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Vikram Solar IPO is a bookbuilt issue of ₹2,079.37 crore. It combines a fresh issue of 4.52 crore shares aggregating to ₹1500.00 crore and an offer for sale of 1.75 crore shares aggregating to ₹579.37 crore.
The IPO opens for subscription on August 19, 2025, and closes on August 21, 2025. The allotment is expected to be finalized on Friday, August 22, 2025. The price band for the IPO is set at ₹315 to ₹332 per share, and the minimum lot size for an application is 45 shares.
Company Summary
Incorporated in 2005, Vikram Solar Limited is a solar photovoltaic (“ PV”) module manufacturer.
Manufacturing facilities located at:
Falta SEZ, Kolkata, West Bengal, and Oragadam, Chennai, Tamil Nadu.
The company has established a pan-India presence, serving 23 states and three union territories, through an extensive distributor network of 41 authorized distributors, 64 dealers, and 67 system integrators.
The company’s domestic customers include prominent government entities, such as National Thermal Power Corporation, Neyveli Lignite Corporation Limited, and Gujarat Industries Power Company Limited, and large private independent power producers (“IPPs”), such as ACME Cleantech Solutions Pvt. Ltd..
As of March 31, 2025, we have 1,612 employees and 974 contractual employees.
Company Operations
- Solar Photovoltaic (PV) Module Manufacturing: Specializing in the production of high-efficiency solar PV modules, Vikram Solar caters to both domestic and international markets.
- Engineering, Procurement, and Construction (EPC) Services: The company provides comprehensive EPC solutions for solar power projects, ensuring efficient project execution from design to commissioning.
- Operations and Maintenance (O&M): Vikram Solar offers O&M services to optimize the performance and longevity of solar power installations.
The company’s solar energy products consist of the following high-efficiency solar PV modules: (i) p-type monocrystalline silicon-based Passivated Emitter and Rear Contact (“PERC”) modules; (ii) n-type monocrystalline silicon-based Tunnel Oxide Passivated Contact (“TOPCon”) modules; and (iii) n-type monocrystalline silicon-based heterojunction technology (“HJT”) modules; all of these being either bifacial (glass-to-glass/ glass-to-transparent back sheet) or monofacial (glass-to-white/black back sheet) modules.
Company Strengths
- One of India’s largest solar PV module manufacturers (3.50 GW capacity)
- Strong R&D and quality control systems
- High technical expertise in solar PV module manufacturing
- Established presence in domestic and international markets
- Strong brand recognition and loyal customer base
- Deep understanding of customer needs and focus on product quality
Company Financials
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 2,832.15 | 2,585.5 | 2,476.29 |
| Revenue | 3,459.53 | 2,523.96 | 2,091.91 |
| Profit After Tax | 139.83 | 79.72 | 14.49 |
| EBITDA | 492.01 | 398.58 | 186.18 |
| Net Worth | 0.86 | -0.10 | -0.08 |
| Total Borrowing | 932.6 | 192.16 | 113.07 |
| Amount in ₹ Crore | |||
Objectives of IPO
- Partial funding of capital expenditure for the Phase-I Project.
- Funding of capital expenditure for the Phase-II Project
- General Corporate Purposes
Promoters of the company
Gyanesh Chaudhary, Gyanesh Chaudhary Family Trust and Vikram Capital Management Private Limited are the company promoters.
IPO Details
| IPO Date | August 19, 2025 to August 21, 2025 |
| Listing Date | August 26, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹315 to ₹332 per share |
| Lot size | 45 shares |
| Total Issue size | 6,26,31,604 shares (aggregating upto ₹2,079.37 Cr ) |
| Fresh Issue | 4,51,80,722 shares (aggregating upto ₹1500.00 Cr ) |
| Offer for Sale | 1,74,50,882 shares of ₹10 (aggregating upto ₹579.37 Cr ) |
| Issue type | Bookbuilding IPO |
| Listing at | NSE, BSE |
| Share Holding Pre Issue | 31,65,36,309 shares |
| Share Holding Post Issue | 36,17,17,031 shares |
Category Reservation
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to Rs 2 lakhs | Yes |
| Employee + RII/NII | 1. Employee limit: Up to Rs 2 lakhs (In certain cases, employees are given a discount if the bidding amount is up to Rs 2 Lakhs) 2. If applying as RII: Up to Rs 2 Lakhs 3. If applying as NII: sNII > Rs 2 Lakhs and upto Rs 10 Lakhs and bNII > Rs 10 lakhs | Yes for Employee and RII/NII |
Lot Allotment Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 45 | ₹14,940.00 |
| Retail (Max) | 13 | 585 | ₹1,94,220.00 |
| S-HNI (Min) | 14 | 630 | ₹2,09,160.00 |
| S-HNI (Max) | 66 | 2,970 | ₹9,86,040.00 |
| B-HNI (Min) | 67 | 3,015 | ₹10,00,980.00 |
Allotment Schedule
| Basis of Allotment | Fri, 22 Aug, 2025 |
| Initiation of Refunds | Mon, 25 Aug, 2025 |
| Credit of Shares to Demat | Mon, 25 Aug, 2025 |
| Tentative Listing Date | Tue, 26 Aug, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 21, 2025 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
To check allotment, click here
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