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Vikram Solar IPO Description – As of 31 March 2025, Vikram Solar is one of India’s largest solar photovoltaic (PV) module manufacturers by installed capacity. The company has a total installed manufacturing capacity of 4.50 GW for solar PV modules. Among pure-play non-captive manufacturers, Vikram Solar holds one of the largest enlisted capacities in the Ministry of New & Renewable Energy’s Approved List of Module Manufacturers (ALMM), with 2.85 GW enlisted as of 30 June 2025.
As of 31 March 2025, Vikram Solar had expanded its solar PV module manufacturing capacity from 12 MW in 2009 to 4.50 GW. The company operates strategically located manufacturing facilities in Falta SEZ, Kolkata, West Bengal, and Oragadam, Chennai, Tamil Nadu, with access to ports, rail, and road networks to support both domestic and international operations. Vikram Solar plans to expand its installed manufacturing capacity to up to 15.5 GW by Fiscal 2026 and further to up to 20.5 GW by Fiscal 2027.
As of 31 March 2025, Vikram Solar employs 1,612 permanent employees and 974 contractual employees.
Promoters of Vikram Solar – Gyanesh Chaudhary, Gyanesh Chaudhary Family Trust, and Vikram Capital Management Private Limited
Table of Contents
Vikram Solar IPO Details
| Vikram Solar IPO Dates | 19 – 21 August 2025 |
| Vikram Solar Issue Price | INR 315 – 332 per share |
| Fresh issue | INR 1,500 crore |
| Offer For Sale | 1,74,50,882 shares (INR 549.70 – 579.37 crore) |
| Total IPO size | INR 2,049.70 – 2,079.37 crore |
| Minimum bid (lot size) | 45 shares (INR 14,940) |
| Face Value | INR 10 per share |
| Retail Allocation | 35% |
| Listing On | NSE, BSE |
Vikram Solar Financial Performance
| FY 2023 | FY 2024 | FY 2025 | |
| Revenue | 2,073.23 | 2,510.99 | 3,423.45 |
| Expenses | 2,073.04 | 2,404.05 | 3,242.16 |
| Net income | 14.49 | 79.72 | 139.83 |
| Margin (%) | 0.70 | 3.17 | 4.08 |
Vikram Solar Offer News
Vikram Solar Valuations & Margins
| FY 2023 | FY 2024 | FY 2025 (Pre Issue) | FY 2025 (Post-Issue)* | |
| EPS | 0.56 | 3.08 | 4.60 | 3.87 |
| PE Ratio | – | – | 68.48 – 72.17 | 81.40 – 85.79 |
| FY 2023 | FY 2024 | FY 2025 | |
| RONW (%) | 3.97 | 17.90 | 11.26 |
| NAV | 14.11 | 17.21 | 39.24 |
| ROCE (%) | 12.78 | 20.76 | 24.49 |
| EBITDA (%) | 8.98 | 15.87 | 14.37 |
| Debt/Equity | 2.02 | 1.81 | 0.19 |
Vikram Solar IPO GMP Today (Daily Trend)
| Date | Day-wise IPO GMP | Kostak | Subject to Sauda |
| 25 August 2025 | 36 | – | – |
| 23 August 2025 | 46 | – | 1,200 |
| 22 August 2025 | 52 | – | 1,800 |
| 21 August 2025 | 45 | – | 1,500 |
| 20 August 2025 | 45 | – | 1,500 |
| 19 August 2025 | 57 | – | 1,800 |
| 18 August 2025 | 58 | – | 2,000 |
| 15 August 2025 | 65 | – | 2,100 |
| 14 August 2025 | 75 | – | 2,300 |
| 13 August 2025 | 75 | – | 2,300 |
Vikram Solar IPO Objectives
The company proposes to utilize the Net Proceeds from the Fresh Issue towards funding the following objects:
- Partial funding of capital expenditure for the Phase-I Project – INR 769.73 crore
- Funding of capital expenditure for the Phase-II Project – INR 595.21 crore
- General corporate purposes
Vikram Solar IPO Subscription – Live Updates
| Category | QIB | NII | Retail | Emp | Total |
|---|---|---|---|---|---|
| Shares Offered | 1,26,67,954 | 97,12,871 | 2,26,63,365 | 3,17,460 | 4,53,61,650 |
| 21 Aug 2025 | 142.79 | 50.90 | 7.65 | 4.84 | 54.63 |
| 20 Aug 2025 | 0.11 | 13.01 | 3.47 | 2.37 | 4.57 |
| 19 Aug 2025 | 0.02 | 3.84 | 1.37 | 1.00 | 1.52 |
1,86,99,120 shares allotted to anchor investors are not included in these calculations.
Vikram Solar – Comparison With Listed Peers
| Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| Vikram Solar | 85.79 | 4.60 | 11.26 | 39.24 | 3,459.53 |
| Premier Energies | 47.01 | 21.35 | 33.21 | 62.61 | 6,652.09 |
| Websol Energy System | 40.04 | 36.17 | 55.65 | 65.88 | 577.43 |
Vikram Solar IPO Allotment Status
Vikram Solar IPO allotment status is now available on MUFG Intime’s website. Click on this weblink to get allotment status.
Vikram Solar IPO Dates & Listing Performance
| IPO Opening Date | 19 August 2025 |
| IPO Closing Date | 21 August 2025 |
| Finalization of Basis of Allotment | 22 August 2025 |
| Initiation of refunds | 25 August 2025 |
| Transfer of shares to demat accounts | 25 August 2025 |
| Vikram Solar IPO Listing Date | 26 August 2025 |
| Opening Price on NSE | INR 338 per share (up 1.81%) |
| Closing Price on NSE | INR 356.40 per share (up 7.35%) |
Vikram Solar IPO Reviews – Subscribe or Avoid?
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Vikram Solar Offer Lead Manager
NUVAMA WEALTH MANAGEMENT LIMITED
801-804, Wing A, Building No 3, Inspire BKC,
G Block, Bandra Kurla Complex, Bandra East,
Mumbai – 400 051
Phone: +91 22 4009 4400
Email: [email protected]
Website: www.nuvama.com
Vikram Solar Offer Registrar
MUFG INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park L.B.S. Marg,
Vikhroli West, Mumbai – 400 083, Maharashtra
Telephone: +91 810 811 4949
Email: [email protected]
Website: www.in.mpms.mufg.com
Vikram Solar Contact Details
VIKRAM SOLAR LIMITED
The Chambers, 8th Floor, 1865, Rajdanga
Main Road, E.K.T., Kolkata, West Bengal – 700 107
Phone: +91 33 2442 7299 / 7399, +91 33 4003 0408 / 0409
Email: [email protected]
Website: www.vikramsolar.com
Vikram Solar IPO FAQs
How many shares in the Vikram Solar IPO are reserved for HNIs and retail investors?
The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%.
How to apply for the Vikram Solar Public Offer?
The best way to apply for the Vikram Solar public offer is through Internet banking ASBA (know all about ASBA here). You can also apply online through your stockbroker using UPI. If you prefer to make paper applications, fill up an offline IPO form and deposit the same to your broker.
What is Vikram Solar IPO GMP today?
Vikram Solar IPO GMP today is INR 36 per share.
What is the Vikram Solar kostak rate today?
Vikram Solar kostak rate today is INR NA per application.
What is Vikram Solar Subject to Sauda rate today?
Vikram Solar Subject to Sauda rate today is INR NA per application.
All nonsense stale known data are written here..not a single new news has been shared. Waste of time.
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