Vikram Solar IPO Details
As India drives forward its green energy ambitions, Vikram Solar is one of the country's largest solar photovoltaic (PV) module manufacturers is poised for a much-anticipated IPO. With a rising price band, strong market sentiment, and improving financials, this public offering is attracting investor attention. In this post, we break down the price band, grey market premium (GMP), lot size, and financial performance and explain why they matter.
Introduction - Vikram Solar Limited is a top solar PV module manufacturer in India, founded in 2005, with a 4.5 GW annual manufacturing capacity and based in Kolkata, India. It also provides EPC and O&M services in domestic and overseas markets. The IPO will be used to increase capacity, augment strength of operations as well as access the growing renewable energy space in India Source.
Vikram Solar IPO Date
- Issue open date - 19 Aug 2025
- Issue close date - 21 Aug 2025
- UPI mandate deadline - 21 Aug 2025 (5 PM)
- Allotment finalization - 22 Aug 2025
- Refund initiation - 25 Aug 2025
- Share credit - 25 Aug 2025
- Listing date - 26 Aug 2025
- Mandate end date - 05 Sep 2025
Vikram Solar IPO Price Band
Vikram Solar has set its price band at ₹315–₹332 per share (face value ₹10) for the IPO slated to open on August 19, 2025, and close on August 21, 2025. The company plans to list the shares on August 26, 2025 on both NSE and BSE.
This range positions the floor at 31.5 times face value and the cap at 33.2 times face value—reflecting confidence in its high-growth potential
Vikram Solar IPO Lot Size
- Issue Price - ₹315.00-332.00
- Market Lot - 45 Shares
- Retail Min - ₹14,940
- Min Small HNI Lots(2-10 Lakh) - 630 shares (14 lots) - ₹2,09,160
- Min Big HNI Lots(10+ Lakh) - 3015 shares (67 lots) - ₹10,00,980
Vikram Solar IPO GMP
GMP, which is an informal proxy for retail sentiments, is currently between ₹60-₹70 per share, which gives it a listing price potential of about ₹390-₹402 (or 18-21% premium on the upper band).
Though GMP can give investors a feeling for retail demand, it is unofficial and handles a lot of volatility-therefore it should always be treated as a sentiment proxy, not a firm assurance Source.
Vikram Solar has allocated its shares as follows:
- 50% for Qualified Institutional Buyers (QIBs)
- 15% for Non-Institutional Investors (NIIs)
- 35% for retail investors
Vikram Solar IPO Purpose
- From the fresh issue proceeds (₹1,500 crore), Vikram Solar will allocate
- ₹769.7 crore for Phase-I of its VSL Green Power subsidiary
- ₹595.2 crore for Phase-II
- Remaining funds earmarked for general corporate purposes
Vikram Solar Financial Report: FY23-24
Revenue & Profit Growth
- FY23: Revenue ~₹2,090 crore
- FY24: Revenue ~₹2,520 crore (growth 21% year-on-year)
- FY24: Profit After Tax (PAT): ₹79 crores, EBITDA: ₹398 crore
Balance Sheet & Cash Flow (FY24)
- Revenue from operations: ₹2,511 crore
- Profit before tax: ₹1,072 crores (₹797 crore net profit)
The increase in bottom-line profitability indicates operational efficiencies and rising demand—particularly, in exports (U.S, meaning higher margins) and growing (domestic) scale.
Keypoint We Need To Know about Vikram Solar IPO
- Clean power: India’s renewable energy roadmap and initiatives such as ALMM, set aggressive targets for building out capacity, all of which sets a favorable backdrop for top-tier module manufacturers.
- Scale and trust: Vikram Solar is a multi-GW manufacturing concern, its operations have won numerous awards, and its clients span internationally, all three vividly demonstrate and bolster investor confidence.
- Financial Recovery: A significant increase in revenue and also EBITDA and PAT are proof of the growth story materializing.
- Expansionary Path: Investment in capacity building via the use of funds is another indication of long-term thinking, and a step toward replicating the success.
Should Investors Need to Apply for Vikram Solar IPO
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- Margin pressure: PV module pricing remains cyclical; polysilicon and cell input costs may put the squeeze on margins.
- Working capital pressure: fast growth generates stress on receivables and inventory cycles, and good management of cash cycles is necessary.
- Execution risk: regardless of how great your unsolicited offer is, Phase-I & II capex will need to be delivered on-time and on-budget.
- Competition: both domestically and globally, players are building capacity, meaning that you will either need to distinguish your technology and brand or be prepared for a price war.
Conclusion
The Vikram Solar IPO comes as an attractive opportunity in the story of India's green energy. It has a reasonable price band, ambitious capacity ambitions, decent financial metrics, and positive market sentiment (GMP), creating a good risk-reward balance.
Vikram Solar IPO Date
Issue open date - 19 Aug 2025 Issue close date - 21 Aug 2025 UPI mandate deadline - 21 Aug 2025 (5 PM) Allotment finalization - 22 Aug 2025 Refund initiation - 25 Aug 2025 Share credit - 25 Aug 2025 Listing date - 26 Aug 2025 Mandate end date - 05 Sep 2025
Vikram Solar IPO Price Band
Vikram Solar has set its price band at ₹315–₹332 per share (face value ₹10) for the IPO slated to open on August 19, 2025, and close on August 21, 2025. The company plans to list the shares on August 26, 2025 on both NSE and BSE.
Vikram Solar IPO Lot Size
Issue Price - ₹315.00-332.00 Market Lot - 45 Shares Retail Min - ₹14,940 Min Small HNI Lots(2-10 Lakh) - 630 shares (14 lots) - ₹2,09,160 Min Big HNI Lots(10+ Lakh) - 3015 shares (67 lots) - ₹10,00,980
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