Vikram Solar IPO is a book build issue of ₹2,079.37 crores. The issue is a combination of fresh issue of 4.52 crore shares aggregating to ₹1,500.00 crores and offer for sale of 1.75 crore shares aggregating to ₹579.37 crores.
Vikram Solar IPO opens for subscription on Aug 19, 2025 and closes on Aug 21, 2025. The allotment for the Vikram Solar IPO is expected to be finalized on Aug 22, 2025. Vikram Solar IPO will list on BSE, NSE with a tentative listing date fixed as Aug 26, 2025.
Vikram Solar IPO price band is set at ₹315.00 to ₹332.00 per share . The lot size for an application is 45. The minimum amount of investment required by an retail is ₹14,175 (45 shares). The lot size investment for sNII is 14 lots (630 shares), amounting to ₹2,09,160, and for bNII, it is 67 lots (3,015 shares), amounting to ₹10,00,980.
JM Financial Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to Vikram Solar IPO RHP for detailed Information.
Vikram Solar IPO Details
| IPO Date | August 19, 2025 to August 21, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹315 to ₹332 per share |
| Lot Size | 45 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 6,26,31,604 shares (aggregating up to ₹2,079.37 Cr) |
| Fresh Issue | 4,51,80,722 shares (aggregating up to ₹1,500.00 Cr) |
| Offer for Sale | 1,74,50,882 shares of ₹10 (aggregating up to ₹579.37 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 31,65,36,309 shares |
| Share Holding Post Issue | 36,17,17,031 shares |
Vikram Solar IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
Investor Category Reservations
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to Rs 2 Lakhs | Yes |
| Employee + RII/NII |
| Yes for Employee and RII/NII |
Vikram Solar IPO Timeline (Tentative Schedule)
Vikram Solar IPO opens on August 19, 2025, and closes on August 21, 2025.
| IPO Open Date | Tue, Aug 19, 2025 |
| IPO Close Date | Thu, Aug 21, 2025 |
| Tentative Allotment | Fri, Aug 22, 2025 |
| Initiation of Refunds | Mon, Aug 25, 2025 |
| Credit of Shares to Demat | Mon, Aug 25, 2025 |
| Tentative Listing Date | Tue, Aug 26, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 21, 2025 |
Vikram Solar IPO 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 Individual Investors (Retail) 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 |
| S-HNI (Min) | 14 | 630 | ₹2,09,160 |
| S-HNI (Max) | 66 | 2,970 | ₹9,86,040 |
| B-HNI (Min) | 67 | 3,015 | ₹10,00,980 |
Vikram Solar IPO Promoter Holding
| Share Holding Pre Issue | 77.64% |
| Share Holding Post Issue | 63.11% |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
About Vikram Solar Ltd.
Incorporated in 2005, Vikram Solar Limited is a solar photo-voltaic (“ PV”) modules manufacturer.
Core Operations:
- Solar Photovoltaic (PV) Module Manufacturing: Specializing in the production of high-efficiency solar PV modules, Vikram Solar caters to both domestic and international markets.
- Engineering, Procurement, and Construction (EPC) Services: The company provides comprehensive EPC solutions for solar power projects, ensuring efficient project execution from design to commissioning.
- Operations and Maintenance (O&M): Vikram Solar offers O&M services to optimize the performance and longevity of solar power installations.
The company’s solar energy products consists of 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 being either bifacial (glass-to-glass/ glass-to-transparent back sheet) or monofacial (glass-to-white/black back sheet) modules.
Manufacturing facilities located at:
- Falta SEZ, Kolkata, West Bengal and Oragadam, Chennai, Tamil Nadu.
The company have established a pan-India presence, serving 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 customers include prominent government entities, such as National Thermal Power Corporation, Neyveli Lignite Corporation Limited and Gujarat Industries Power Company Limited, and large private independent power producers (“IPPs”), such as ACME Cleantech Solutions Pvt. Ltd.,
As of March 31, 2025, we have 1,612 employees and 974 contractual employees.
Vikram Solar Ltd. Financial Information (Restated Consolidated)
Vikram Solar Ltd.’s revenue increased by 37% and profit after tax (PAT) rose by 75% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 2,832.15 | 2,585.50 | 2,476.29 |
| Total Income | 3,459.53 | 2,523.96 | 2,091.91 |
| Profit After Tax | 139.83 | 79.72 | 14.49 |
| EBITDA | 492.01 | 398.58 | 186.18 |
| Net Worth | 0.86 | -0.10 | -0.08 |
| Reserves and Surplus | 932.60 | 192.16 | 113.07 |
| Total Borrowing | 0.00 | 0.10 | 0.09 |
| Amount in ₹ Crore | |||
Key Performance Indicator (KPI)
The market capitalization of Vikram Solar IPO is ₹12009.01 Cr.
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| ROE | 16.57% |
| ROCE | 24.49% |
| Debt/Equity | 0.19 |
| RoNW | 11.26% |
| PAT Margin | 4.08% |
| EBITDA Margin | 14.37% |
| Price to Book Value | 8.46 |
Check Vikram Solar IPO Peer Comparison here.
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 4.42 | 3.87 |
| P/E (x) | 75.16 | 85.88 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2025 that is available in RHP.
- Objects of the Issue (Vikram Solar IPO Objectives)
The Company Vikram Solar IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Partial funding of capital expenditure for the Phase-I Project. | 769.73 |
| 2 | Funding of capital expenditure for the Phase-II Project | 595.21 |
| 3 | General Corporate Purposes |
Vikram Solar IPO Review
[Dilip Davda] VSL is one of India’s largest solar photo-voltaic modules manufacturers, in terms pf operational capacities. The company marked growth in its top and bottom lines for the reported periods. Boosted bottom lines for FY24 onwards raise eyebrows. Based on its recent financial data with super profits the IPO appears exorbitantly priced. Rising competitions and recent developments on US Tariff issue has bearing on this company’s future. Only well-informed/cash surplus investors may park moderate funds for long term, others may stay away. Read detail review…
Vikram Solar IPO Prospectus
Biowonder, Unit No. 1102, 11th Floor,
789, Anandapur Main Road, Eastern Metropolitan
Bypass, E.K.T,
Kolkata, West Bengal, 700107
Phone: +91 33 2442 7399
Email: secretarial@vikramsolar.com
Website: http://www.vikramsolar.com/
Vikram Solar IPO Registrar
Phone: +91-22-4918 6270
Email: vikramsolar.ipo@linkintime.co.in
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
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