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Vikram Solar IPO
The size of the Vikram Solar IPO is about ₹2,079 crores, comprising a fresh issue of ₹1,500 crores and an offer-for-sale (OFS) component of 17.45 million shares worth ₹579 crore by existing promoters and shareholders. It is a book-built IPO and the price band is between ₹315.00 to ₹332.00 per share. The offer will be open on 19 August 2025 and close on 21 August 2025. It is expected to be listed on 27 August 2025.
Company Background
Vikram Solar Limited IPO is a solar manufacturing company that started as a garment company in 1956 and was acquired by the Vikram Group. It is currently the largest domestic PV module manufacturer and an integrated solar solutions provider in India. It has its headquarters in Kolkata and has a strong presence in the global renewable energy markets across more than 32 countries and six continents.
Operations & Product Range
Facility & Production
Vikram Solar has manufacturing plants in Falta SEZ, Kolkata (West Bengal) and Oragadam, Chennai (Tamil Nadu) with an installed solar PV module capacity of 4.5 GW by March 2024. The company has grown its capacity at a fast pace with a target of 10.5 GW by FY 2025-26. Continued investments are set aside in new plants and the expansion of existing plants to cater to both global and domestic demand.
Brands & Market Presence
Vikram Solar is known to design high-efficiency solar PV modules and its SOLIVO and half-cut cell modules are some of its innovations. It is one of the Indian companies that have been listed as a Top Performer in the PVEL Module Reliability Scorecard multiple times. The products of Vikram Solar are distributed to different public and private organizations in India and sold to more than 32 global markets.
Vikram Solar IPO Revenue Channels
The main source of the revenue is the manufacturing and selling of photovoltaic modules, engineering/procurement/construction (EPC) services and operations & maintenance (O&M) services. The FY2024 revenue of ₹2,510.99 crore (an increase of 21.1% over the previous year) reported exports of about 61.6 percent, which is a strong international business. They have a wide EPC portfolio with over 1,400 MW commissioned and 700 MW+ under O&M contracts.
Management & Shareholding
Promoters & Shareholding
The main promoters Vikram Solar IPO are Gyanesh Chaudhary (Chairman & MD), the Chaudhary family trusts, Vikram Financial Services Ltd. and Vikram Capital Management Pvt. Ltd. After the IPO, the promoters will still own a large share, but some are sold in the OFS. Gyanesh Chaudhary is a graduate of the Harvard Business School and a sustainability and industry leader who has a substantial presence in industry and sustainability forums.
Board Members
Vikram Solar IPO board members are Mr. Gyanesh Chaudhary (Chairman & MD), Mr. Sumit Binani (Independent Director), Mr. K. Subramanya (Independent Director) and Ms. Ratnabali Kakkar (Independent Director) among other senior professionals who form its executive team.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Vikram Solar IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Vikram Solar IPO Details
| Detail | Description |
|---|---|
| IPO Date | August 19, 2025 to August 21, 2025 |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price Band | ₹315 to ₹332 per share |
| Lot Size | 45 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 6,26,31,604 shares (aggregating up to ₹2,079.37 Cr) |
| Fresh Issue | 4,51,80,722 shares (aggregating up to ₹1,500.00 Cr) |
| Offer for Sale | 1,74,50,882 shares of ₹10 (aggregating up to ₹579.37 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 31,65,36,309 shares |
| Share Holding Post Issue | 36,17,17,031 shares |
Vikram Solar IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Tue, Aug 19, 2025 |
| IPO Close Date | Thu, Aug 21, 2025 |
| Tentative Allotment | Fri, Aug 22, 2025 |
| Initiation of Refunds | Mon, Aug 25, 2025 |
| Credit of Shares to Demat | Mon, Aug 25, 2025 |
| Tentative Listing Date | Tue, Aug 26, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 21, 2025 |
Vikram Solar IPO Lot Size
| Application | 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 |
Vikram Solar IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Share Holding Pre Issue | 77.64% |
| Share Holding Post Issue | 63.11% |
Competitive Strength:
- The main strengths of Vikram Solar IPO include its size as the largest Indian PV manufacturer, its global presence in 32 countries, its R&D capabilities that allow it to develop innovative products and its status as a trusted supplier to both domestic heavyweights such as NTPC and large international customers. The company consistently receives industry awards and is part of government incentive programs, which contribute to strong growth.
Vikram Solar IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 2,832.15 | 3,459.53 | 139.83 | 0.86 | - | - | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 2,585.50 | 2,523.96 | 79.72 | 0 | - | - | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 2,476.29 | 2,091.91 | 14.49 | -0.08 | - | - | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 16.57% |
| ROCE | 24.49% |
| Debt/Equity | 0.19 |
| RoNW | 11.26% |
| PAT Margin | 4.08% |
| EBITDA Margin | 14.37% |
| Price to Book Value | 8.46 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 4.42 | 3.87 |
| P/E (x) | 75.16 | 85.88 |
IPO Objectives
The Vikram Solar IPO proceeds will primarily be utilized to finance capital expenditure on setting up and expanding the manufacturing of solar cells and modules, especially a new 3,000 MW plant and expansion of the current capacity to 6,000 MW. The rest of the money is to be used for general corporate purposes and repayment/prepayment of borrowings.
Conclusion
The Vikram Solar IPO is a testimony to not only the strong fundamentals of the company but also the high growth potential that the Indian renewable energy industry holds. With a good management team, a steady increase in revenues and a growing presence in international markets, the IPO offers investors a chance to be part of the solar expansion in India.
RHP:
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Read More IPO ReviewsFrequently Asked Questions (FAQs)
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1. How big is the Vikram Solar IPO?
The IPO amount is ₹2,079 crore, of which ₹1,500 crore is fresh stock and ₹579 crore is existing owners selling their stock.
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2. Who are the promoters of Vikram Solar?
The Chaudhary family trusts, Vikram Financial Services, Vikram Capital Management and Gyanesh Chaudhary are among its promoters.
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3. What is the goal of Vikram Solar IPO?
The funds will be utilized in constructing new factories, expanding production, repaying part of the debt and general company costs.
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4. Where are Vikram Solar IPO manufacturing plants?
Its main plants are at Oragadam, Chennai, Tamil Nadu and Kolkata, West Bengal.
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5. Which products are sold by Vikram Solar?
They manufacture solar panels and offer engineering and maintenance services to solar projects.
