Vikram Solar IPO is scheduled to open on August 19, 2025, and will close on August 21, 2025. This IPO is a book-built issue through which the company aims to raise around ₹2,079.37 crores. The issue consists of a fresh issue worth ₹1,500 crores and an offer for sale of up to 17,450,882 equity shares, each having a face value of ₹10. The price band for the IPO is fixed between ₹315 and ₹332 per share.
The IPO quota is divided as 35% for retail investors, 50% for Qualified Institutional Buyers (QIB), and 15% for High Net-worth Individuals (HNI). The minimum lot size for retail investors is 45 shares, requiring an investment of ₹14,175. For small HNI investors (sNII), the lot size is 14 lots (630 shares) amounting to ₹2,09,160, and for big HNI investors (bNII), it is 67 lots (3,015 shares) totaling ₹10,00,980.
The allotment of Vikram Solar IPO shares is expected to be finalized on August 22, 2025, with refunds and credit to Demat accounts scheduled on August 25, 2025. The IPO will be listed on BSE and NSE on August 26, 2025.
The company reported revenue of ₹2,523.96 crores in 2024 compared to ₹2,091.91 crores in 2023. Profit also rose significantly to ₹79.72 crores in 2024 from ₹14.49 crores in 2023. Based on these financials, investors are advised to consider applying for the Vikram Solar IPO for the long term.
Overview of Contents
Vikram Solar IPO Overview
| Vikram Solar IPO Details | Information |
|---|---|
| Face Value per Share | ₹10 |
| Price Band per Share | ₹315 to ₹332 |
| Total Issue Size | Approx. ₹2,079.37 Crores (6,26,31,604 shares) |
| Fresh Issue Size | Approx. ₹1,500 Crores (4,51,80,722 shares) |
| Offer for Sale | Approx. ₹579.37 Crores (1,74,50,882 shares) |
| Issue Type | Book Built Issue (Bookbuilding IPO) |
| Lot Size per Application | 45 Shares |
| Sale Type | Combination of Fresh Issue and Offer for Sale |
| Listing Exchanges | BSE & NSE |
| Quota Distribution | Retail: Up to 35%, QIB: Up to 50%, NII: Up to 15% |
| Pre-IPO Shareholding | 31,65,36,309 shares |
| Post-IPO Shareholding (After Issue) | 36,17,17,031 shares |
Vikram Solar IPO Market Lot Size
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 45 | ₹14,940 |
| Retail Maximum | 13 | 585 | ₹1,94,220 |
| S-HNI Minimum | 14 | 630 | ₹2,09,160 |
| B-HNI Minimum | 67 | 3,015 | ₹10,00,980 |
Vikram Solar IPO Dates
| Event | Date |
|---|---|
| IPO Open Date | Monday, August 19, 2025 |
| IPO Close Date | Wednesday, August 21, 2025 |
| Basis of Allotment | Thursday, August 22, 2025 |
| Refunds | Sunday, August 25, 2025 |
| Credit to Demat Account | Sunday, August 25, 2025 |
| IPO Listing Date | Tuesday, August 26, 2025 |
About Vikram Solar IPO
Founded in 2009, Vikram Solar Limited is a leading manufacturer of solar photovoltaic (PV) modules and a key player in India’s renewable energy sector. Starting with a modest 12 MW manufacturing capacity, the company has grown significantly to reach a current capacity of 3.50 gigawatts (GW) and aims to scale up to 10.50 GW by FY26 and 15.50 GW by FY27.
Vikram Solar is also building a 3 GW solar cell manufacturing plant in Tamil Nadu to meet rising market demand. The company is an integrated solar energy solutions provider, offering engineering, procurement, and construction (EPC) services, as well as operations and maintenance (O&M) services.
It operates two strategically located manufacturing facilities in Falta, Kolkata, and Tamil Nadu, with plans to expand their capacities further.
Vikram Solar has established a strong domestic and international presence, supplying solar PV modules to customers in 32 countries, supported by a sales office in the United States and a procurement office in China.
The company serves major domestic clients such as NTPC, Solar Energy Corporation of India, and Hindustan Petroleum Corporation Ltd, as well as international clients like Safari Energy LLC, Standard Solar Inc, and Amp Solar Development Inc.
With a 19% market share in India and a 2024 revenue of ₹25,109.90 million, Vikram Solar is well-positioned for growth. Its focus on innovation, quality assurance, and global expansion underscores its commitment to driving the adoption of renewable energy solutions worldwide, making it an attractive prospect for IPO investors.
Objects of the Issue
- To finance the establishment of a 2000 MW integrated solar cell and solar module manufacturing facility in Tamil Nadu.
- To support capital expenditure for expanding manufacturing capabilities.
- To strengthen the company’s position in the renewable energy sector through strategic investments.
- To meet general corporate purposes and enhance operational efficiency.
Vikram Solar IPO Company Financial Report
Vikram Solar Limited has demonstrated consistent growth in revenue and profitability over the past three fiscal years, reflecting its robust operational efficiency and increasing market demand for solar energy solutions. Below is a snapshot of the company’s financial performance.
| Period Ended | Revenue (₹ Crores) | Expense (₹ Crores) | Profit After Tax (₹ Crores) | Assets (₹ Crores) |
|---|---|---|---|---|
| 2022 | 1,743.05 | 1,822.49 | 62.94 | 2,237.23 |
| 2023 | 2,091.91 | 2,073.04 | 14.49 | 2,476.29 |
| 2024 | 2,523.96 | 2,405.04 | 79.72 | 2,585.50 |
Vikram Solar IPO Valuation – FY2024
Vikram Solar Limited’s key performance indicators (KPIs) demonstrate its solid financial health and efficient operations. The company showcases strong profitability and a robust return on equity, alongside its ability to manage debt effectively. Below is an overview of the company’s key metrics:
| Performance Indicator | Value |
|---|---|
| Return on Equity (ROE) | 19.67% |
| Return on Capital Employed (ROCE) | 20.76% |
| EBITDA Profit Margin | 15.87% |
| Profit After Tax (PAT) Margin | 3.17% |
| Debt-to-Equity Ratio | 1.81 |
| Earnings Per Share (EPS) | ₹3.08 (Basic) |
| Price-to-Earnings (P/E) Ratio | N/A |
| Return on Net Worth (RoNW) | 17.90% |
| Net Asset Value (NAV) | ₹17.21 |
Peer Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Premier Energies Limited | 6.93 | 191.48 | 35.06 | 15.63 | 3,171.31 Cr. |
| Websol Energy System Limited | (29.99) | NA | (112.29) | 26.70 | 26.81 Cr. |
Vikram Solar IPO Review
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- Marwadi Shares –
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Vikram Solar IPO Registrar
Link Intime India Private Limited
Phone: +91 22 4918 6200
E-mail: vikramsolar.ipo@linkintime.co.in
Website: https://www.linkintime.co.in/Initial_Offer/public-issues.html
IPO Lead Managers aka Merchant Bankers
- JM Financial Limited
- Nuvama Wealth Management Limited
- UBS Securities India Private Limited
- Equirus Capital Private Limited
- PhillipCapital (India) Private Limited
Company Address
Vikram Solar Limited
Biowonder, Unit No. 1102,
11th Floor, 789, Anandapur Main Road,
Eastern Metropolitan Bypass, E.K.T,
Kolkata -700107, West Bengal,
India
Phone: +91 33 2442 7399/ +91 33 2442 7299
Email: secretarial@vikramsolar.com
Website: www.vikramsolar.com
Vikram Solar IPO FAQs
When does the Vikram Solar IPO open and close?
The IPO opens on Monday, August 19, 2025, and closes on Wednesday, August 21, 2025.
What is the price band of Vikram Solar IPO?
The price band is fixed between ₹315 to ₹332 per share.
What is the face value of each share?
The face value of each equity share is ₹10.
How many shares are being issued in the IPO?
The total issue size is about 6.26 crore shares, including a fresh issue of around 4.52 crore shares and an offer for sale of approximately 1.74 crore shares.
What is the minimum lot size for applying?
The minimum lot size is 45 shares.
On which stock exchanges will Vikram Solar be listed?
Vikram Solar IPO will be listed on BSE and NSE.