Vikram Solar IPO

Vikram Solar is launching an IPO worth Rs 2,079.37 crores through a bookbuilding process, comprising a fresh issue of Rs 1,500.00 crores and an offer for sale of Rs 579.37 crores. The IPO opened for subscription on August 19, 2025, and will close on August 21, with allotment expected on August 22 and a tentative listing on BSE and NSE on August 26. The price band is fixed at Rs 315 to Rs 332 per share, with a lot size of 45 shares requiring a minimum retail investment of Rs 14,175. For sNII, the investment size is 14 lots (Rs 2,09,160), and for bNII, it is 67 lots (Rs 10,00,980). JM Financial is the lead manager, and MUFG Intime India is the registrar.

Vikram Solar IPO Details

Check out the issue details for Vikram Solar IPO as disclosed in SEBI.

IPO Price

₹ 332

Price Band

₹ 315 - 332

Issue Size

2079.37 Cr.

Issue Type

Book Built

Open

2025-08-19

Close

2025-08-21

Listingprice

₹ 338

ListingGain

1.81%

Listing Date

2025-08-26

CMP

₹ 322.15

Current Return

-2.97%

Vikram Solar News

Vikram Solar coming with IPO to raise upto Rs 2160 crore18 Aug 2025, 10:45AM Vikram Solar gets Sebi's nod to raise Rs 1,500 crore via IPO 4 Jun 2025, 4:12PM Vikram Solar files DRHP with SEBI to raise Rs 1,500 crore via IPO 1 Oct 2024, 3:24PM Vikram Solar files draft papers to raise funds through IPO 29 Mar 2022, 4:08PM

Company Financials

You can get the following financial statements of Vikram Solar as of now.

Company Name

Vikram Solar

Exchange

NSE: VIKRAMSOLR BSE: 544488

  Profit Loss
  Balance Sheet
  Quarterly
  Shareholding
  Cash Flow

Vikram Solar IPO Details

The details about the Vikram Solar IPO are as follows:

  • The issue size of the IPO is Rs 2,079.37 Cr.
  • The price band for Vikram Solar IPO is Rs 315 to Rs 332.
  • The shares of Vikram Solar IPO will list on BSE and NSE.
  • The latest tentative GMP of Vikram Solar IPO is Rs 54.
  • The shares of Vikram Solar IPO are subscribed 56.42 Times.

 

Vikram Solar IPO Valuation

The approximate valuation of Vikram Solar IPO based on its price band and RHP is:

Particulars Value
Upper Price Band Rs 332
Existing Shares (Qty) 31.65 Cr
Fresh Issue Rs 1,500.00 Cr
Market Cap Rs 12,007.8 Cr
EPS (FY25) Rs 4.61
PE Ratio 72.01x
Industry PE 44.28x

 

Vikram Solar IPO Issue Size

Vikram Solar IPO issue size is Rs 2,079.37 Cr.

Issue Amount
Fresh Issue Rs 1,500.00 Cr
Offer For Sale Rs 579.37 Cr

 

Vikram Solar IPO Market Lot

An individual can apply for a minimum of 1 lot of 45 shares and a maximum of 13 lots (585 shares). Find the details below:

Application Lot Shares Amount
Retail Minimum 1 45 Rs 14,940
Retail Maximum 13 585 Rs 1,94,220

 

Vikram Solar IPO Share Offer

The shares of Vikram Solar IPO are subscribed 56.42 Times. The category-wise shares offered are as follows:

Category % Offered
Qualified Institutional Not more than 50%
Non-Institutional Not less than 15%
Retail Individual Not less than 35%

 

Vikram Solar IPO GMP (Grey Market Premium)

As on GMP (Tentative)
19 August 2025 Rs 54
20 August 2025 Rs 50
21 August 2025 Rs 45
22 August 2025 Rs 54

Vikram Solar IPO GMP is purely for informational purposes. Invest in an IPO after thoroughly researching on your own.

Vikram Solar IPO Dates

Find below the dates for Vikram Solar IPO

Schedule Date
Basis of Allotment 22 Aug 2025
Refunds 25 Aug 2025
Credit to Demat Account 25 Aug 2025
IPO Listing Date 26 Aug 2025

 

Check the allotment of Vikram Solar IPO by clicking on the button below.

Check allotment status

Profit & Loss (All Figures in Cr. Adjusted EPS in Rs.)

PARTICULARS Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Net Sales 1530.44 1576.59 1700.47 2006.48 2440.82
Total Expenditure 1413.89 1402.31 1647.35 1824.64 2049.04
Operating Profit 116.55 174.28 53.12 181.85 391.78
Other Income 24.58 17.69 12.82 20.13 15.26
Interest 94.89 99.45 102.87 123.44 157.17
Depreciation 36.72 38.75 47.92 63.92 137.99
Exceptional Items 0 0 0 0 -11.64
Profit Before Tax 9.52 53.77 -84.86 14.62 100.24
Provision for Tax 3.48 16.63 -24.72 1.92 33.43
Net Profit 6.04 37.14 -60.14 12.7 66.82
Adjusted EPS (Rs.) 0.02 0.14 -0.23 0.05 0.26

Balance Sheet (All Figures are in Crores.)

Particulars Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity and Liabilities
Share Capital 27.93 23.53 258.83 258.83 258.83
Total Reserves 349.88 400.83 107.98 128.68 201.51
Borrowings 187.1 229.63 263.93 214.23 198.68
Other N/C liabilities 122.38 123.63 139.14 595.06 527.93
Current liabilities 975.95 1015.56 1452.72 1248.75 1410.96
Total Liabilities 1663.23 1793.18 2222.6 2445.54 2597.92
Assets
Net Block 356.38 381 541.6 627.05 492.62
Capital WIP 10.91 66.06 2.94 7.3 12.67
Intangible WIP 0 0.49 0.63 0.73 0
Investments 28.2 27.64 30.97 34.94 43.61
Loans & Advances 75.36 65.69 9.49 55.82 64.48
Other N/C Assets 1.39 18.51 57.9 4.77 4.55
Current Assets 1190.99 1233.79 1579.06 1714.93 1979.99
Total Assets 1663.23 1793.18 2222.6 2445.54 2597.92
* Other Non-current Liabilities include Net deferred Liabilities

Share Holding Pattern

Promoter Pledging %

Date Promoter % Pledge %
Jun 2025 63.12 0
* Figures given above are % of equity capital

Cash Flows (All Figures are in Crores.)

PARTICULARS Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Profit from operations 9.52 53.77 -84.86 14.62 100.24
Adjustment 135.18 114.81 150.99 178.83 365.28
Changes in Assets & Liabilities 90.16 -157.64 149.39 -17.97 -285.34
Tax Paid -3.92 8 -8.09 -2.1 -9.7
Operating Cash Flow 230.94 18.94 207.43 173.37 170.48
Investing Cash Flow -37.89 -50.76 -157.46 -88.7 -82.02
Financing Cash Flow -174.32 5.39 -36.22 -100.49 -81.03
Net Cash Flow 18.74 -26.43 13.75 -15.82 7.44

Vikram Solar IPO: Date, Share Price, Review & Details

Vikram Solar Ltd. is among India’s largest and most experienced solar photovoltaic (PV) module manufacturers, established in 2005. The company has built a robust presence with advanced manufacturing facilities in Kolkata (Falta SEZ, West Bengal) and Chennai (Oragadam, Tamil Nadu), supplying high-efficiency solar modules domestically and across 39 global markets. Vikram Solar also provides EPC and O&M services, working with major private and government power producers including NTPC, Neyveli Lignite Corporation, ACME, and Azure Power.

Business Model and Operations

Vikram Solar designs and manufactures solar modules using latest technologies like PERC, TOPCon, and HJT. It offers a diversified product portfolio for rooftop installations, utility-scale solar plants, and export clients. The company operates extensive distribution and dealer networks in 23 Indian states and has strategic expansion plans to boost manufacturing capacity up to 15.50 GW by FY27, including new solar cell and module facilities.

Vikram Solar IPO Details (2025)

  • The IPO opens for subscription on August 19, 2025, and closes on August 21, 2025.

  • Price band is set between Rs 315 and Rs 332 per share.

  • Minimum lot size is 45 shares for retail applications.

  • Total issue size is Rs 2,079.37 crore, including Rs 1,500 crore as fresh issue and an offer for sale of Rs 579.37 crore.

  • Allotment is expected on August 22, 2025; shares will be listed on BSE and NSE on August 26, 2025.

  • The IPO registrar is Kfin Technologies Limited.

  • Lead managers include JM Financial, Nuvama Wealth, UBS Securities, Equirus Capital, and PhillipCapital.

Use of IPO Proceeds

Funds will be primarily used for investment in VSL Green Power Pvt. Ltd. to set up a 3,000 MW solar cell and module plant in Tamil Nadu (Phase I), further expansion of module capacity (up to 6,000 MW in Phase II), and general corporate purposes.

Financial Performance Highlights

  • Revenue for FY24: Rs 2,523.96 crore

  • Revenue for FY25: Rs 3,459.53 crore

  • Profit (FY24): Rs 79.72 crore

  • Profit (FY25): Rs 139.83 crore

What You’ll Find on This Page

  • Full set of audited financial statements, prospectus details, and market ratios

  • Real-time subscription status, Grey Market Premium (GMP), and expert reviews

  • Allotment updates, listing details, and latest shareholding pattern

Frequently Asked Questions (FAQs) about Vikram Solar IPO

Q1: What are the key dates for the Vikram Solar IPO?
The IPO runs from August 19 to August 21, 2025, with allotment on August 22 and listing on August 26.

Q2: What is the price band and minimum lot size for the IPO?
Price band is Rs 315 - Rs 332 per share and minimum application is for 45 shares.

Q3: What is the total IPO size?
The IPO size is Rs 2,079.37 crore, combining a fresh issue and an offer for sale.

Q4: What will the proceeds be used for?
Major investment in capacity expansion - including new solar cell and module facilities, and general corporate purposes.

Q5: Where will shares be listed?
Shares will be listed on BSE and NSE.

Q6: How do I check IPO allotment status?
Allotment can be checked with Kfin Technologies or on the respective exchange website after the allotment date.

For the latest Vikram Solar IPO share price, financial details, news, and analytical updates, keep checking this page throughout the IPO and beyond for informed investment decisions.

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