IPO

Vikram Solar Limited IPO

Mainboard

Other Electrical Equipment

Listed On: Aug 26, 2025 at ₹ 338.0(NSE)

₹ 14940 /45 Shares

Check Allotment

Price Summary

Last Closing

359.60 (8.31%)

52 Week High

407.95

52 Week Low

312.50

Last Update

12-Sep-2025 3:30 PM

Vikram Solar IPO Live Subscription Details

Date
:
21 Aug 2025,06:42:00 PM
QIBs
:
142.79
NII
:
Bids above ₹10L: 57.35x
Bids below ₹10L: 38.00x
NII Total: 50.90
Retail
:
7.65x
Employee
:
4.84x
Total
:
54.63 times
Vikram Solar IPO Details

19 Aug, 2025

Open Date

21 Aug, 2025

Close Date

22 Aug, 2025

Allotment Date

26 Aug, 2025

Listing Date

Issue Price

₹315-332 per equity share

Face Value

₹10 Per Equity Share

Listing at Group

BSE, NSE

Registrar

MUFG Intime India Private Limited (Link Intime)

List Price

338.0(NSE)

Listing Date

2025-08-26

Market Lot

Retail : 45 Shares (₹14,940/-)
S-HNI : 630 Shares (₹2,09,160/-)
B-HNI : 3,015 Shares (₹10,00,980/-)

Lead Manager

Jm Financial Limited
Nuvama Wealth Management Limited
Ubs Securities India Private Limited
Equirus Capital Private Limited
PhillipCapital India Private Limited

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)

Retail Portion

35% (Number of Retail Applications: 4,84,792 Approx),
(Number of S-HNI Applications : 4,947 Approx),
(Number of B-HNI Applications : 9,894 Approx)

Subscription

54.62 times

IPO Docs

DRHP RHP ANCHOR

Vikram Solar IPO Details


Vikram Solar IPO is a book-built issue of ₹2079.37 crores, The total issue size is ₹2079.37 crores. The IPO of Vikram Solar is priced at ₹315-332 per equity share, which has a face value of ₹10 Per Equity Share each, IPO bidding starts from Aug 19, 2025 and ends on Aug 21, 2025. The allotment for Vikram Solar IPO will be finalized on Aug 22, 2025. Vikram Solar IPO will be listed on BSE, NSE, with a tentative listing date fixed as Aug 26, 2025. The company shall list its equity shares on the BSE, NSE. MUFG Intime India Private Limited (Link Intime) is the registrar of the issue.

Retail investors can bid for a minimum of 45 shares, extendable to 14,940. S-HNIs will be able to bid for 630 shares at ₹2,09,160, while B-HNIs can also apply for a bid of 3,015 shares at ₹10,00,980. The book-running lead manager for the IPO is/are Jm Financial Limited , Nuvama Wealth Management Limited , Ubs Securities India Private Limited , Equirus Capital Private Limited , PhillipCapital India Private Limited .

The total issue ₹2079.37 crore, comprising a fresh issue of 4,51,80,722 shares ₹1500 crore and an Offer for Sale (OFS) of 1,74,50,882 shares to mop up ₹579.37 crore.

The Vikram Solar IPO sets its price band at 315-332 for each share. A single application for Vikram Solar Limited IPO must contain at least 45 shares. Sentiment investors need to invest a minimum of 45 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,940 In order to participate in the sNII, investors must purchase at least 14 lots of 630 shares for ₹2,09,160, while the bNII requires 67 lots of 3,015 shares for an investment of ₹10,00,980.

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Vikram Solar IPO Subscription Details

As onQIBNII
bNII   sNII		RetailTotal
Shares Offered / Reserved1,24,66,08093,49,560
62,33,040    31,16,520		2,18,15,6404,39,32,485
Day 1 - 19-08-25 05:00 PM0.02 x3.84
3.75 x   4.02 x		1.37 x1.52 x
Day 2 - 20-08-25 05:00 PM0.11 x13.01
12.85 x   13.34 x		3.47 x4.57 x
Day 3 - 21-08-25 05:00 PM142.79 x50.90
57.35 x   37.99 x		7.64 x54.62 x
Total No. of Applications: 15,23,405 (Approx)
Retail Subscription on the basis of Applications: Retail:6.6x BHNI:11.5x SHNI:38.0x times

Vikram Solar Valuations

EPS Pre IPO

₹4.42/-

EPS Post IPO

₹3.87/-

P/E Pre IPO

75.16

P/E Post IPO

85.88

ROE

16.57%

ROCE

24.49%

Debt/Equity

0.19

RoNW

11.26%

PAT Margin

4.08%

Price to Book Value

8.46

Vikram Solar Company Financials All values are in ₹ Cr.

31-Mar-2531-Mar-2431-Mar-23
Assets2,832.152,585.52,476.29
Revenue3,459.532,523.962,091.91
Profit After Tax139.8379.7214.49
Net Worth1,241.99445.42365.20
Reserves & Surplus932.60192.16113.07
Total Borrowing230.67808.33737.79

About The Company

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.

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Vikram Solar - Strength and Weakness

Strength

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.

Weakness

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.

Vikram Solar - Peers Comparison

P/B RatioP/E RatioRoNWNet Worth
Vikram Solar8.4685.811.2%3459
Waaree Energies8.9238.027.6%15,461
Premier Energies16.038.027.6%6682
Websol Energy21.930.680.2%683

Vikram Solar - Promoter(s)

Pre Issue Share Holding: 77.64%

Post Issue Share Holding: 63.11%

Company Promoter(s)
  1. Gyanesh Chaudhary
  2. Gyanesh Chaudhary Family Trust
  3. Vikram Capital Management Private Limited

Vikram Solar IPO - Issue Objectives

  1. Partial funding of capital expenditure for the Phase-I Project.
  2. Funding of capital expenditure for the Phase-II Project
  3. 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.

Other Details

Company Contact Details

Vikram Solar

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: http://www.vikramsolar.com/

Registrar Contact Details

MUFG Intime India Private Limited (Link Intime)

Phone: +91-22-4918 6270

Email: vikramsolar.ipo@linkintime.co.in

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

Vikram Solar IPO - FAQs

Ans. Vikram Solar Limited IPO is a Mainboard IPO. The issue is priced at ₹315-332 per equity share. The minimum order quantity is 45 Shares. The IPO opens on Aug 19, 2025, and closes on Aug 21, 2025. MUFG Intime India Private Limited (Link Intime) is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

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

Ans. The size of Vikram Solar Limited IPO is 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).

Ans. The IPO price band is set between ₹315-332 per equity share.

Ans. To apply for Vikram Solar Limited IPO IPO, follow the steps given below:

  • - Open the IPO Ji App or Website
  • - Find Vikram Solar Limited IPO in the List of IPOs
  • - Press "Apply" Button
  • - Select Your Demat Account
  • - Select Your Shares Quantity and Submit
  • - Track Your IPO Status

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

Ans. The Vikram Solar Limited IPO will be listed on Aug 26, 2025.

Ans. Follow the steps to check the allotment status for Vikram Solar Limited IPO here.