Vikram Solar was incorporated on December 2, 2005. The company is among India’s largest solar photovoltaic (PV) module manufacturers, with over 15 years of experience and 3.5 GW of installed capacity. Recognized by the Ministry of New & Renewable Energy’s ALMM with 2.4 GW as of July 2024, the company has also been featured as a Tier 1 manufacturer in BloombergNEF.
| Bidding Dates |
|---|
| 19 Aug 2025 - 21 Aug 2025 |
| Subscription |
|---|
| 54.63x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,175 | 1 | 13 | 45 | 62.6 M | ₹315 - ₹332 | 63.12 % | ₹19729.0 M - ₹20793.7 M | RHP DOC |
Vikram Solar IPO SUBSCRIPTION STATUS
21 Aug '25Vikram Solar IPO overall subscription rate was 54.63 times the total available shares
Vikram Solar IPO retail subscription rate was 7.65 times in the retail segment
Vikram Solar IPO non-institutional investor subscription rate was 50.9 times in the non-institutional investor category
Vikram Solar IPO Qualified Institutional Bidder subscription rate was 142.79 times the available shares for Qualified Institutional Bidder
Vikram Solar IPO Employees subscription rate was 4.84 times in the Employees category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 35% | 15% | 50% | - |
21 Aug 2025 (Day 3) | 7.65x | 50.9x | 142.79x | 4.84x |
20 Aug 2025 (Day 2) | 3.47x | 13.01x | 0.11x | 2.37x |
19 Aug 2025 (Day 1) | 1.37x | 3.84x | 0.02x | 1x |
Vikram Solar FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 3,423.5 | 139.8 | 298.7 | 165.4 | 14.4% |
| FY24 | 2,511.0 | 79.7 | 152.0 | 80.8 | 15.9% |
| FY23 | 2,073.2 | 14.5 | 195.4 | 89.9 | 9.0% |
Vikram Solar IPO SUBSCRIPTION STATUS DETAILS
Vikram Solar had 62.6 M shares on offer
Vikram Solar IPO offer price was in the range ₹315 - ₹332
Vikram Solar IPO minimum Investment was ₹14175
Vikram Solar IPO issue size was ₹ 19729.0 M - ₹ 20793.7 M
Vikram Solar had a minimum lot size of 45 Shares per application
Vikram Solar NUMBER OF SHARES ON OFFER
Vikram Solar IPO IMPORTANT DATES
| Issue Open Date | 19 Aug 2025 |
| Issue close Date | 21 Aug 2025 |
| Allotment Date | 22 Aug 2025 |
| Refund Date | 25 Aug 2025 |
| Demat Account Credit Date | 25 Aug 2025 |
| Listing Date | 26 Aug 2025 |
| Listing on Exchange(s) | NSE and BSE |
| Vikram Solar Allotment Status | Exchange/ Registrar |
Vikram Solar IPO subscription opened on 19 Aug 2025, and closed on 21 Aug 2025
IPO allotment for Vikram Solar was finalized on Friday, 22 Aug 2025
IPO listing for Vikram Solar was on NSE and BSE on Tuesday, 26 Aug 2025
Vikram Solar IPO LISTING GAINS
| Issue Price (adjusted) | 332.0 |
| Listing Open Price | 338.0 |
| Listing Close Price | 356.4 |
| Listing Gain% | 1.8% |
| Current Gain% | -51.6% |
Vikram Solar Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Vikram Solar Ltd. | 160.6 | 5809.5 | 16.3 | 0.1 | 1.1 | 14.8 | 8.2 | 4860.8 | 40.5 | 470.4 | 236.4 | 9.8 | 154.7 |
| Havells India Ltd. | 1274.4 | 79897.5 | 48.9 | 3.1 | 3.4 | 17.9 | 11.5 | 23022.2 | 4.3 | 1690.6 | 14.8 | 26.1 | 15.7 |
| Waaree Energies Ltd. | 2704 | 77780.9 | 20.4 | 0.3 | 2.6 | 25.7 | 12.3 | 27244.9 | 83.5 | 3711.3 | 98.7 | 132.7 | 72 |
| Apar Industries Ltd. | 16748 | 67299.7 | 57 | 1.7 | 2.8 | 18.1 | 7.1 | 22966.9 | 22.9 | 976.9 | 18.9 | 294 | 34 |
| Premier Energies Ltd. | 1050 | 47664.9 | 28.6 | 0.5 | 5.6 | 35 | 13.9 | 8025.9 | 20.7 | 1509.8 | 61.1 | 36.7 | 59.1 |
| Honeywell Automation India Ltd. | 37935 | 33540.2 | 60.9 | 7.9 | 7.1 | 11.8 | 8.4 | 4860.9 | 11.2 | 525 | 0.3 | 623.3 | 7.7 |
Vikram Solar INFORMATION ON IPO ISSUE
About Vikram Solar
Vikram Solar was incorporated on December 2, 2005. The company is among India’s largest solar photovoltaic (PV) module manufacturers, with over 15 years of experience and 3.5 GW of installed capacity. Recognized by the Ministry of New & Renewable Energy’s ALMM with 2.4 GW as of July 2024, the company has also been featured as a Tier 1 manufacturer in BloombergNEF.
Object of the Issue
- Partial funding for a 3,000 MW solar cell and module manufacturing facility at SIPCOT Industrial Complex, Gangaikondan, Tamil Nadu (project site phase-I), through their wholly-owned subsidiary, VSL Green Power.
- Funding to expand the solar module manufacturing capacity at the project site (phase-II) from 3,000 MW to 6,000 MW through investment in their wholly owned subsidiary, VSL Green Power.
- General corporate purposes
Vikram Solar - PROMOTERS
| Name |
|---|
| Gyanesh Chaudhary |
| Vikram Capital Management Private Limited |
Vikram Solar - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Gyanesh Chaudhary | Chairman & Managing Director |
| Krishna Kumar Maskara | Whole-time Director, Interim Chief Executive Officer & President |
| Subramanya Krishnappa | Independent Director |
| Ratnabali Kakkar | Independent Director |
| Sumit Binani | Additional Independent Director |
Vikram Solar Book Running Lead Manager
JM Financial Limited
vsl.ipo@jmfl.com
Nuvama Wealth Management Limited
projectorion@nuvama.com
UBS Securities India Private Limited
ol-vikramsolaripo@ubs.com
Equirus Capital Private Limited
vsl.ipo@equirus.com
PhillipCapital (India) Private Limited
projectorionpc@phillipcapital.in
Vikram Solar Registrar to the Offer
Link Intime India Private Limited
vikramsolar.ipo@linkintime.co.in
Vikram Solar Strengths
Largest solar PV module manufacturers
As of March 31, 2024, the company is one of India’s largest domestic solar PV module manufacturers by operational capacity, with an installed manufacturing capacity of 3.50 GW as of September 2024
Ability to provide services
The brand is recognised for high-quality products and strong service execution, evidenced by being listed as a Tier 1 solar PV module manufacturer by Bloomberg NEF in CY14, with repeated inclusions, including the latest in the first three quarters of 2024
R&D focus
The company's technical expertise in solar PV module manufacturing stems from a strong focus on research and development (R&D) and a robust quality control (QC) system, along with the ability to attract and retain talent. It integrates digital technologies into manufacturing operations, utilising tools like AI, machine learning, virtual reality, and robotic process automation
Technical proficiency
The company's manufacturing units are automated, using advanced equipment and technologies from Japan, Germany, the United States, and Switzerland, known for pioneering high-quality solar technology
Domestic and international presence
The company has a strong domestic presence in 23 states with 41 distributors and 64 dealers, focusing on high-demand regions in India. Additionally, they operate a sales office in the U.S. and a procurement office in China, supplying solar PV modules to 39 countries and shipping over 5.40 GW globally since inception
Vikram Solar Risks
No long-term agreements with the suppliers
Without long-term contracts with suppliers of solar photovoltaic cells and other raw materials, the company is vulnerable to potential shortages, which could negatively impact its business, financial condition, operational results, and cash flows
Changes or disruptions
The business operates in various locations in India and globally, relying on global supply chains. Adverse changes in economic, regulatory, social, or political conditions in these jurisdictions, or disruptions to the supply chains, could negatively impact the business, financial condition, and operational results
Dependent on third-party transportation
The company relies on third-party transportation providers for supplying materials, capital equipment, and delivering finished products. Disruptions in transportation operations or delays and damages during delivery could adversely affect the business, financial condition, and operational results
Competitive industry
Operating in a competitive industry, any failure to compete effectively could lead to a decline in market share, adversely impacting the business, operations, prospects, and financial condition
IPO FAQs
This IPO consists of an offer for sale of up to Rs 579.4 crore, of 17,450,882 shares. It also consists of a fresh issue of Rs 1,500.0 crore.
The promoters of the company are Gyanesh Chaudhary and Vikram Capital Management Private Limited.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 315.0 - 332.0.
The IPO application opens on Aug 19, 2025 and closes on Aug 21, 2025.
The minimum lot size for the IPO is 45. The maximum lot size for the IPO is 585.
For all category investors, the minimum application amount for this IPO is Rs. 14,175.0, the maximum value for this IPO is Rs 194,220.0.
This IPO will be allotted on Aug 22, 2025.
The refund will be credited to your account on Aug 25, 2025.
The allotted shares will be credited to your demat on Aug 25, 2025.
Vikram Solar Ltd.’s shares listed on the stock exchanges on Aug 26, 2025.