Vikram Solar Limited IPO is a Mainboard public offer worth ₹2079.37 crore. It will be open for investors to apply from August 19 to August 21, 2025.
Each share has a face value of ₹10, and the price range is ₹315 to ₹332 per share. The lot size for this IPO is 45 shares. For retail investors, the minimum investment is ₹14175-14940 for 1 lot 45 shares. For Small Non-Institutional Investors (SHNI), the minimum application is 14 lots (630 shares), requiring an investment of ₹2,09,160. For Big Non-Institutional Investors (BHNI), the minimum application is 67 lots (3015 shares), amounting to ₹10,00,980.
Vikram Solar IPO will open for subscription on August 19, 2025, and close on August 21, 2025. The allotment is expected to be finalized on Monday, August 22, 2025, and Shares will list on the BSE and NSE on Wednesday, August 26, 2025(Tentative).
Vikram Solar Limited IPO Details
| IPO Type | Main Board |
|---|---|
| IPO Method | Book Building |
| IPO Open Date | 19 August 2025 (Tuesday) |
| IPO Close Date | 21 August 2025 (Thursday) |
| IPO Listing Date | 26 August 2025 (Tuesday) |
| Price Band | ₹315 to ₹332 per share |
| Lot Size | 45 Shares |
| Face Value | 10 |
| Issue Size | ₹2079.37 Crores (approx.) |
| Fresh Issue | ₹1500 Crores (approx.) |
| Offer for Sale (OFS) | ₹579.37 Crores (approx.) |
| Listing Exchange | NSE,BSE(NSE is the Designated Stock Exchange) |
IPO Timeline
Vikram Solar IPO Subscription Status (Day-wise)
| Day | QIB | NII | RII | Employees | Total |
|---|---|---|---|---|---|
| Day 1 | .02x | 3.84x | 1.37x | 1.00x | 1.52x |
| Day 2 | 0.11x | 13.01x | 3.47x | 2.37x | 4.57x |
| Day 3 | 142.79x | 50.90x | 7.65x | 4.84x | 54.63x |
Vikram Solar IPO reservation table
| Investor Category | Shares Offered | Shares Bid For | Times Subscribed |
|---|---|---|---|
| Anchor Investors | 1,86,99,120 | 1,86,99,120 | 1x |
| Qualified Institutional Buyers (QIB) (Other than Anchor) (A) | 1,26,67,954 | 1,80,88,16,760 | 142.79x |
| Non-Institutional Investors (NII) Total (B=B1+B2) | 97,12,871 | 49,43,81,250 | 50.90x |
| Non-Institutional Investors (NII) Big# (B1) | 64,75,248 | 37,13,60,295 | 57.35x |
| Non-Institutional Investors (NII) Small#(B2) | 32,37,623 | 12,30,20,955 | 38.00x |
| Retail Individual Investors (RII) (C) | 2,26,63,365 | 17,34,22,845 | 7.65x |
| Employee Reserved category (D) | 3,17,460 | 15,37,110 | 4.84x |
| Total (Exclude Anchor Portion) (A+B+C+D) | 4,53,61,650 | 2,47,81,57,965 | 54.63x |
Vikram Solar IPO Lot Size
Table is Prepared at the upper end of the price band (₹332).
| Application | Lot Size | No. of Shares | Amount |
|---|---|---|---|
| Retail (Min) | |||
| Retail (Max) | |||
| S-HNI (Min) | |||
| S-HNI (Max) | |||
| B-HNI (Min) |
Promoter Shareholding Table (Pre & Post Issue)
| Shareholder | Pre-Issue Holding (%) | Post-Issue Holding (%) |
|---|---|---|
| Promoters | 77.65% | 63.11% |
| Others (Public / Investors) | 22.35% | 36.89% |
| Total | 100% | 100% |
Company Overview
Vikram Solar Limited, part of the Vikram Group, began its journey in 2005 and entered the solar business in 2008 after moving away from its earlier focus on leather and clothing. It has since grown into one of India’s largest solar panel (PV module) manufacturers, with over 17 years of industry experience.
As of March 2025, the company has an installed manufacturing capacity of 4.5 GW, of which 2.85 GW is listed under the government’s Approved List of Modules and Manufacturers (ALMM). Starting from just 12 MW in 2009, it now operates large facilities in Kolkata and Chennai and has consistently been recognized globally — including being ranked as a Tier 1 solar manufacturer by BloombergNEF and receiving the EUPD Top Brand PV Seal in 2025.
Looking ahead, Vikram Solar plans major capacity expansions — targeting 15.5 GW by FY 2026 and 20.5 GW by FY 2027. It is also setting up a 12 GW solar cell plant in Tamil Nadu and venturing into battery energy storage systems (BESS) with up to 5 GWh capacity by FY 2027, positioning itself as a leading player in both solar energy generation and storage.
Objects of the Offer
- Funding of capital expenditure through Subsidiaries VSL Green Power Private Limited and VSL Green Power Private Limited for Phase-I & II Project.
- General corporate purposes.
₹ Financial Snapshot (As of and For the Fiscal Ended on)
| Particulars | 31-Mar-2025 | 31-Mar-2024 | 31-Mar-2023 |
|---|---|---|---|
| Revenue (₹ Cr) | 3423.45 | 2510.99 | 2073.23 |
| Revenue (₹ Cr)(Including Other Income) | 3459.53 | 2523.96 | 2091.91 |
| Profit After Tax (₹ Cr) | 139.83 | 79.72 | 14.49 |
| Profit After Tax Margin (%)(On Total Revenue) | 4.08% | 3.17% | .70% |
| Earnings per share (in ₹) | 4.61 | 3.08 | 0.56 |
| Total Assets (₹ Cr) | 2832.15 | 2585.50 | 2476.29 |
| Total Borrowings (₹ Cr) | 230.68 | 808.33 | 737.79 |
| Net Worth (₹ Cr) | 1241.99 | 445.42 | 365.20 |
| NAV per equity share (in ₹) | 39.26 | 17.21 | 14.11 |
Vikram Solar IPO Key Performance Indicators
| Particulars | FY2024-25 | FY2023-24 | FY2022-23 |
|---|---|---|---|
| EBITDA (₹ Cr) | 492.01 | 398.58 | 186.18 |
| EBITDA Margin (%) | 14.37% | 15.87% | 8.98% |
| Return on Equity (RoE %) | 16.57% | 19.67% | 4.05% |
| Return on Capital Employed (RoCE %) | 24.49% | 20.76% | 12.78% |
| Debt to Equity Ratio(In Times) | 0.19 | 1.81 | 2.02 |
| Operating Cash Flows(₹ Cr) | 298.68 | 152.02 | 195.43 |
Comparison with Listed Competitors
| Company Name | Closing Price(₹) as on August 11, 2025 | Total income (FY24-25, ₹ in Cr) | Face Value (₹) | EPS (Diluted)(₹) | P/E Ratio (x) | RoNW (%) | NAV (₹) | EBITDA Margin (%) FY 25 | PAT Margin (%) |
|---|---|---|---|---|---|---|---|---|---|
| Vikram Solar Limited | – | 3459.53 | 10 | 4.60 | – | 11.26% | 39.26 | 14.37% | 4.08% |
| Waaree Energies Limited | 3112.10 | 14846.06 | 10 | 67.96 | 45.79 | 20.09% | 334 | 21.04% | 13.35% |
| Premier Energies Limited | 1003.60 | 6652.09 | 1 | 21.35 | 47.01 | 33.21% | 62.61 | 28.78% | 14.09% |
| Websol Energy System Limited | 1448.30 | 577.43 | 10 | 36.17 | 40.04 | 55.65% | 65.88 | 44.20% | 26.90% |
*EPS figures are as per respective company financials. P/E is based on closing prices as on August 11, 2025.Data is based on the latest available financials and may differ from actual market movements. Revenue is For the Financial Year 2024-2025.
Strengths & Risks
Key Strengths & Key Risks
For detailed information on Strengths and Risks, please refer to the sections ‘Our Competitive Strengths’ and Section II – Risk Factors of the RHP.
Key Contacts for Vikram Solar IPO
| Company Contact VIKRAM SOLAR LIMITED Biowonder, Unit No. 1102, 11th Floor 789 Anandapur Main Road, Eastern Metropolitan Bypass, E.K.T Kolkata – 700107 West Bengal, India Telephone: +91 33 2442 7299 E-mail: secretarial@vikramsolar.com | Registrar to the Issue MUFG Intime India Private Limited C-101, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli West, Mumbai 400083, Maharashtra, India Telephone: +91 22 4918 6200 E-mail: vikramsolar.ipo@in.mpms.mufg.com(Investor grievance e-mail ) Website: www.in.mpms.mufg.com |
Book Running Lead Managers (BRLMs)
| BRLM Full Name |
|---|
| JM Financial Limited,Nuvama Wealth Management Limited,UBS Securities India Private Limited,Equirus Capital Private Limited,PhillipCapital (India) Private Limited |
For full contact details including representatives, emails, and phone numbers, of BRLM’s please refer to the Red Herring Prospectus (RHP).
Important IPO Documents
- Red Herring Prospectus (RHP)
- Draft Red Herring Prospectus (DRHP)
- Vikram Solar Anchor Investors Allocation Report.
- Basis of Allotment(Published After allotment)
FAQ’s
1. What is the Vikram Solar Global IPO?
The Vikram Solar IPO is a book-built issue aiming to raise ₹2079.37 crore. It comprises a fresh issue of ₹1500 crore and an offer for sale of ₹579.37 crore.
2. When does the Vikram Solar IPO open and close?
Opening Date: August 19, 2025
Closing Date: August 21, 2025
3. What is the price band for the Vikram Solar IPO?
The price band is set between ₹315 and ₹332 per share.
4. What is the lot size and minimum investment for the Vikram Solar IPO?
Lot Size: 45 shares
Minimum Investment: ₹14175-14940
5. What is the issue size of the Vikram Solar IPO?
The total issue size is ₹2079.37 crore, which includes:
Fresh Issue: ₹1500 crore
Offer for Sale: ₹579.37 crore
6. Who are the lead managers for the Vikram Solar IPO?
The IPO is managed by JM Financial Limited, Nuvama Wealth Management Limited, UBS Securities India Private Limited, Equirus Capital Private Limited, PhillipCapital (India) Private Limited.
7. Who is the registrar for the Vikram Solar IPO?
The registrar for this IPO is MUFG Intime India Private Limited.
8. Where will the Vikram Solar shares be listed?
The shares are proposed to be listed on the BSE AND NSE (NSE is the designated stock exchange).
9. When will the allotment be finalized?
The basis of allotment is expected to be finalized on 22 August 2025.
10. When is the Vikram Solar listing date?
The shares are expected to be listed on 26 August 2025.
11. What are the objectives of the Vikram Solar IPO?
1.Funding of capital expenditure through Subsidiaries VSL Green Power Private Limited and VSL Green Power Private Limited for Phase-I & II Project. 2 General corporate purposes.
12. How can I check the allotment status?
You can check the allotment status by visiting our dedicated page IPO Allotment Status.
IPO Listing Details
| IPO Listing Date | 26 August 2025 (Tuesday) |
| ISIN | |
| NSE Symbol | |
| BSE Script Code | |
| Issue Price | ₹ |
| Listing Price | [₹0] |
| Listing Gain/Loss (%) | [+0%] |
Listing Day Trading Information
| Price | BSE | NSE |
|---|---|---|
| Share Allotment Price(Issue Price) | 0 | 0 |
| Open | 0 | 0 |
| High | 0 | 0 |
| Low | 0 | 0 |
| VWAP | 0 | 0 |
| Close | 0 | 0 |
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. Recipients should conduct their own research and assessments and consult their investment advisor before making any investment decisions. This does not constitute a personal recommendation/investment advice.
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