IPO Details
| Key | Value |
|---|
| IPO Date | August 19, 2025 to August 21, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price | ₹332 per share |
| Lot Size | 45 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 6,26,31,604 shares (aggregating up to ₹2,079.37 Cr) |
| Fresh Issue | 4,51,80,722 shares (aggregating up to ₹1,500.00 Cr) |
| Offer for Sale | 1,74,50,882 shares of ₹10 (aggregating up to ₹579.37 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 31,65,36,309 shares |
| Share Holding Post Issue | 36,17,17,031 shares |
IPO Subscription Details
| Key | Value |
|---|
| Anchor Investors | 1 |
| QIB (Ex Anchor) | 145.10 |
| Non-Institutional Buyers | 52.87 |
| bNII (bids above ₹10L) | 59.58 |
| sNII (bids below ₹10L) | 39.46 |
| Retail Investors | 7.98 |
| Employees | 5.10 |
| Total ** | 56.42 |
IPO Important Dates
| Key | Value |
|---|
| IPO Open Date | Tue, Aug 19, 2025 |
| IPO Close Date | Thu, Aug 21, 2025 |
| Tentative Allotment | Fri, Aug 22, 2025 |
| Initiation of Refunds | Mon, Aug 25, 2025 |
| Credit of Shares to Demat | Mon, Aug 25, 2025 |
| Tentative Listing Date | Tue, Aug 26, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 21, 2025 |
IPO Lot Size
| 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 | 2,970 | ₹9,86,040 |
| B-HNI (Min) | 67 | 3,015 | ₹10,00,980 |
Financial Information
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 2,832.15 | 2,585.50 | 2,476.29 |
| Total Income | 3,459.53 | 2,523.96 | 2,091.91 |
| Profit After Tax | 139.83 | 79.72 | 14.49 |
| EBITDA | 492.01 | 398.58 | 186.18 |
| Net Worth | 1,241.99 | 445.42 | 365.20 |
| Reserves and Surplus | 932.60 | 192.16 | 113.07 |
| Total Borrowing | 230.67 | 808.33 | 737.79 |
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|
| Vikram Solar Ltd. | 4.61 | 4.60 | 39.24 | | 11.26 | |
| Waaree Energies Limited | 68.24 | 67.96 | 334.00 | 45.79 | 20.09 | 9.32 |
| Premier Energies Limited | 21.35 | 21.35 | 62.61 | 47.01 | 33.21 | 16.18 |
| Websol Energy System Limited | 36.66 | 36.17 | 65.88 | 40.04 | 55.65 | 22.28 |
Information about company
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 execution from design to commissioning.
Operations and Maintenance (O&M): Vikram Solar offers O&M services to optimize the performance and longevity of solar power installations.
The company's solar energy products consists of the following high-efficiency solar PV modules: (i) p-type monocrystalline silicon based Passivated Emitter and Rear Contact (“PERC”) modules; (ii) n-type monocrystalline silicon based Tunnel Oxide Passivated Contact (“TOPCon”) modules; and (iii) 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.
Manufacturing facilities located at:
Falta SEZ, Kolkata, West Bengal and Oragadam, Chennai, Tamil Nadu.
The company have established a pan-India presence, serving 23 states and three union territories, through an extensive distributor network of 41 authorized distributors, 64 dealers and 67 system integrators.
The company's 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.,
As of March 31, 2025, we have 1,612 employees and 974 contractual employees.
Objectives of IPO
The Company Vikram Solar IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
S.No.
Objects of the Issue
Expected Amount (₹ in crores)
1
Partial funding of capital expenditure for the Phase-I Project.
769.73
2
Funding of capital expenditure for the Phase-II Project
595.21
3
General Corporate Purposes
Disclaimer
All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions.
We are not a SEBI Registered analyst. Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on Information published on this application.
No financial information whatsoever published anywhere, within this application, should be considered as advice to buy or sell securities or invest in IPOs, or as a guide to doing so in any way whatsoever
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Day Wise Sub
| Day | QIB (Ex Anchor) | NII | NII (> ₹10L) | NII (< ₹10L) | Retail | EMP | Total |
|---|
| Day 1
Aug 19, 2025 | 0.02 | 3.99 | 3.90 | 4.19 | 1.43 | 1.06 | 1.57 |
| Day 2
Aug 20, 2025 | 0.12 | 13.51 | 13.35 | 13.85 | 3.62 | 2.49 | 4.73 |
| Day 3
Aug 21, 2025 | 145.10 | 52.87 | 59.58 | 39.46 | 7.98 | 5.10 | 56.42 |
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|
| 24-08-2025 | 332.00 | 41(12.35%) | 373 |
| 23-08-2025 | 332.00 | 41(12.35%) | 373 |
| 22-08-2025 | 332.00 | 41(12.35%) | 373 |
| 21-08-2025 | 332.00 | 45(13.55%) | 377 |
| 20-08-2025 | 332.00 | 42(12.65%) | 374 |
| 19-08-2025 | 332.00 | 48(14.46%) | 380 |
| 18-08-2025 | 332.00 | 54(16.27%) | 386 |
| 17-08-2025 | 332.00 | 68(20.48%) | 400 |
| 16-08-2025 | 332.00 | 63.5(19.13%) | 395.5 |
| 15-08-2025 | 332.00 | 60(18.07%) | 392 |
| 14-08-2025 | 332.00 | 57(17.17%) | 389 |
| 13-08-2025 | 332.00 | 68(20.48%) | 400 |
| 12-08-2025 | NA | 69(0.00%) | 69 |
| 11-08-2025 | | 0(%) | (%) |
IPO Reservation
| Investor Category | Shares Offered | Maximum Allottees |
|---|
| QIB Shares Offered | 3,11,65,200 (49.76%) | NA |
| − Anchor Investor Shares Offered | 1,86,99,120 (29.86%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 1,24,66,080 (19.90%) | NA |
| NII (HNI) Shares Offered | 93,49,560 (14.93%) | NA |
| − bNII > ₹10L | 62,33,040 (9.95%) | 9,893 |
| − sNII < ₹10L | 31,16,520 (4.98%) | 4,946 |
| Retail Shares Offered | 2,18,15,640 (34.83%) | 4,84,792 |
| Employee Shares Offered | 3,01,205 (0.48%) | NA |
| Total Shares Offered | 6,26,31,605 (100.00%) | |
