Vikram Solar Limited IPO
Vikram Solar Limited IPO
Mainboard NSE & BSE 100% Book Built Offer
Closed

Price Band

₹315 - ₹332

Total Issue

₹2,079 Cr

Bid Dates

19 Aug - 21 Aug

Subscription

56.41x

Listing Price

₹338 (1.81%)

Website RHP Check Allotment

Valuation

Market Cap

₹12,009.01 Cr

P/E Ratio

72.02x

P/B Ratio

8.46x

Vikram Solar IPO Dates

Open
Close
Allotment
Refunds
Credit
Listing

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

Vikram Solar IPO Lot Size

Lot Information for Vikram Solar IPO
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
Allocate Funds

Category Reservation

QIB 50%
NII 15%
Ret 35%
Employee
Rs. 10 Cr
Shareholder
NA

Vikram Solar IPO Size

Total ₹2,079 Cr
Fresh Issue
₹1,500 Cr (4.52 Cr Shares)
Offer For Sale
₹579 Cr (1.75 Cr Shares)

Objects of Issue

  1. Partial funding of capital expenditure in our WOS, VSL Green Power Private Limited for the Phase-I Project
  2. Partial funding of capital expenditure in our WOS, VSL Green Power Private Limited for the Phase-II Project
  3. General Corporate Purposes

Vikram Solar IPO Live Subscription

Updated as on 21-Aug-2025 19:00:00

Vikram Solar IPO Subscription Status (Mainboard)
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

Vikram Solar IPO Details Live GMP

GMP ₹45
Est. Price ₹377
Est. Gain 13.55%

Vikram Solar IPO Peer Comparison

(Rs. in crores)

Vikram Solar IPO Peer Comparison Table
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

Vikram Solar IPO Financial Performance

(Rs. in crores)

Financial Performance Metrics for Vikram Solar IPO
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

Key Performance Indicators (KPIs)

EBITDA

14.37%

PAT

4.08%

ROE

16.57%

ROCE

24.49%

Debt to Equity

0.19

All the data pertains to FY 2024-25

Promoter Holding

Promoter

77.65%

Public

22.35%

Gyanesh Chaudhary 5.15%
Gyanesh Family Trust 23.09%
Vikram Capital 35.79%
Others 13.62%

Management

Gyanesh Chaudhary
Chairman & MD
Krishna Maskara
Intermin CEO
Ranjan Jindal
CFO

Registrar & Lead Managers

Registrar

MUFG Intime India

Company Details

Name: Vikram Solar Limited

Address: Biowonder, Unit No. 1102, 11th Floor, 789, Anandapur Main Road, Eastern Metropolitan Bypass, E.K.T, Kolkata - 700107, West Bengal, India

Number: +91 33 2442 7399/ +91 33 2442 7299

Email: secretarial@vikramsolar.com

Website: www.vikramsolar.com

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Frequently Asked Questions (FAQs)

What is Vikram Solar IPO?
Vikram Solar IPO is a Mainboard IPO having an issue size of ₹2,079 Crs. Vikram Solar IPO is priced at ₹315 - ₹332 per share. The issue opens on 19 Aug 25 and closes on 21 Aug 25.
When will Vikram Solar IPO open?
Vikram Solar IPO opens on 19 Aug 25 and closes on 21 Aug 25.
What is the GMP of Vikram Solar IPO?
The estimated Grey Market Premium of Vikram Solar IPO is ₹45 per share (13.55%).
What is the lot size of Vikram Solar IPO?
The minimum lot size of Vikram Solar IPO is 45 shares & the minimum application amount is Rs. 14940.
When is the allotment of Vikram Solar IPO?
The allotment date of Vikram Solar IPO is 22 Aug 25.
What is the listing date of Vikram Solar IPO?
The listing date of Vikram Solar IPO is 26 Aug 25.
What is the subscription of Vikram Solar IPO?
Vikram Solar IPO is subscribed 54.63 times.
What is the price band of Vikram Solar IPO?
Vikram Solar IPO is priced at ₹315 - ₹332 per share.
How to check allotment status of Vikram Solar IPO?
Click the allotment link on Vikram Solar IPO page of IPO360.
How to apply Vikram Solar IPO in Zerodha?
  1. Go to Kite App → Tap on Bids → Tap on IPO
  2. Select the IPO → Tap on apply → Enter UPI ID
  3. Enter Qty and Price
  4. Submit the application
  5. Approve the UPI Mandate on your UPI app
How to apply Vikram Solar IPO in Groww?
  1. Go to Groww App → Stocks Section → Select IPO option
  2. Select the IPO you want to apply
  3. Enter your bid details and price
  4. Enter UPI ID & submit
  5. Approve the UPI Mandate on your UPI app
How to apply Vikram Solar IPO using ASBA?
  1. Log in to your bank's net banking portal.
  2. Navigate to the 'IPO' or 'ASBA' section.
  3. Select Vikram Solar IPO from the list of available IPOs.
  4. Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
  5. Submit the application.
  6. Money will remain blocked till the refund date

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