Vikram Solar Limited IPO
Vikram Solar Limited IPO
Price Band
₹315 - ₹332
Total Issue
₹2,079.37 Cr
Bid Dates
19 Aug - 21 Aug
Subscription
54.63x
Est. GMP
₹45 (13.55%)
Tentative Timetable
Business Overview
Vikram Solar currently operates in the solar PV module manufacturing industry, Vikram Solar are one of India’s largest solar photo-voltaic (“PV”) modules manufacturers in terms of operational capacity, with more than 17 years of experience in the industry. Company has two solar PV module manufacturing facilities located in West Bengal and in Tamil Nadu with 4.50 GW of installed manufacturing capacity, which makes it one of the largest pure play module manufacturers in India, with an enlisted capacity of 2.85 GW in the Ministry of New & Renewable Energy’s Approved List of Modules and Manufacturers as of June 30, 2025
Lot Info
| Category | 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 |
Category Reservation
Issue Size
Objects of Issue
- Partial funding of capital expenditure in our WOS, VSL Green Power Private Limited for the Phase-I Project
- Partial funding of capital expenditure in our WOS, VSL Green Power Private Limited for the Phase-II Project
- General Corporate Purposes
Grey Market Premium
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 22 Aug | ₹45 (13.6%) | ₹377 |
| 21 Aug | ₹42 (12.7%) | ₹374 |
| 20 Aug | ₹48 (14.5%) | ₹380 |
| 19 Aug | ₹54 (16.3%) | ₹386 |
| 18 Aug | ₹52 (15.7%) | ₹384 |
| 14 Aug | ₹66 (19.9%) | ₹398 |
| 14 Aug | ₹70 (21.1%) | ₹402 |
| 13 Aug | ₹70 (21.1%) | ₹402 |
Vikram Solar IPO Peer Comparison
(Rs. in crores)
| Particulars | Vikram Solar | Waaree Energies | Premier Energies | Websol Energy |
|---|---|---|---|---|
| Revenue from Ops (in Crs.) | 3,423.45 | 14,444.50 | 6,518.75 | 575.46 |
| PAT (In Crs.) | 139.83 | 1,928.13 | 937.13 | 154.74 |
| EPS - Basic | 4.61 | 68.24 | 21.35 | 36.66 |
| NAV per share | 39.24 | 334.00 | 62.61 | 65.88 |
| RONW | 11.26% | 20.09% | 33.21% | 55.65% |
| EBITDA | 14.37% | 21.04% | 28.78% | 44.20% |
| PAT Margin | 4.08% | 13.35% | 14.09% | 26.90% |
| Price to earning (PE) | 72.02 | 45.79 | 47.01 | 40.04 |
| Debt to Equity | 0.19 | NA | 0.69 | NA |
All information pertains to FY 2024-25.The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of August 11, 2025 for Peers
Financial Performance
(Rs. in crores)
| Particulars | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| Revenue from Operations | 3,423.45 | 2,510.99 | 2,073.23 |
| Profit after Tax | 139.83 | 79.72 | 14.49 |
| Net Worth | 1,241.99 | 445.42 | 365.20 |
| Total Borrowing | 230.67 | 808.33 | 737.79 |
| Total Assets | 2,832.15 | 2,585.50 | 2,476.29 |
| NAV per share (in ₹) | 39.24 | 17.21 | 14.11 |
| EPS - Basic (in ₹) | 4.61 | 3.08 | 0.56 |
KPIs
EBITDA
14.37%
PAT
4.08%
ROE
16.57%
ROCE
24.49%
Debt to Equity
0.19
PE Ratio
72.02
PB Ratio
8.46
Mkt Cap (in Crs.)
12,009.01
All the data pertains to FY 2024-25
Shareholding
Promoter
77.65%
Public
22.35%
Management
Subscription Status
Updated as on 21-Aug-2025 19:00:00
| Category | Sub (x) | Offered | Bids |
|---|---|---|---|
| QIB | 145.10 | 1,24,66,080 | 1,80,88,16,760 |
| NII | 52.88 | 93,49,560 | 49,43,81,250 |
| bHNI | 59.58 | 62,33,040 | 37,13,60,295 |
| sHNI | 39.47 | 31,16,520 | 12,30,20,955 |
| Retail | 7.95 | 2,18,15,640 | 17,34,22,845 |
| Employee | 5.10 | 3,01,205 | 15,37,110 |
| Total | 56.41 | 4,39,32,485 | 2,47,81,57,965 |
Frequently Asked Questions
What is Vikram Solar IPO?
When will Vikram Solar IPO open?
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What is the lot size of Vikram Solar IPO?
When is the allotment of Vikram Solar IPO?
What is the listing date of Vikram Solar IPO?
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What is the price band of Vikram Solar IPO?
How to check allotment status of Vikram Solar IPO?
How to apply Vikram Solar IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Vikram Solar IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Vikram Solar IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Vikram Solar IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date