Vikram Solar IPO is set to launch in 2025, with the subscription period opening and closing on []. The company aims to raise ₹[] crore through a Book Built Issue, comprising a fresh issue of ₹1,500 crore and an offer for sale (OFS) of up to 17,450,882 equity shares, each with a face value of ₹10.
Proceeds from the fresh issue will fund capital expenditure, reduce debt, and support general corporate purposes. A leading player in solar module manufacturing and renewable energy solutions, Vikram Solar is poised for growth in the expanding renewable energy sector.
Vikram Solar Limited has announced its IPO price band, set between ₹[.] to ₹[.] per share. The IPO will have a retail quota of 35%, a Qualified Institutional Buyers (QIB) quota of 50%, and a High Net-worth Individuals (HNI) quota of 15%. The company’s shares are scheduled to list on the BSE and NSE in 2025, with the allotment date planned for [specific date in 2025].
In terms of financial performance, Vikram Solar reported a revenue of ₹2,523.96 crore in 2024, reflecting a significant growth compared to ₹2,091.91 crore in 2023. The company also recorded a notable increase in profit, rising to ₹79.72 crore in 2024 from ₹14.49 crore in 2023, showcasing strong operational and financial growth.
The Vikram Solar IPO review, price, date, and allotment details have not been announced yet. We will update you soon, so stay tuned!
Overview of Contents
Vikram Solar IPO Overview
| Details | Information |
|---|---|
| Opening Date | 2025 |
| Closing Date | 2025 |
| Equity Share Face Value | ₹10 per share |
| Price Range | ₹[.] to ₹[.] per share |
| Total Issue Size | Approx ₹[.] crores |
| Fresh Equity Issuance | Approx ₹1,500 crores |
| Offer for Sale (OFS) | Approx 17,450,882 equity shares |
| Issue Category | Book Built Issue |
| Stock Exchange Listing | BSE & NSE |
| Retail Investor Allocation | Not more than 35% |
| Qualified Institutional Buyers (QIB) | Not more than 50% |
| High Net-Worth Individuals (HNI) | Not more than 15% |
| Minimum Investment Lot | To be announced |
| Post-IPO Market Cap | To be announced |
| Lead Managers | To be announced |
| Draft Red Herring Prospectus (DRHP) | Click here |
| Red Herring Prospectus (RHP) | Click here |
| Anchor Investors List | Click here |
| Expected Allotment Date | To be announced |
| Expected Listing Date | To be announced |
Vikram Solar IPO Market Lot
Investors can bid for a minimum of [] shares and in multiples of [] shares thereafter. Below is the table that shows the minimum and maximum investment amounts for retail investors and HNI investors in terms of shares and amounts.
Vikram Solar IPO Dates
| Event Description | Date |
|---|---|
| IPO Subscription Start Date | To be announced |
| IPO Subscription End Date | To be announced |
| Allotment Finalization Date | To be announced |
| Refunds Initiation Date | To be announced |
| Shares Credit to Demat Date | To be announced |
| Stock Listing Date | To be announced |
| UPI Mandate Confirmation Cut-off | To be announced |
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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Vikram Solar IPO Registrar
Link Intime India Private Limited
Phone: +91 22 4918 6200
E-mail:Â 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:Â secretarial@vikramsolar.com
Website: www.vikramsolar.com
Vikram Solar IPO FAQs
What is Vikram Solar IPO?
Vikram Solar IPO is the initial public offering by Vikram Solar Limited to raise funds from the public by offering shares in the company.
When is the Vikram Solar IPO opening and closing?
The IPO will open for subscription in 2025 and close in 2025.
What is the price band for the Vikram Solar IPO?
The price band for the Vikram Solar IPO is ₹[.] to ₹[.] per share.
What is the issue size of the Vikram Solar IPO?
Vikram Solar aims to raise approximately ₹[.] crores through this IPO, which includes a fresh issue of ₹1,500 crores and an offer for sale of up to 17,450,882 equity shares.
What are the different IPO quotas?
The IPO has a retail quota of 35%, QIB quota of 50%, and NII quota of 15%.
Where will the Vikram Solar IPO be listed?
The IPO will be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
What is the company’s financial performance?
For FY 2024, Vikram Solar reported a revenue of ₹2,523.96 crores and a profit after tax of ₹79.72 crores.
Why should I invest in the Vikram Solar IPO?
Vikram Solar has strong growth potential, a market share of 19%, and a solid expansion strategy in the renewable energy sector, making it a promising long-term investment.