Solar IPO is Aug 22, 2025.

Vikram Solar IPO is expected to be listed on Aug 26, 2025, on BSE and NSE .

The Grey Market Premium (GMP) for Vikram Solar IPO is ₹52-54 as of Aug 19, 2025. Based on the upper price band of ₹332, the estimated listing price is ₹384, representing a potential gain of approximately 16%.

Vikram Solar IPO valuation snapshot: P/E 85.88, EPS ₹3.87/-, P/B 8.46, RoNW 11.26%, and market cap N/A.

To apply for Vikram Solar IPO, open the IPO Ji app or website, select the IPO, choose your demat account, enter the quantity, and submit the application.

You can check the live subscription status of Vikram Solar IPO on IPO Ji or stock exchange websites. It shows real-time demand across retail, NII, and QIB categories.

Pre-apply allows investors to submit their IPO application before the bidding period starts. The order is placed automatically when the IPO opens.

If you pre-apply for Vikram Solar IPO, your order will be placed when the IPO bidding starts, and a UPI mandate request will be generated.

You can check Vikram Solar IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Vikram Solar IPO allotment status on IPO Ji for quick and easy access.