Vikram Solar IPO
ListedMainboardOpens 19 August 2025Closes 21 August 2025
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…
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 4.5 GW, with plans to expand to 15.50 GW by Fiscal 2027.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
19 Aug 2025
IPO Closes
21 Aug 2025
Allotment
22 Aug 2025
Listing
26 Aug 2025
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 19 August 2025 |
| IPO Close Date | 21 August 2025 |
| Allotment Date | 22 August 2025 |
| Listing Date | 26 August 2025 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,940 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,94,220 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,09,160 |
SHNI (Max)Below ₹10,00,000 | 66 | ₹9,86,040 |
BHNIAbove ₹10,00,000 | 67 | ₹10,00,980 |
IPO Objectives
- Partial funding of capital expenditure for the Phase-I Project.
- Funding of capital expenditure for the Phase-II Project.
- General Corporate Purposes.
Strengths
- The company is one of the largest solar PV module manufacturers in India with a huge 4.5 GW capacity, and it has a clear plan to expand significantly, which puts it in a good position for future growth.
- It has a strong focus on research and development (R&D), with accredited labs and quality control systems that ensure its solar products are both highly efficient and durable.
- The business offers end-to-end services, from manufacturing to engineering, procurement, and construction (EPC) and operations and maintenance (O&M), which creates a diverse and comprehensive business model.
- The company has a growing international presence, exporting to over 39 countries, and has a strategic joint venture in the United States, which helps it tap into global markets.
- It has shown strong financial growth, with a 37% increase in revenue and a 75% rise in profit after tax (PAT) between FY24 and FY25, indicating good operational momentum.
Weaknesses
- The company's near-zero or negative net worth is a major financial red flag, and while its Return on Net Worth (RoNW) is mathematically high, it's not a reliable indicator of its financial health.
- Its ambitious capacity expansion plans require very high capital expenditure, which could put a strain on its finances and expose the company to potential risks in execution.
- The company operates in a highly competitive solar manufacturing industry, and it is vulnerable to pricing pressures and challenges from other players in the market.
- The solar industry is heavily dependent on changing government policies, subsidies, and global trade dynamics, which can be unpredictable and volatile.
- The IPO includes a significant Offer for Sale (OFS) component, which means a large portion of the money raised will not be invested back into the company for its direct business growth.
Financial Performance
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets (₹ Cr.) | 2,832.15 | 2,585.5 | 2,476.29 |
| Revenue (₹ Cr.) | 3,459.53 | 2,523.96 | 2,091.91 |
| PAT (₹ Cr.) | 139.83 | 79.72 | 14.49 |
| Net Worth (₹ Cr.) | 0.86 | -0.1 | -0.08 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Vikram Solar | 8.46 | 85.88 | 16.57% | 1,241.99 |
| Waaree Energies Limited | 9.04 | 38.64 | 19.7% | 4,148 |
| Premier Energies Limited | 15.95 | 43 | 33.21% | 660 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.02x | 0.12x | 145.1x |
| NII | 3.99x | 13.51x | 52.87x |
| S-HNI | 4.19x | 13.85x | 39.46x |
| B-HNI | 3.9x | 13.35x | 59.58x |
| RII | 1.43x | 3.62x | 7.98x |
| EMP | 1.06x | 2.49x | 5.1x |
| Total | 1.57x | 4.73x | 56.42x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 1,24,66,080 | 1,80,88,16,760 | 60,052.72 |
| NII | 93,49,560 | 49,43,50,785 | 16,412.45 |
| Small NII | 31,16,520 | 12,29,90,490 | 4,083.28 |
| Big NII | 62,33,040 | 37,13,60,295 | 12,329.16 |
| RII | 2,18,15,640 | 17,41,07,385 | 5,780.37 |
| EMP | 3,01,205 | 15,35,580 | 50.98 |
| Total | 4,39,32,485 | 2,47,88,10,510 | 82,296.51 |
Company Details
- Vikram Solar Ltd.
- Biowonder, Unit No. 1102, 11th Floor, 789, Anandapur Main Road, Eastern Metropolitan Bypass, E.K.T, Kolkata, West Bengal-700107
- +91 33 2442 7399
- secretarial@vikramsolar.com
- http://www.vikramsolar.com/
Registrar Details
- MUFG Intime India Pvt.Ltd.
- +91-22-4918 6270
- vikramsolar.ipo@linkintime.co.in
- https://linkintime.co.in/Initial_Offer/public-issues.html
Frequently Asked Questions
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Vikram Solar IPO News & Updates
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Vikram Solar IPO IPO Pages
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Vikram Solar IPO Details
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Vikram Solar IPO GMP
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Vikram Solar IPO Subscription
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Vikram Solar IPO Allotment
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Vikram Solar IPO Review
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Vikram Solar IPO Timeline
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Vikram Solar IPO News
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Sources
We match Vikram Solar IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- MUFG Intime India Pvt.Ltd.Official site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.