Vikram Solar IPO
Vikram Solar IPO
Overview
Vikram Solar IPO is a book build issue of ₹2,079.37 crores. The issue is a combination of fresh issue of 4.52 crore shares aggregating to ₹1,500.00 crores and offer for sale of 1.75 crore shares aggregating to ₹579.37 crores. Vikram Solar IPO bidding opened for subscription on Aug 19, 2025 and will close on Aug 21, 2025. The allotment for the Vikram Solar IPO is expected to be finalized on Aug 22, 2025. Vikram Solar IPO will list on BSE, NSE with a tentative listing date fixed as Aug 26, 2025. Vikram Solar IPO price band is set at ₹315.00 to ₹332.00 per share . The lot size for an application is 45. The minimum amount of investment required by an retail is ₹14,175 (45 shares). The lot size investment for sNII is 14 lots (630 shares), amounting to ₹2,09,160, and for bNII, it is 67 lots (3,015 shares), amounting to ₹10,00,980. JM Financial Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Total Shares
6,26,31,604
Issue Size
₹2,079.37 Cr
Price Band
₹315 – ₹332
Lot Size
45 shares
Min. Investment
₹14,940
Max. Investment
₹1,94,220
Open Date
19 Aug, 2025
Close Date
21 Aug, 2025
Allotment
22 Aug, 2025
Listing
26 Aug, 2025
Max. Investment
₹1,94,220
Announced
19 Aug, 2025
Opening Date
19 Aug, 2025
Closing Date
21 Aug, 2025
Basis of Allotment
22 Aug, 2025
Initiation of Refunds
25 Aug, 2025
Credit of Shares
25 Aug, 2025
Listing Date
26 Aug, 2025
Live GMP
Est. Listing: ₹377
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About Vikram Solar IPO
Incorporated in 2005, Vikram Solar Limited is a solar photo-voltaic (“ PV”) modules manufacturer.
Core 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 executio
Vikram Solar IPO Share Price
Issue Breakdown
Shareholding
Dilution: 14.3% increase in shares
Vikram Solar IPO Promoters Holding
Vikram Solar IPO Financial Health
Vikram Solar Ltd.'s revenue increased by 37% and profit after tax (PAT) rose by 75% between the financial year ending with March 31, 2025 and March 31, 2024.
Vikram Solar IPO Lot Size
Investors can bid for a minimum of 45 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| 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 | 2970 | ₹9,86,040 |
| B-HNI (Min) | 67 | 3015 | ₹10,00,980 |
(All values in CR)
Vikram Solar IPO Valuations
The market capitalization of Vikram Solar IPO is ₹12009.01 Cr. KPI as of Mon, Mar 31, 2025.
| Metric | Value |
|---|---|
| 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 |
(All values in CR)
Vikram Solar IPO Strength & Risk
Vikram Solar IPO Strength:
One of India’s largest solar PV module manufacturers with significant operational capacity and expansion plans.
Strong order book ensuring good future revenue visibility.
Advanced manufacturing technology with automation, R&D, and quality control systems.
Benefits from supportive government policies and rising clean energy demand.
Diversified offerings including PV module manufacturing, EPC, and O&M services.
Vikram Solar IPO Risk:
High revenue concentration from a small number of clients.
Dependency on raw materials with price volatility and lack of long-term contracts.
Execution risks in scaling up manufacturing capacity.
High working capital needs and elevated debt levels.
Heavy reliance on the U.S. market for export revenues.
Vikram Solar IPO Subscriptions Status
Vikram Solar IPO subscribed 54.27 times. The public issue subscribed 7.65 times in the retail category, 138.21 times in QIB (Ex Anchor), and 52.72 times in the NII category by August 21, 2025 3:54:40 PM (Day 3).
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (Rs Cr.) |
|---|---|---|---|---|
| Anchor | 1.00 | 1,86,99,120 | 1,86,99,120 | 620.811 |
| QIB (Ex Anchor) | 138.21 | 1,24,66,080 | 1,72,29,94,785 | 57 |
| Non-Institutional Buyers | 52.72 | 93,49,560 | 49,28,75,460 | 16 |
| bNII (bids above ₹10L) | 59.55 | 62,33,040 | 37,12,07,385 | 12 |
| sNII (bids below ₹10L) | 39.04 | 31,16,520 | 12,16,68,075 | 4 |
| Retail | 7.65 | 2,18,15,640 | 16,68,46,320 | 5 |
| Employees | 4.90 | 3,01,205 | 14,75,460 | 48.99 |
| Total | 54.27 | 4,39,32,485 | 2,38,41,92,025 | 79 |
Vikram Solar IPO GMP
Vikram Solar IPO last GMP is ₹45, last updated Aug 21st 2025 02:53 PM. With the price band of 332.00, Vikram Solar IPO's estimated listing price is ₹377 (cap price + today's GMP).The expected percentage gain/loss per share is 13.55%. >> Vikram Solar IPO Retail Subject to Sauda: ₹1500 >> Vikram Solar IPO Small HNI Subject to Sauda: ₹21000 The lowest GMP is ₹0.00, while the highest GMP is ₹69.00.
Last updated 21 Aug, 2025 · Source: aggregated grey-market dealers
| Date | IPO Price | GMP | Sub2 Sauda | Est. Listing | Est. Profit | Updated |
|---|---|---|---|---|---|---|
| 21 Aug, 2025 | 332 | ₹45▲ | 1500/21000 | ₹377 (13.55%) | 2025 | 21 Aug, 2025 |
| 20 Aug, 2025 | 332 | ₹42▼ | 1400/19600 | ₹374 (12.65%) | 1890 | 20 Aug, 2025 |
| 19 Aug, 2025 | 332 | ₹48▼ | 1600/22400 | ₹380 (14.46%) | 2160 | 19 Aug, 2025 |
| 18 Aug, 2025 | 332 | ₹54▼ | 1800/25200 | ₹386 (16.27%) | 2430 | 18 Aug, 2025 |
| 17 Aug, 2025 | 332 | ₹68▲ | 2300/32200 | ₹400 (20.48%) | 3060 | 17 Aug, 2025 |
| 16 Aug, 2025 | 332 | ₹63.5▲ | 2200/30800 | ₹395.5 (19.13%) | 2857.5 | 16 Aug, 2025 |
| 15 Aug, 2025 | 332 | ₹60▲ | 2100/29400 | ₹392 (18.07%) | 2700 | 15 Aug, 2025 |
| 14 Aug, 2025 | 332 | ₹57▼ | 1900/26600 | ₹389 (17.17%) | 2565 | 14 Aug, 2025 |
| 13 Aug, 2025 | 332 | ₹68▼ | 2300/32200 | ₹400 (20.48%) | 3060 | 13 Aug, 2025 |
| 12 Aug, 2025 | 0 | ₹69▲ | - | ₹69 (0.00%) | - | 12 Aug, 2025 |
| 11 Aug, 2025 | 0 | ₹0 | - | - | - | 11 Aug, 2025 |
Disclaimer: GMP is an unofficial signal from grey-market dealers and is not regulated by SEBI. Use it alongside subscription data and other research for informed decision-making.
How to Apply for Vikram Solar IPO
Login to Your Trading App
Open Zerodha, Upstox, Groww, Angel One, or any brokerage app.
Go to IPO Section
Find Vikram Solar IPO under the IPO section. Select it and enter your bid details — choose lot size and price (cut-off price recommended).
Enter UPI ID and Submit
Provide your UPI ID linked to your bank account and submit the application.
Approve Mandate on UPI App
Open your UPI app (Google Pay, PhonePe, Paytm, BHIM) and approve the IPO payment request.
Application Confirmed
Your funds will be blocked in your account until the IPO allotment process is completed.