Vikram Solar IPO 2025: Dates, Price Band, GMP, Lot Size & Listing – Should You Apply?
The renewable energy space in India is buzzing, and the Vikram Solar IPO is at the heart of that excitement. If you’ve been tracking the clean energy sector or looking for an IPO with strong fundamentals, you’ll want to pay close attention to this one.
Vikram Solar Limited, one of India’s largest solar photovoltaic (PV) module manufacturers, is all set to hit Dalal Street with a ₹2,079.37 crore public issue. The IPO will open for subscription on August 19, 2025, and close on August 21, 2025. Here’s a complete, humanised, and easy-to-read guide that tells you exactly what this IPO is about, why it’s making headlines, and whether it’s worth your money.
What is Vikram Solar?
Vikram Solar was established in 2005, and is a local success in India with the clean energy revolution. The company emerged in humble beginnings to become a manufacturer of solar photovoltaic modules on a global scale with production capacity in 4.5 GW and order book of 10,340.8 MW as of 31 March 2025.
Its operations cut across three big verticals:
- Solar PV Module Manufacturing- Manufacturing of high efficiency solar panels to India and world over.
- EPC Services -End-to-end solar power design, construction and engineering.
- Operations &Maintenance (O&M) - To focus on the maximum efficiency of the solar plants.
- Vikram Solar does not only mean hardware but it is the delivery of full solar energy solution.
Vikram Solar IPO Key Dates
Vikram Solar IPO Price Band & Lot Size
- Price Band: ₹315 – ₹332 per share
- Face Value: ₹10 per share
- Lot Size: 45 shares per lot
- Minimum Retail Investment: ₹14,175 (1 lot)
- sNII (Small HNI): 14 lots (630 shares) – ₹2,09,160
- bNII (Big HNI): 67 lots (3,015 shares) – ₹10,00,980
Application Forms:
- Retail Form: 4,84,792
- sHNI Form: 4,947
- bHNI Form: 9,894
Reservation Quota:
- QIB: Up to 50%
- NII: At least 15%
- Retail: At least 35%
- Employees: Shares worth ₹100 million
PO Structure
The ₹2,079.37 crore issue consists of:
- Fresh Issue: ₹1,500 crore (4.52 crore shares) – Funds to be used for capacity expansion and corporate purposes.
- Offer for Sale (OFS): ₹579.37 crore (1.75 crore shares) – By promoters Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary.
Where Does Vikram Solar Operate?
Manufacturing Plants:
- Falta SEZ, Kolkata, West Bengal
- Oragadam, Chennai, Tamil Nadu
Distribution Network:
- Presence in 23 states & 3 union territories
- 41 distributors, 64 dealers, and 67 system integrators
Major Clients:
- NTPC (National Thermal Power Corporation)
- Neyveli Lignite Corporation Limited
- Gujarat Industries Power Company Limited
- ACME Cleantech Solutions Pvt. Ltd.
Financial Performance
Peer Comparison
How to Apply for Vikram Solar IPO via IPO Ji
- Login to your IPO Ji account.
- Select Vikram Solar IPO from the live IPO list.
- Enter the number of lots & price.
- UPI Approval – Accept the payment request.
- Track allotment & GMP updates directly on IPO Ji.
IPO Ji Advantage:
- Live GMP updates
- One-click IPO application
- Allotment tracking & instant notifications
- Expert analysis & investor community discussions
Are you bullish on the renewable energy in India, then Vikram Solar IPO suits as the stock of the moment considering its theme of growth investing. It has solid fundamentals, industry tailwinds, and competitive positioning that make it garner a lot of interest in both the retail and institutional categories. As usual, look at subscription trends and GMP on IPO Ji before applying.
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