Vikram Solar IPO: Check IPO Date, Live Subscription and Key Details
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.
Price Range
₹315.00-332.00
Issue Size
2,079.37
Lot Size
45 shares
IPO Type
Mainboard
GMP
₹45(+13.55%)
Est. Listing Price
₹377
Invisible
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Invisible
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Key Metrics
Check Live GMP
Face Value
₹10
EPS
3.87
P/E Ratio
85.88
RoNW
11.26%
ROE
16.57%
Debt to Equity
0.19
Timeline
IPO Opens
19 Aug
IPO Closes
21 Aug
Allotment
22 Aug
Listing
26 Aug
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 19 August 2025 | Subscription starts |
| IPO Close Date | 21 August 2025 | Subscription ends |
| Allotment Date | 22 August 2025 | Allotment |
| Listing Date | 26 August 2025 | Listing |
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