Vikram Solar Limited IPO
Vikram Solar currently operates in the solar PV module manufacturing industry, Vikram Solar 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. Company has two solar PV module manufacturing facilities located in West Bengal and in Tamil Nadu with 4.50 GW of installed manufacturing capacity, which makes it one of the largest pure play module manufacturers in India, with an enlisted capacity of 2.85 GW in the Ministry of New & Renewable Energy’s Approved List of Modules and Manufacturers as of June 30, 2025
Price Band₹315 - ₹332 |
Dates19 Aug - 21 Aug |
GMP₹45 (13.55%) |
Subscriptions54.63 times |
Issue Size₹2,079.37 Crs |
Vikram Solar IPO Objects
- Partial funding of capital expenditure in our WOS, VSL Green Power Private Limited for the Phase-I Project
- Partial funding of capital expenditure in our WOS, VSL Green Power Private Limited for the Phase-II Project
- General Corporate Purposes
Vikram Solar IPO Details
Price Band₹315 - ₹332 |
Listing AtNSE & BSE |
IPO Issue Type100% Book Built Offer |
Fresh Issue₹1,500.00 Cr (4.52 Cr Shares) |
Offer For Sale₹579.37 Cr (1.75 Cr Shares) |
Total Issue₹2,079.37 Cr (6.26 Cr Shares) |
Face Value₹10 per equity share |
Vikram Solar IPO Lot Information
| Investor Category | Lot | Shares | Amount | |
|---|---|---|---|---|
| Retail |
Minimum
1
45
14,940
Maximum
13
585
1,94,220
|
|||
| Small HNI |
Minimum
14
630
2,09,160
Maximum
66
2,970
9,86,040
|
|||
| Big HNI |
Minimum
67
3,015
10,00,980
|
|||
Vikram Solar IPO Subscription
Updated as on 21-Aug-2025 19:00:00
| Investor Category | Subscription (times) | Shares Offered | Shared Bid |
|---|---|---|---|
| QIB | 142.79 | 1,26,67,954 | 1,80,88,16,760 |
| NII | 50.90 | 97,12,871 | 49,43,81,250 |
| bNII (bids above ₹10L) | 57.35 | 64,75,248 | 37,13,60,295 |
| sNII (bids between ₹2L to ₹10L) | 38.00 | 32,37,623 | 12,30,20,955 |
| Retail | 7.65 | 2,26,63,365 | 17,34,22,845 |
| Employee | 4.84 | 3,17,460 | 15,37,110 |
| Total | 54.63 | 4,53,61,650 | 2,47,81,57,965 |
Vikram Solar IPO GMP
The estimated Grey Market Premium of Vikram Solar IPO is ₹45 per share (13.55%)
Disclaimer: The GMP prices displayed here reflect news related to grey market trends. We do not trade or deal in the grey market, including subject-to-rates, nor do we recommend participating in grey market trading.
Category Allocation
| Particulars | Allocation |
|---|---|
| QIBs | Not more than 50% of Net Offer |
| Big HNIs (NII) | Not less than 10% of Net Offer |
| Small HNIs (NII) | Not less than 5% of Net Offer |
| Retail | Not less than 35% of Net Offer |
| Employee | Rs. 10 Cr |
| Shareholder | NA |
Vikram Solar IPO Financials
| Particulars | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| Revenue from Operations | 3,423.45 | 2,510.99 | 2,073.23 |
| Profit after Tax | 139.83 | 79.72 | 14.49 |
| Net Worth | 1,241.99 | 445.42 | 365.20 |
| Total Borrowing | 230.67 | 808.33 | 737.79 |
| Total Assets | 2,832.15 | 2,585.50 | 2,476.29 |
| NAV per share (in ₹) | 39.24 | 17.21 | 14.11 |
| EPS - Basic (in ₹) | 4.61 | 3.08 | 0.56 |
The financial information presented is on a consolidated basis.
Key Performance Indicators
| KPI | KPI |
|---|---|
| EBITDA | 14.37% |
| PAT | 4.08% |
| ROE | 16.57% |
| ROCE | 24.49% |
| Debt to Equity | 0.19 |
| PE Ratio | 72.02 |
| PB Ratio | 8.46 |
| Mkt Cap (in Crs.) | 12,009.01 |
All the data pertains to FY 2024-25
Vikram Solar IPO Peer Comparision
| Particulars | Vikram Solar | Waaree Energies | Premier Energies | Websol Energy |
|---|---|---|---|---|
| Revenue from Ops (in Crs.) | 3,423.45 | 14,444.50 | 6,518.75 | 575.46 |
| PAT (In Crs.) | 139.83 | 1,928.13 | 937.13 | 154.74 |
| EPS - Basic | 4.61 | 68.24 | 21.35 | 36.66 |
| NAV per share | 39.24 | 334.00 | 62.61 | 65.88 |
| RONW | 11.26% | 20.09% | 33.21% | 55.65% |
| EBITDA | 14.37% | 21.04% | 28.78% | 44.20% |
| PAT Margin | 4.08% | 13.35% | 14.09% | 26.90% |
| Price to earning (PE) | 72.02 | 45.79 | 47.01 | 40.04 |
| Debt to Equity | 0.19 | NA | 0.69 | NA |
All information pertains to FY 2024-25.The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of August 11, 2025 for Peers
Vikram Solar IPO Peer Comparision
| Particulars | Vikram Solar |
|---|---|
| Revenue from Ops (in Crs.) | 3,423.45 |
| PAT (In Crs.) | 139.83 |
| EPS - Basic | 4.61 |
| NAV per share | 39.24 |
| RONW | 11.26% |
| EBITDA | 14.37% |
| PAT Margin | 4.08% |
| Price to earning (PE) | 72.02 |
| Debt to Equity | 0.19 |
| Waaree Energies | Premier Energies | Websol Energy |
|---|---|---|
| 14,444.50 | 6,518.75 | 575.46 |
| 1,928.13 | 937.13 | 154.74 |
| 68.24 | 21.35 | 36.66 |
| 334.00 | 62.61 | 65.88 |
| 20.09% | 33.21% | 55.65% |
| 21.04% | 28.78% | 44.20% |
| 13.35% | 14.09% | 26.90% |
| 45.79 | 47.01 | 40.04 |
| NA | 0.69 | NA |
All information pertains to FY 2024-25.The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of August 11, 2025 for Peers
Promoter Details
| Name | Shareholding |
|---|---|
| Gyanesh Chaudhary | 5.15% |
| Gyanesh Family Trust | 23.09% |
| Vikram Capital | 35.79% |
| Others | 13.62% |
| Total | 77.65% |
Management Details
| Name | Designation |
|---|---|
| Gyanesh Chaudhary | Chairman & MD |
| Krishna Maskara | Intermin CEO |
| Ranjan Jindal | CFO |
Company Details
Name: Vikram Solar Limited
Address: Biowonder, Unit No. 1102, 11th Floor, 789, Anandapur Main Road, Eastern Metropolitan Bypass, E.K.T, Kolkata - 700107, West Bengal, India
Number: +91 33 2442 7399/ +91 33 2442 7299
Email: secretarial@vikramsolar.com
Website: www.vikramsolar.com
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Visit WebsiteFrequently Asked questions?
Find answers to common questions that come in your mind related to IPO.
Vikram Solar IPO is a Mainboard IPO having an issue size of Rs. ₹2,079.37 Crs. Vikram Solar IPO is priced at ₹315 - ₹332 per share. The issue opens on 19 Aug 25 and closes on 21 Aug 25.
Vikram Solar IPO opens on 19 Aug 25 and closes on 21 Aug 25.
The estimated Grey Market Premium of Vikram Solar IPO is ₹45 per share (13.55%).
The minimum lot size of Vikram Solar IPO is 45 shares & the minimum application amount is Rs. 14940.
The allotment date of Vikram Solar IPO is 22 Aug 25.
The listing date of Vikram Solar IPO is 26 Aug 25.
Vikram Solar IPO is subscribed 54.63 times.
Vikram Solar IPO is priced at ₹315 - ₹332 per share.
Click the allotment link on Vikram Solar IPO page of IPO360.
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