The initial public offering (IPO) of Vikram Solar received a healthy response on its first day of bidding, August 19, with investors placing bids for 6.91 crore shares against the total offer of 4.39 crore shares, resulting in an overall subscription of 1.57 times by the end of Day 1, according to exchange data.
Non-institutional buyers showed strong interest, with their portion subscribed 3.99 times, while the retail investors’ portion was booked 1.43 times. The QIB (Qualified Institutional Buyers) portion was subscribed just 0.02 times.
The company ₹2,079.37 crore through the offering”>aims to raise ₹2,079.37 crore through the offering, which is a combination of a fresh issue of 4.52 crore shares aggregating to ₹1,500 crore and an offer for sale of 1.75 crore shares aggregating to ₹579.37 crore.
The IPO price band is set at ₹315 to ₹332 per share. Retail investors can apply for a minimum of 45 shares in one lot and can apply for up to 13 lots. At the upper end of the IPO price band, ₹332 apiece, retail investors are required to make a minimum investment of ₹14,940 per lot.
The company proposes to use the proceeds from the issue towards partial funding of capital expenditure for the Phase I Project, funding of capital expenditure for the Phase II Project, and general corporate purposes.
The allotment of shares is expected to be finalized on August 22, 2025, with a tentative listing on both the BSE and NSE scheduled for Tuesday, August 26, 2025.
About Vikram Solar
The company, a manufacturer of solar photovoltaic modules, began operations in 2009 with an installed capacity of 12.00 MW, which has now grown to 4.50 GW. To cater to rising demand, it is executing significant greenfield and brownfield expansion projects, aiming to increase installed solar PV module manufacturing capacity to 15.50 GW by FY2026 and 20.50 GW by FY2027.
The company serves a broad domestic client base, including NTPC, NLC India, GIPCL, and leading private IPPs such as Adani Green, AMPIN Energy, Azure Power, and JSW Energy. Internationally, it caters to marquee players like PureSky Development and Sundog Solar, with exports contributing 21.63% of revenue in FY2023, 61.58% in FY2024, and 1% in FY2025.
As of March 31, 2025, the company’s order book stood at 10,340.82 MW, 2.3 times its total rated capacity, with 6,424.93 MW under execution and 3,915.89 MW yet to be executed.
Looking at the financials, it reported a revenue of ₹3,423 crore in FY25 as against ₹2,511 crore in FY24 and ₹2,073 crore in FY23. The net profit has surged to ₹139.83 crore in FY25 from ₹79.72 crore in FY24 and ₹14.49 crore in FY23, with the PAT margin improving to 4.08% from 3.17% and 0.70%, respectively.
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