Vikram Solar IPO Subscription Status
Vikram Solar IPO closed on 21 August 2025 with an overall subscription of 56.42x based on shares applied. QIB demand came in at 145.10x, NII at 52.88x, and retail at 7.95x.
Allotment will be finalised on 22 August 2025. The stock is scheduled to list on NSE and BSE on 26 August 2025.
Issue Price
Rs 332.00
GMP Today
Rs 37.00 (+11.14%)
Overall Subscription
56.42x
Issue Size
₹2079.37 Cr
Allotment Date
22 Aug 2025
Listing Date
26 Aug 2025
Vikram Solar IPO Subscription by Amount
Category-wise subscription based on amount applied at issue price Rs 332.00
| Category | Amount Offered | Amount Applied | Subscription |
|---|---|---|---|
| QIB | Rs 413.87 Cr | Rs 60,052.72 Cr | 145.10x |
| FII | - | Rs 18,258.54 Cr | - |
| DFI | - | Rs 28,757.19 Cr | - |
| Mutual Funds | - | Rs 2,324.38 Cr | - |
| Other | - | Rs 10,712.61 Cr | - |
| NII | Rs 310.41 Cr | Rs 16,413.46 Cr | 52.88x |
| bNII (above Rs 10L) | Rs 206.94 Cr | Rs 12,329.16 Cr | 59.58x |
| Corporate | - | Rs 137.23 Cr | - |
| Individual | - | Rs 11,532.05 Cr | - |
| Other | - | Rs 659.87 Cr | - |
| sNII (Rs 2L to Rs 10L) | Rs 103.47 Cr | Rs 4,084.30 Cr | 39.47x |
| Corporate | - | Rs 12.80 Cr | - |
| Individual | - | Rs 3,869.03 Cr | - |
| Other | - | Rs 202.47 Cr | - |
| Retail | Rs 724.28 Cr | Rs 5,757.64 Cr | 7.95x |
| Cut-off price | - | Rs 4,690.25 Cr | - |
| Fixed price | - | Rs 1,067.39 Cr | - |
| Employee | Rs 10.00 Cr | Rs 51.03 Cr | 5.10x |
| Cut-off price | - | Rs 41.96 Cr | - |
| Fixed price | - | Rs 9.07 Cr | - |
| Total | Rs 1,458.56 Cr | Rs 82,274.84 Cr | 56.41x |
Vikram Solar IPO Subscription by Applications
Category-wise subscription based on applications received
| Category | Applications Offered | Applications Received | Subscription |
|---|---|---|---|
| QIB | 1,24,66,080 | 2,330 | 0.00x |
| FII | - | 126 | - |
| DFI | - | 80 | - |
| Mutual Funds | - | 308 | - |
| Other | - | 1,816 | - |
| NII | 14,841 | 3,10,285 | 20.91x |
| bNII (above Rs 10L) | 9,894 | 1,21,181 | 12.25x |
| Corporate | - | 1,160 | - |
| Individual | - | 1,13,476 | - |
| Other | - | 6,545 | - |
| sNII (Rs 2L to Rs 10L) | 4,947 | 1,89,104 | 38.23x |
| Corporate | - | 505 | - |
| Individual | - | 1,79,109 | - |
| Other | - | 9,490 | - |
| Retail | 4,84,792 | 32,38,731 | 6.68x |
| Cut-off price | - | 26,20,364 | - |
| Fixed price | - | 6,18,367 | - |
| Employee | 6,693 | 25,895 | 3.87x |
| Cut-off price | - | 21,721 | - |
| Fixed price | - | 4,174 | - |
| Total | 1,29,72,406 | 35,77,241 | 0.28x |
What Do These Subscription Numbers Mean?
A subscription of 56.42x by shares means the IPO received bids for 56 times the shares reserved. Allotment odds depend on application count in each category, not share volume.
Here is what each category number tells you:
QIB at 145.10x by shares: This is the strongest signal on the page. QIBs are institutional investors, mutual funds, foreign institutions, and banks. When they subscribe at 145.10x, it reflects serious institutional conviction.
NII at 20.91x by applications: NII includes high net worth individuals applying above Rs 2 lakh. Proportional allotment uses application subscription. bNII came in at 12.25x and sNII at 38.23x by applications. Share subscription was 52.88x. Allotment uses application count, not share volume.
At 6.68x subscription by applications, approximately 1 in 7 retail applicants can expect an allotment (~15% per application). Retail allotment is done by lottery when oversubscribed. Share subscription was 7.95x. Allotment uses application count, not share volume.
At 3.87x subscription by applications, approximately 1 in 4 employee applicants can expect an allotment (~26% per application). Employee reservation uses the same lottery logic as retail when oversubscribed.
Vikram Solar IPO Allotment Chances
Allotment odds below use application subscription (number of bids received), not share or amount subscribed.
Retail
- •Application subscription: 6.68x.
- •Allotment odds: about 1 in 7 (~15% chance per application).
- •Method: Lottery. If allotted, you receive at least one lot.
- •Share subscription was 7.95x. Allotment uses application count, not share volume.
- •One application per PAN. Multiple eligible accounts in a household can improve overall family odds, not individual odds.
SHNI (Rs 2 lakh to Rs 10 lakh)
- •Application subscription: 38.23x.
- •Allotment odds: about 1 in 38 for a minimum-lot application (~3% of the applied lot on average).
- •Method: Proportional. Shares allotted are based on your bid size, not a lottery.
- •Share subscription was 39.47x. Allotment uses application count, not share volume.
BHNI (above Rs 10 lakh)
- •Application subscription: 12.25x.
- •Allotment odds: about 1 in 12 for a minimum-lot application (~8% of the applied lot on average).
- •Method: Proportional. Shares allotted are based on your bid size, not a lottery.
- •Share subscription was 59.58x. Allotment uses application count, not share volume.
Check the Vikram Solar IPO Allotment Status page from 22 August 2025 for your allotment result.
Vikram Solar IPO GMP After Subscription
GMP for Vikram Solar IPO stands at Rs 37.00 today, giving an estimated listing price of Rs 369.00 per share.
A subscription of 56.42x combined with a GMP of 11.14% is a strong combination heading into listing. QIB demand above 50x in particular tends to support listing sentiment, as institutional investors are seen as informed buyers.
Track live GMP on the Vikram Solar IPO GMP Today page or the IPOwiz Live IPO GMP Tracker.
Vikram Solar IPO Day-wise Subscription
| Day | QIB | NII | Retail | Overall |
|---|---|---|---|---|
| Day 1 - 19 Aug 2025 | 0.02x | 3.99x | 1.43x | 1.57x |
| Day 2 - 20 Aug 2025 | 0.12x | 13.51x | 3.62x | 4.73x |
| Day 3 - 21 Aug 2025 | 145.10x | 52.87x | 7.98x | 56.42x |
Vikram Solar IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | 19 August 2025 |
| IPO Close Date | 21 August 2025 |
| Allotment Date | 22 August 2025 |
| Refund Initiation | 23 August 2025 |
| Share Credit to Demat | 23 August 2025 |
| Listing Date | 26 August 2025 |
| Minimum Investment | Rs 14,940.00 |
| Lot Size | 45 shares |
About Vikram Solar IPO
Vikram Solar Limited, founded in 2005, is a globally recognized solar photovoltaic (PV) module manufacturer and one of India’s leading solar energy solutions providers. The company operates across the entire solar value chain, offering Solar PV Module Manufacturing, EPC (Engineering, Procurement, and Construction) services for turnkey solar power projects, and O&M (Operations & Maintenance) services. As of March 31, 2024, the company had a manufacturing capacity of 4.
Understanding Subscription Categories
QIB - Qualified Institutional Buyers
Includes foreign institutional investors, domestic financial institutions, mutual funds, and other qualified institutions. QIB demand is considered the most reliable indicator of institutional confidence in an IPO.
NII - Non-Institutional Investors
High net worth individuals applying above Rs 2 lakh. Divided into bNII (above Rs 10 lakh) and sNII (Rs 2 lakh to Rs 10 lakh). NII allotment is proportional.
Retail - Retail Individual Investors
Investors applying up to Rs 2 lakh per PAN. Allotment is by lottery when oversubscribed. Minimum one lot per successful applicant.
Vikram Solar IPO Subscription FAQs
What is Vikram Solar IPO IPO subscription status today?
Vikram Solar IPO IPO subscription closed on 21 August 2025 with overall subscription of 56.42x (by shares) as of 14 July 2026, 12:47 AM IST. QIB 145.10x, NII 20.91x, Retail 6.68x.
What is the overall subscription of Vikram Solar IPO IPO?
Vikram Solar IPO IPO is subscribed 56.42x overall by shares at close on 21 August 2025. QIB 145.10x, NII 20.91x, and Retail 6.68x.
What is Vikram Solar IPO IPO QIB subscription?
Vikram Solar IPO IPO QIB (Qualified Institutional Buyers) subscription is 145.10x by shares. QIB includes mutual funds, FIIs, banks, and other institutions.
What is Vikram Solar IPO IPO Retail subscription?
Vikram Solar IPO IPO Retail subscription is 6.68x by applications. Minimum retail bid is up to Rs 2 lakh per PAN.
What is Vikram Solar IPO IPO NII subscription?
Vikram Solar IPO IPO NII (Non-Institutional Investors) subscription is 20.91x by applications. NII covers bids above Rs 2 lakh.
What are allotment chances in Vikram Solar IPO IPO for retail?
At 6.68x subscription by applications, approximately 1 in 7 retail applicants can expect an allotment (~15% per application). Allotment is done by lottery. Share subscription was 7.95x. Allotment uses application count, not share volume.
When is Vikram Solar IPO IPO allotment date?
Vikram Solar IPO IPO allotment date is 22 August 2025. Check Vikram Solar IPO Allotment Status on IPOwiz from that day using your PAN.
When does Vikram Solar IPO IPO subscription close?
Vikram Solar IPO IPO subscription closed on 21 August 2025. No new applications are accepted after the close.
What is Vikram Solar IPO IPO GMP today?
Vikram Solar IPO IPO GMP is ₹37 today (+11.14% over issue price ₹332). See live GMP on the Vikram Solar IPO GMP Today page.
What is Vikram Solar IPO IPO issue price and lot size?
Vikram Solar IPO IPO issue price is ₹332 per share. Lot size is 45 shares. Minimum investment is ₹14,940 per lot. Issue size: ₹2079.37 Cr.
When is Vikram Solar IPO IPO listing date?
Vikram Solar IPO IPO listing date is 26 August 2025 on NSE and BSE. Allotment is on 22 August 2025.
How does subscription affect Vikram Solar IPO IPO allotment?
Allotment odds in Vikram Solar IPO IPO depend on application subscription in each category, not share volume. Retail uses lottery when oversubscribed. NII proportional allotment at 20.91x by applications means roughly 1 in 21 for minimum-lot bids; bNII at 12.25x (~1 in 12). At 56.42x overall, competition is very high.
For allotment results from 22 August 2025, visit the Vikram Solar IPO Allotment Status page. For listing day updates on 26 August 2025, download the IPOwiz App.
Reviewed by Dinesh Agrawal
15+ years in Indian capital markets and IPO research. Subscription data verified before publish.