Vikram Solar IPO Day 3: Vikram Solar IPO subscription status was 4.56 times on Wednesday, which was the second day of the bidding process. The portion allocated for non-institutional investors saw a subscription rate of 13.01 times, while retail individual investors (RIIs) subscribed at 3.47 times. The subscription for qualified institutional buyers (QIBs) was at 11 percent.
With Vikram Solar IPO set between ₹315 and ₹332 per share, the initial public offering amounting to ₹2,079 crore will close on August 21.
Vikram Solar IPO GMP today is +42. This indicates Vikram Solar share price were trading at a premium of ₹42 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Vikram Solar share price was indicated at ₹374 apiece, which is 12.65% higher than the IPO price of ₹332.
According to the grey market trends from the past 11 sessions, the current IPO GMP is rising and is anticipated to result in a robust listing. The minimum GMP recorded is ₹0.00, while the maximum GMP reaches ₹69, as noted by experts.
Vikram Solar IPO review
As per Geojit Securities, with a upper price of ₹332, Vikram Solar is assessed at 25 times EV/EBITDA (FY25), which is considered reasonable when compared to its competitors. Although the P/E ratio appears stretched relative to peers, its improving profit margins, decreased debt levels, and substantial order book bolster its growth prospects. With support from favorable policy developments, aggressive growth strategies, backward integration, and a move into energy storage, the company is well-positioned to take advantage of India’s renewable energy initiatives. Therefore, the brokerage suggests a ‘Subscribe’ rating for a long-term investment.
As per ICICI Direct, Vikram Solar’s Sales/PAT is projected to increase at a CAGR of 29%/211% from FY23 to FY25, driven by an expanded capacity and ongoing enhancements in the EBITDA margin profile. The firm achieved EBITDA margins of 14.4% in FY25, with Return on Capital Employed (RoCE) estimated at 29%. The brokerage has given a Subscribe rating to the company, citing substantial scale-up expected in the near future.
Vikram Solar IPO details
Vikram Solar IPO consists of a fresh issuance of 4.52 crore shares valued at ₹1,500 crore, alongside an offer for sale of 1.75 crore shares worth ₹579.37 crore from the promoters Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary. The capital raised from the new shares will be allocated to partially finance the capital expenditures for both Phase-I and Phase-II of the initiative. Conversely, the proceeds from the shares sold by the shareholders will be kept by them.
Currently, the promoters possess a 77.64% ownership in the company, while the remaining 22.36% of the shares are owned by the public, which includes Arpit Khandelwal from Plutus Wealth Management.
Company details
Vikram Solar is a manufacturer of solar photovoltaic modules with 16 years of industry experience. As of March 31, 2025, the company has established a manufacturing capacity of 4.5 GW for solar PV modules and holds an order book amounting to 10,340.8 MW.
The company operates two solar PV module production plants in West Bengal and Tamil Nadu, along with a solar cell manufacturing site that has two units in Gangaikondan, Tamil Nadu. It has developed a nationwide presence, catering to 19 states and two Union Territories.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
