Vikram Solar Limited IPO

Mainboard

Other Electrical Equipment

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

₹ 14940 /45 Shares

Check Allotment

19 Aug, 2025

Open Date

21 Aug, 2025

Close Date

22 Aug, 2025

Allotment Date

26 Aug, 2025

Listing Date

Price Summary

Last Closing

331.20 (-0.24%)

52 Week High

407.95

52 Week Low

312.50

Last Update

3-Oct-2025 3:30 PM

Vikram Solar IPO Live Subscription Details

QIB 142.79x

Retail 7.65x

NII 50.90x

BHNI 57.35x

SHNI 38.00x

EMP 4.84x

Total 54.63x

Last updated: 21 Aug 2025,06:42:00 PM

Vikram Solar IPO Issue Details

Issue Price ₹315-332 per equity share
Face Value ₹10 Per Equity Share

Issue Size

Total Size 6,26,31,604 shares(aggregating up to ₹2079.37 crore)
Fresh Share 4,51,80,722 shares(aggregating up to ₹1500 crore)
Offer For Sale 1,74,50,882 shares(aggregating up to ₹579.37 crore)

Listing at BSE, NSE
List Price 338.0(NSE)
Listing Date 2025-08-26
Lead Manager Jm Financial Limited
Nuvama Wealth Management Limited
Ubs Securities India Private Limited
Equirus Capital Private Limited
PhillipCapital India Private Limited
Registrar MUFG Intime India Private Limited (Link Intime)

Market Lot Size

Investors can bid for a minimum of 45 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

Application	Lots	Shares	Amount
Retail (min)	1	45	₹14,940
Retail(max)	13	585	₹1,94,220
SHNI(min)	14	630	₹2,09,160
SHNI(max)	66	2,970	₹9,86,040
BHNI(min)	67	3,015	₹10,00,980

Vikram Solar IPO Reservation

Vikram Solar IPO offers total 6,26,31,605 shares. Out of which 1,24,66,080 (19.9%) allocated to QIB, 93,49,560 (14.93%) allocated to NII,2,18,15,640 (34.83%) allocated to RII, 3,01,205 (0.48%) allocated to employees and 1,86,99,120 (29.86%) allocated to Anchor investors.

Investor Category	Shares Offered	Maximum Allottees
Anchor Investor Shares Offered	1,86,99,120 (29.86%)
QIB Shares Offered	1,24,66,080 (19.9%)
NII (HNI) Shares Offered	93,49,560 (14.93%)
bNII < ₹10L	62,33,040 (9.95%)
sNII < ₹10L	31,16,520 (4.98%)
Retail Shares Offered	2,18,15,640 (34.83%)
Employee Shares Offered	3,01,205 (0.48%)
Total Shares Offered	6,26,31,605 (100%)

Vikram Solar IPO Documents

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 having 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.

As on	QIB	NII bNII sNII	Retail	Total
Shares Offered / Reserved	1,24,66,080	93,49,560 62,33,040 31,16,520	2,18,15,640	4,39,32,485
Day 1 19-08-25 05:00 PM	0.02 x	3.84 3.75 x 4.02 x	1.37 x	1.52 x
Day 2 20-08-25 05:00 PM	0.11 x	13.01 12.85 x 13.34 x	3.47 x	4.57 x
Day 3 21-08-25 05:00 PM	142.79 x	50.90 57.35 x 37.99 x	7.64 x	54.62 x

Total No of Applications

15,23,405

Subscription on the basis of Applications

Retail:6.6x BHNI:11.5x SHNI:38.0x

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-25	31-Mar-24	31-Mar-23
Assets	2,832.15	2,585.5	2,476.29
Revenue	3,459.53	2,523.96	2,091.91
Profit After Tax	139.83	79.72	14.49
Net Worth	1,241.99	445.42	365.20
Reserves & Surplus	1,241.99	445.42	365.20
Total Borrowing	230.67	808.33	737.79

About Vikram Solar 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.

Vikram Solar - Promoter(s)

Gyanesh Chaudhary

Gyanesh Chaudhary Family Trust

Vikram Capital Management Private Limited

Pre Issue Share Holding : 77.64%

Post Issue Share Holding : 63.11%

Vikram Solar IPO - Issue Objectives

Partial funding of capital expenditure for the Phase-I Project.

Funding of capital expenditure for the Phase-II Project

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.

Vikram Solar IPO - Peers Comparison

	P/B Ratio	P/E Ratio	RoNW	Net Worth
Vikram Solar	8.46	85.8	11.2%	3459
Waaree Energies	8.92	38.0	27.6%	15,461
Premier Energies	16.0	38.0	27.6%	6682
Websol Energy	21.9	30.6	80.2%	683

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.

Contact Details

Vikram Solar

Biowonder, Unit No. 1102, 11th Floor, 789, Anandapur Main Road, Eastern Metropolitan Bypass, E.K.T,, Kolkata, West Bengal, 700107

+91 33 2442 7399

secretarial@vikramsolar.com

http://www.vikramsolar.com/

Registrar Contact Details

MUFG Intime India Private Limited (Link Intime)

+91-22-4918 6270

vikramsolar.ipo@linkintime.co.in

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. You can track the real-time subscription numbers using the links below:

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.