The Indian renewable energy market has seen a booming growth, and one of the biggest players in the sphere of manufacturing solar panels, Vikram Solar Limited, has recently introduced its first public offering (IPO) to the stock market. The Vikram Solar IPO was available for subscription between August 19, 2025, and August 26, 2025. It became one of the hottest IPOs of the year, with so much participation by investors. In this blog, we have discussed all about Vikram Solar IPO issue information, subscription, company background, financial reports, allotment, listing, GMP updates, and how investors make it a long-term investment.
Company Profile- Vikram Solar Ltd.
Vikram Solar Limited operates as one of the major manufacturers of solar photovoltaic (PV) modules in India, which was founded in 2005 by Gyanesh Chaudhary. He is also holding the Position of Vice Chairman and Managing Director of the company. The company manufactures not only PV modules, but it also offers EPC services and operations and maintenance (O&M) of solar projects. Let’s review this company’s statement below:
| Company Name | Vikram Solar Limited |
| Founded | December 2, 2005 |
| CIN number | U18100WB2005PLC106448 |
| Founder’s name | Gyanesh Chaudhary |
| CEO of the company | Ivan Saha |
| Last AGM date | September 20, 2024 |
| Net profit (As on March 31, 2025) | ₹139.83 crore |
| Total Revenue (As on March-90 31, 2025) | ₹3,459.53 crore |
| Authorized capital | INR 33 crore |
| Industry Type | Solar Energy |
| Company Type | Public |
| Headquaters | “The Chamber”, 8th floor,1865. Rajdanga main road, Kolkata, West Bengal. India. |
| Products | Solar modules are served worldwide. |
| No. of employees (As of May 31, 2005) | 1670 (approx.) |
| Website | vikramsolar.com |
Core Business Segments:
- PV Module Manufacturing- PERC, TOPCon, and HJT modules (bifacial and monofacial), high efficiency.
- EPC Solutions -Full-service solar projects, design, purchase, and commissioning.
- O&M Services -Providing solar installations with long-term efficiency and performance.
Manufacturing Locations:
- Falta SEZ, Kolkata (West Bengal).
- Oragadam, Chennai (Tamil Nadu)
Major Clients:
Neyveli Lignite Corporation, Gujarat Industries Power, NTPC, ACME Cleantech, and other private IPPs.
Vikram Solar IPO Key Details
Vikram Solar IPO was a Book-Building Issue of 2,079.37 crores that involved a fresh issue, as well as an offer for sale (OFS).
| IPO Date | August 19 – August 21, 2025 |
| Listing Date | August 26, 2025 |
| Issue Size | ₹2,079.37 crore |
| Fresh Issue | 4.52 crore shares (₹1,500 crore) |
| Offer for Sale (OFS) | 1.75 crore shares (₹579.37 crore) |
| Face Value | ₹10 per share |
| IPO Price Band | ₹332 per share |
| Lot Size | 45 shares |
| Minimum Investment (Retail) | ₹14,940 |
| Listing Exchange | BSE, NSE |
| Book Running Lead Manager | JM Financial Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
Subscription Status of Vikram Solar IPO
Investors heavily oversubscribed the IPO, showing strong confidence.
| Category | Subscription (Times) | Shares Offered | Shares Bid |
|---|---|---|---|
| QIB (Qualified Institutional Buyers) | 145.10x | 1,24,66,080 | 1,80,88,16,760 |
| NII (Non-Institutional Investors) | 52.87x | 93,49,560 | 49,43,50,785 |
| – bNII (Above ₹10 lakh) | 59.58x | 62,33,040 | 37,13,60,295 |
| – sNII (₹2 lakh – ₹10 lakh) | 39.46x | 31,16,520 | 12,29,90,490 |
| Retail | 7.98x | 2,18,15,640 | 17,41,07,385 |
| Employees | 5.10x | 3,01,205 | 15,35,580 |
| Total | 56.42x | 4,39,32,485 | 2,47,88,10,510 |
📌 Total Applications Received: 35,06,503
Allotment and Listing Performance
The allotment was finalized on August 22, 2025, and the shares were listed on August 26, 2025.
| Price Details | BSE | NSE |
|---|---|---|
| IPO Issue Price | ₹332 | ₹332 |
| Listing Price (Open) | ₹340 | ₹338 |
| Day’s High | ₹381.70 | ₹381.65 |
| Day’s Low | ₹334.05 | ₹333.65 |
| Closing Price (First Day) | ₹356.45 | ₹356.40 |
Vikram Solar gave 7.35% listing gains on day one.
Vikram Solar IPO Reservation Breakdown
| Investor Category | Shares Offered | % Allocation |
|---|---|---|
| QIB | 3,11,65,200 | 49.76% |
| Anchor | 1,86,99,120 | 29.86% |
| NII (HNI) | 93,49,560 | 14.93% |
| Retail | 2,18,15,640 | 34.83% |
| Employees | 3,01,204 | 0.48% |
Anchor Investors in Vikram Solar IPO
Vikram Solar raised ₹620.81 crore from anchor investors on August 18, 2025.
| Particulars | Details |
|---|---|
| Anchor Shares Offered | 1,86,99,120 |
| Anchor Portion Value | ₹620.81 crore |
| Lock-in Period (50%) | Till September 20, 2025 |
| Lock-in Period (Remaining) | Till November 19, 2025 |
IPO Timeline
The IPO began on August 19, 2025, and ended on August 21, 2025. Allotment completed August 22, 2025, and shares credited August 25, 2025. Vikram Solar was finally listed on August 26, 2025.
| Event | Date |
|---|---|
| IPO Open | August 19, 2025 |
| IPO Close | August 21, 2025 |
| Allotment Finalization | August 22, 2025 |
| Refunds Initiation | August 25, 2025 |
| Credit to Demat | August 25, 2025 |
| Listing Date | August 26, 2025 |
Vikram Solar Financial Performance
The company has shown strong growth in recent years.
| Financials (₹ in Crores) | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Total Assets | 2,832.15 | 2,585.50 | 2,476.29 |
| Revenue | 3,459.53 | 2,523.96 | 2,091.91 |
| Profit After Tax (PAT) | 139.83 | 79.72 | 14.49 |
| EBITDA | 492.01 | 398.58 | 186.18 |
| Net Worth | 1,241.99 | 445.42 | 365.20 |
| Reserves & Surplus | 932.60 | 192.16 | 113.07 |
| Borrowings | 230.67 | 808.33 | 737.79 |
Key Insights:
- Revenue grew 37% YoY.
- PAT grew 75% YoY, signaling profitability improvements.
- Debt reduced significantly from ₹808.33 crore (FY24) to ₹230.67 crore (FY25).
| Key Performance Indicators (KPI) | Value |
|---|---|
| Market Cap | ₹12,009.01 Cr |
| ROE | 16.57% |
| ROCE | 24.49% |
| Debt/Equity | 0.19 |
| RoNW | 11.26% |
| PAT Margin | 4.08% |
| EBITDA Margin | 14.37% |
| P/B Ratio | 8.46 |
| EPS (Pre-IPO) | ₹4.42 |
| EPS (Post-IPO) | ₹3.87 |
| P/E (Pre-IPO) | 75.16 |
| P/E (Post-IPO) | 85.88 |
📌 While margins are improving, the valuation looks expensive compared to industry peers.
Promoter Holding
| Promoter Holding | % |
|---|---|
| Pre-Issue | 77.64% |
| Post-Issue | 63.11% |
This indicates equity dilution, but promoters still retain majority control.
Use of IPO Proceeds (Objectives)
| Purpose | Amount (₹ Cr) |
|---|---|
| Phase-I Project Capex | 769.73 |
| Phase-II Project Capex | 595.21 |
| General Corporate Purposes | 49.55 |
Most funds will be used for expansion and capacity building.
Vikram Solar IPO GMP: Last Updates
As of late August 2025, the Vikram Solar IPO Grey Market Premium (GMP) hovered around ₹37-₹54, suggesting a listing price of ₹369-₹386, a projected gain of about 15-16% over the issue price of ₹332. You can check your allotment status on the official websites of the Registrar (MUFG Intime India), NSE, or BSE.
GMP (Grey Market Premium) Updates
- The Grey Market Premium indicates investor willingness to pay a higher price in the unofficial grey market.
- As of late August 2025, the GMP was around ₹37-₹54, suggesting a potential listing price of approximately ₹369-₹386.
- The IPO has already concluded with the listing date on 26 August 2025.
- Vikram Solar has entered the publicly traded stock market, with its shares trading at around ₹357.50 as of the latest update.
- The actual GMP and projected listing price can change with market sentiment.
Peer Comparison
Vikram Solar trades at a higher valuation when compared to other listed solar and renewable energy companies. This raises the question of whether the company overpriced its IPO.
Expert Review: Vikram Solar IPO To Buy?
Positives:
- One of the largest manufacturing companies of solar PV in India.
- Excellent growth in turnover and revenue.
- Less debt and improved margins.
- Increasing demand for renewable energy in India.
Negatives:
- IPO valuation appears insane (large P/E).
- In the solar industry, it is highly competitive.
- Reliance on international policies (e.g., US tariff problems).
- Margins can change as a result of raw material costs.
Expert Suggestion:
- Long-term investors with excess funds can consider investing.
- Short-term traders may realize listing gains because the value is high.
Conclusion
Vikram Solar’s IPO was a blockbuster with a total subscription of 56.42x, indicating a huge investor interest. The basic company metrics are favorable as the revenues increase, the profitability increases, and the debt decreases. Nevertheless, the IPO had a premium price, and it is more appropriate for investors who have a long-term perspective on renewable energy expansion.
FAQs
Ans. The IPO price was fixed at ₹332 per share.
Ans. It was listed on August 26, 2025, on both BSE and NSE.
Ans. Retail investors needed to apply for at least 1 lot (45 shares) costing ₹14,940.
Ans. The IPO was subscribed 56.42 times overall, with 7.98x in retail and 145.10x in QIB.
Ans. Experts suggest long-term investors with surplus funds can consider holding, though the IPO was expensively valued
Disclaimer:
All stock market and share-related content on this website is for informational and educational purposes only and is not investment, financial, legal, or tax advice. Markets involve risk, including loss of principal. Consult a qualified, registered advisor before acting.
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