Vikram Solar IPO Will Open On Aug 19, 2025 And Close On Aug 21, 2025.The ₹2,079.37 Cr. IPO Is A Book Build Issue, Consisting Entirely of A Fresh Issue and offer for Sale . Vikram Solar IPO Price Band Is Set At ₹315 to ₹332 Per Share.
The Allotment will Be Finalized On Aug 22, 2025 and Listing date is Expected on The NSE BSE By Aug 26, 2025. Investor Quota like 50% QIB, 35% Retail, and 15% HNI Category.
Financial Year 2025 Company Posted a Revenue of ₹3,459.53 Cr. and A Net Profit of ₹139.83 Cr. Showing Strong Growth From The Previous Year. Based On Financial, The IPO Looks Promising For Long-term Investors.
About Vikram Solar Limited
Our Company was originally incorporated on December 2, 2005 as “Vikram Solar Limited” we are one of India’s largest solar photo-voltaic (“PV”) modules manufacturers in terms of operational capacity, with more than 17 years of experience in the industry, With 4.50 GW of installed manufacturing capacity for solar PV modules .
We are one of the largest pure play module manufacturers in India and our enlisted capacity as per Ministry of New & Renewable Energy’s Approved List of Modules and Manufacturers (“ALMM”) is 2.85 GW.
Our Portfolio of Solar Energy Products Consists of the Following High-efficiency solar PV Modules:
- P-type monocrystalline silicon based Passivated Emitter and Rear Contact (“PERC”) Modules.
- N-Type monocrystalline silicon (“N-Type”) Modules.
- N-type monocrystalline silicon based heterojunction technology (“HJT”) modules; all of these being either bifacial (glass-to-glass/ glass-to-transparent back sheet) or monofacial (glass-to-white/black back sheet) modules.
Our key domestic customers include prominent government entities, such as
National Thermal Power Corporation, Neyveli Lignite Corporation Limited and Gujarat Industries Power Company Limited, and large private independent power producers (“IPPs”), such as ACME Cleantech Solutions Pvt. Ltd., Adani Green Energy Limited, AMPIN Energy Transition Private Limited, Azure Power India Private Limited, JSW Energy Limited, First Energy 7 Private Limited and Rays Power Infra Private Limited, among others.
We have expanded our global footprint through a sales office in the United States of America and a procurement office in China and have supplied solar PV modules to customers in 39 countries, as of March 31, 2025.
Vikram Solar IPO Dates & Price Band Details
| IPO Open Date | Aug 19, 2025 |
|---|---|
| IPO Close Date | Aug 21, 2025 |
| IPO Price Band | ₹315 to ₹332 per share |
| Face Value | ₹10 per equity share |
| Lot Size | 45 Shares |
| Minimum Investment | ₹14,940 Thousand (for 1 lot at ₹332) |
| IPO Issue Type | Book Built Issue |
| IPO Issue Size | 6,26,31,604 shares (Approx ₹2,079.37 Cr) |
| Fresh Issue | 4,51,80,722 shares (Approx ₹1,500.00 Cr) |
| Offer For Sale | 1,74,50,882 shares (Approx ₹579.37 Cr) |
| Retail Investor Quota | 35% |
| QIB Quota | 50% |
| NII (HNI) Quota | 15% |
| Listing Exchange | NSE BSE |
| Anchor Investor List | Click Here |
| DRHP (Draft Prospectus) | Click Here |
| RHP (Final Prospectus) | Click Here |
Vikram Solar IPO Market Lot Size
The Minimum Lot Size For The Vikram Solar IPO is 45 Shares, Requiring An Application Amount of ₹14,940 For Retail Investors. Investors Must Apply in Multiples of The Lot Size.
| Application | Lot Size | 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 | 2,970 | ₹9,86,040 |
| B-HNI (Min) | 67 | 3,015 | ₹10,00,980 |
Objects Of The Issue
1. Partial funding of capital expenditure through investment in our wholly owned Subsidiary, VSL Green Power Private Limited, for setting up of an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility.
2. Funding of capital expenditure through investment in our wholly owned Subsidiary, VSL Green Power Private Limited, for expanding the manufacturing capacity of the solar module manufacturing facility set up under the Phase-I Project from 3,000 MW to 6,000 MW at the Project Site (“Phase-II Project”).
3. General corporate purposes.
Vikram Solar IPO Allotment & Listing Dates
Vikram Solar IPO Will Open on Aug 19, and Close on Aug 21, 2025. The allotment is Expected on Aug 22, With the Listing Scheduled on NSE BSE For Aug 26, 2025 (More information below table).
| Anchor Investor Bidding | Mon, Aug 18, 2025 |
|---|---|
| IPO Opens | Tue, Aug 19, 2025 |
| IPO Closes | Thu, Aug 21, 2025 |
| Allotment Finalisation | Fri, Aug 22, 2025 |
| Refunds / Unblocking | Mon, Aug 25, 2025 |
| Shares Credited to Demat | Mon, Aug 25, 2025 |
| Listing Date | Tue, Aug 26, 2025 |
Vikram Solar IPO Financial Report (FY 2025)
Vikram Solar Reported a total Revenue of ₹3,423.45 Cr. in FY 2025, Slightly up From ₹2,510.99 Cr. in FY 2024. The Company Net Profit Also Rose to ₹139.83 Cr. From ₹79.72 Cr. in the Previous Year Showing Consistent Financial Growth Ahead of its IPO. (More information below table).
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 2,832.15 | 2,585.50 | 2,476.29 |
| Revenue | 3,423.45 | 2,510.99 | 2,073.23 |
| Profit After Tax | 139.83 | 79.72 | 14.49 |
| EBITDA | 528.09 | 411.55 | 204.86 |
| Net Worth | 1,241.99 | 445.42 | 365.20 |
| Reserves & Surplus | 925.45 | 186.59 | 106.37 |
| Total Borrowing | 230.67 | 808.33 | 737.79 |
| Amount in ₹ Crore |
Vikram Solar IPO Valuation Report – FY 2025 (KPI)
Check Detailed Vikram Solar IPO Valuation Metrics for FY 2025, including EPS, P/E Ratio, RoNW, NAV, ROCE, and other key financial indicators. These Ratios help Investors Assess the Company financial Health & Valuation Before applying for The IPO. (More information below table).
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 16.57% |
| Return on Capital Employed (ROCE) | 24.49% |
| EBITDA Margin | 14.37% |
| PAT Margin | 4.08% |
| Debt-to-Equity Ratio | 0.19 |
| Earnings Per Share (EPS) | 4.61 |
| Price to Earnings Ratio (P/E) | 68.32 |
| Return on Net Worth (RoNW) | 11.26% |
| Net Asset Value (NAV) | 39.24 |
Our Key Strengths
- We are one of the largest Indian solar PV module manufacturers with 4.50 GW operational capacity and actual production of 1,286.10 MW as on March 31, 2025.
- Strong R&D focus with robust quality control systems.
- We have strong technical proficiency in the solar PV module manufacturing.
- Strong presence in domestic and international markets.
- We have a strong brand recognition and customer base due to good understanding of our customers and the high quality of our products.
- Robust financial performance with a strong order book, providing clear visibility on future growth.
- Led by promoters and an experienced management team with an excellent track record.
Our Company Promoters
1. Gyanesh Chaudhary.
2. Vikram Capital Management Private Limited.
3. Gyanesh Chaudhary Family Trust.
Vikram Solar Comparison With Industry Peers
| Name of the Company | Face Value per Equity Share (₹) | Closing Price Aug 11, 2025 (₹ per share) | EPS (Basic and Diluted) (₹) | NAV (₹ per share) | P/E Ratio | RoNW (%) | Total income (in ₹ million) |
|---|---|---|---|---|---|---|---|
| Vikram Solar Limited | 10.00 | [·] | 4.61 | 39.24 | [●] | 11.26% | 34,595.27 |
| Waaree Energies Limited | 10.00 | 3,112.10 | 68.24 | 334.00 | 45.79 | 20.09% | 148,460.60 |
| Premier Energies Limited | 1.00 | 1,003.60 | 21.35 | 62.61 | 47.01 | 33.21% | 66,520.86 |
| Websol Energy System Limited | 10.00 | 1,448.30 | 36.66 | 65.88 | 40.04 | 55.65% | 5,774.30 |
Also Read: Vikram Solar IPO GMP Today, Grey Market Premium Live
Vikram Solar Company Contact Details
Corporate Office: The Chambers, 8th Floor,
1865, Rajdanga Main Road, E.K.T., Kolkata,
West Bengal – 700 107
Telephone: +91 33 2442 7299
E-mail: secretarial@vikramsolar.com
Website: www.vikramsolar.com
Vikram Solar Lead Manager
- JM Financial Limited
- Nuvama Wealth Management Limited
- UBS Securities India Private Limited
- Equirus Capital Private Limited
- PhillipCapital (India) Private Limited
Vikram Solar IPO Registrar
MUFG Intime India Private Limited
C-101, 1st Floor, 247 Park, L.B.S.
Marg, Vikhroli West, Mumbai 400
083, Maharashtra, India
Telephone: +91 22 4918 6200
E-mail: vikramsolar.ipo@in.mpms.mufg.com
Website: www.in.mpms.mufg.com
Vikram Solar IPO FAQs
Question 1: What is the Vikram Solar IPO?
Answer 1: Vikram Solar IPO is a Mainboard IPO of 62,631,605 equity shares of the face value of ₹10 approximately up to ₹2,079.37 Cr. The issue is price at ₹315 to ₹332 per share.
The Vikram Solar IPO opens on 19, Aug 2025 and closes on 21,Aug 2025.
MUFG Intime India Private Limited is the registrar for the IPO. The shares to be listed on NSE BSE.
Question 2: How to apply in Vikram Solar IPO through Groww?
Answer 2: Groww customers can apply online in Vikram Solar IPO using UPI as a payment gateway. Groww customers can apply in Vikram Solar IPO by login into Groww (back office) and submitting an IPO application form.
Steps to apply in Vikram Solar IPO through Groww –
- Visit the Groww website and login to Groww.
- Go to Main Page and click the Products & tools and click IPO tab.
- New page Open and Show ‘Vikram Solar IPO’ click the ‘Apply’ button.
- Show IPO detail Shares lot Size and Bid Price & click here to Cutoff Price check Box and Continue.
- Inter Your UPI id like . 95****299@kotak accept terms and condition click Box and Apply For IPO
- groww share payment link Your UPI Mobile Number Pay Payment for IPO Bid to approve the e-mandate successfully submit application .
Question 3: When Vikram Solar IPO will open?
Answer 3: The Vikram Solar IPO opens on Aug 19, 2025 and closes on Aug 21, 2025.
Question 4: What is the lot size of Vikram Solar IPO?
Answer 4: Vikram Solar IPO lot size and the minimum order quantity is 45 Shares.
Question 5: How to apply for Vikram Solar IPO?
Answer 5: You can apply in Vikram Solar IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Groww, Zerodha, Upstox, 5Paisa, Phonepe Share Market, HDFC Bank, and Angel one.
Question 6: When is Vikram Solar IPO allotment date?
Answer 6: The Basis of Allotment for Vikram Solar IPO will be on Fri, Aug 22, 2025, and the allotted shares will be credited to your demat account by, Mon, Aug 25, 2025. For Check the Vikram Solar IPO allotment status.
Question 7: When is Vikram Solar IPO listing date?
Answer 7: The Vikram Solar IPO listing date is 26 Aug 2025. The date of Vikram Solar IPO listing on Tue, Aug 26, 2025.
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