Vikram Solar IPO day 1: The initial public offering (IPO) of Vikram Solar Limited has hit the Indian primary market today and will remain open until 21 August 2025. One of India’s largest solar photovoltaic module makers has declared the Vikram Solar IPO price band at ₹315 to ₹332 per equity share. The public issue is proposed for listing on the NSE and the BSE. The mainboard IPO aims to raise ₹2,079.37 crore, of which ₹1,500 crore is aimed through the issuance of fresh shares. The remaining ₹579.37 crore is reserved for the offer for sale (OFS) route.
Meanwhile, Vikram Solar shares are available in the grey market. According to market observers, the company’s shares are trading at a premium of ₹70 in today’s grey market. This means Vikram Solar IPO GMP today is ₹70, which signals a listing gain of around 21% against its upper price band.
Vikram Solar IPO subscription status
Bidding for the public issue will begin at 10:00 AM today. During the Vikram Solar IPO dates, bidders can apply from 10:00 AM to 5:00 PM.
Vikram Solar IPO details
1] Vikram Solar IPO GMP today: According to market observers, the company’s shares are trading at a premium of ₹70 in the grey market today.
2] Vikram Solar IPO date: The public issue has opened today and will remain open until 21 August 2025.
3] Vikram Solar IPO price: India’s largest solar photovoltaic module maker has declared a price band of ₹315 to ₹332 apiece.
4] Vikram Solar IPO size: The company aims to raise ₹2,079.37 crore, of which ₹1,500 crore will be raised by issuing fresh shares. The rest, ₹579.37 crore, is reserved for the offer for sale (OFS) route.
5] Vikram Solar IPO lot size: Bidders can apply in lots, and one lot of the public offer will comprise 45 company shares.
6] Vikram Solar IPO allotment date: The most likely date for share allotment is 22 August 2025.
7] Vikram Solar IPO registrar: MUFG Intime India Private Limited has appointed this public issue’s official registrar.
8] Vikram Solar IPO Lead Managers: JM Financial, Nuvama Wealth Management, UBS Securities India, Equiras Capital, and Philip Capital India have been appointed lead managers of Vikram Solar IPO.
9] Vikram Solar IPO listing date: The most likely date for share allotment is 25 August 2025.
Vikram Solar IPO: Apply or not?
10] Vikram Solar IPO review: Assigning a ‘subscribe’ tag to the public issue, Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, said, “The company is one of India’s largest solar photovoltaic module manufacturers, in terms of operational capacities. It marked growth in its top and bottom lines for the reported periods. The IPO appears exorbitantly priced based on its recent financial data with super profits. Investors may park their funds for listing gains and long-term.”
Pointing towards the company’s fundamentals, Anshul Jain, Head of Research at Lakshmishree Investment, said, “Vikram Solar Ltd. offers a strong play on India’s solar manufacturing boom, backed by scale, integration, and policy tailwinds. It’s among the largest domestic players with 4.5 GW module capacity and plans to expand to 15.5 GW. FY25 revenue rose 37% YoY to ₹3,459.5 crore, while net profit jumped 75% to ₹139.8 crore. IPO proceeds ( ₹1,500 crore) will fund new cell and module facilities, enhancing self-reliance and margins.”
The Lakshmishree Investment experts assigned a ‘buy’ tag to Vikram Solar IPO: “Company’s portfolio spans high-efficiency PV modules, EPC, and O&M services, serving top clients like NTPC and Adani. Risks include high capex, client concentration, and global supply chain exposure. Yet, a strong order book (10.3 GW), backwards integration, and government support position it well for long-term growth. We recommend a ‘SUBSCRIBE’ rating for investors seeking exposure to India’s clean energy value chain.”
The net proceeds of the public issue have been proposed to be used for partial funding of capital expenditures for phase-I project funding, phase-II project funding, and general corporate purposes. The market capitalisation of the Vikram Solar IPO is ₹12009.01 crore. As of 31 March 2025, the company’s ROE stood around 16.55%, PAT margins were slightly over 4%, and EBITDA margins were around 14.35%. The company’s price-to-book value was near 8.50%.
Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
