Vikram Solar

Vikram Solar

Mainboard

₹14,940 / 45 Shares

Offer Date:Aug 19, 2025 - Aug 21, 2025

IPO Live Subscription Details (times)

Date:21 Aug 2025,06:42:00 PM
QIBs:142.79
NII:Bids above ₹10L: 57.35x
Bids below ₹10L: 38.00x
NII Total: 50.90
Retail:7.65x
Employee:4.84x
Total:54.63 times

IPO Details

Vikram Solar IPO is priced between ₹315-332 per equity share, with a face value of ₹10 per share. The company's equity shares will be listed on the Mainboard, and MUFG Intime India Private Limited (Link Intime) is managing the issue as the registrar.

The IPO bidding period opened on 19 Aug, 2025, and closed on 21 Aug, 2025. The allotment results will be announced on 22 Aug, 2025, with a tentative listing date set for 26 Aug, 2025.

The total issue comprises Total 2,079.37 Cr :#Fresh Issue : 4,51,80,722 shares, amounting to ₹1,500.00 Cr.

Vikram Solar IPO Highlights

IPO DateListing DateFace ValuePrice BandLot SizeFresh IssueOffer for SaleListing At
Aug 19, 2025 - Aug 21, 202526 Aug, 2025₹10 Per Equity Share₹315-332 per equity share45 Shares4,51,80,722 Shares 1,74,50,882 shares of ₹10BSE, NSE

Vikram Solar IPO Timeline

IPO Open Date
19 Aug, 2025
IPO Close Date
21 Aug, 2025
Basis of Allotment
22 Aug, 2025
Listing Date
26 Aug, 2025

Issue Price

₹315-332 per equity share

Face Value

₹10 Per Equity Share

Listing at Group

BSE, NSE

Registrar

MUFG Intime India Private Limited (Link Intime)

Market Lot

Retail: 45 Shares (₹14,940/-)
S-HNI: 630 Shares (₹2,09,160/-)
B-HNI: 3,015 Shares (₹10,00,980/-)

Lead Manager

Jm Financial LimitedNuvama Wealth Management LimitedUbs Securities India Private LimitedEquirus Capital Private LimitedPhillipCapital India Private Limited

Issue Size

Total 2,079.37 Cr :
#Fresh Issue : 4,51,80,722 shares(aggregating up to ₹1,500.00 Cr) +
#OFS : 1,74,50,882 shares of ₹10(aggregating up to ₹579.37 Cr)

Retail Portion

35% (Number of Retail Applications: 4,84,792 Approx),(Number of S-HNI Applications : 4,947 Approx),(Number of B-HNI Applications : 9,894 Approx)

Subscription

54.62 times

Vikram Solar IPO Financial Information

Period EndedAssetsRevenueProfit After TaxNet WorthReserves and SurplusTotal Borrowing
31 Mar 252832.153459.53139.831241.99932.60230.67
31 Mar 242585.52523.9679.72445.42192.16808.33
31 Mar 232476.292091.9114.49365.20113.07737.79

All values are in ₹ Cr.

Vikram Solar IPO Valuations

EPS PRE IPO

₹4.42/-

EPS POST IPO

₹3.87/-

PE PRE IPO

75.16

PE POST IPO

85.88

ROE

16.57%

ROCE

24.49%

DEBT EQUITY

0.19

RONW

11.26%

PAT MARGIN

4.08%

PRICE TO BOOK VALUE

8.46

About Company

Founded in 2005, Vikram Solar Limited is a manufacturer of solar photo-voltaic (PV) modules.

Key Activities:
Solar Photovoltaic (PV) Module Manufacturing: With expertise in manufacturing high-efficiency solar PV modules, Vikram Solar serves the domestic and export markets.
Engineering, Procurement, and Construction (EPC) Services: Vikram Solar offers end-to-end EPC services for solar power projects, delivering effective project execution from conception to commissioning.
Operations and Maintenance (O&M): Vikram Solar provides O&M services to enhance the performance and lifespan of solar power installations.

The products of the company in solar energy include 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 either bifacial (glass-to-glass/ glass-to-transparent back sheet) or monofacial (glass-to-white/black back sheet) modules.

Production facilities at:
Falta SEZ, Kolkata, West Bengal and Oragadam, Chennai, Tamil Nadu.
The company have established a pan-India footprint, covering 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 clients comprise major government organizations, including National Thermal Power Corporation, Neyveli Lignite Corporation Limited and Gujarat Industries Power Company Limited, and major private independent power producers (IPPs), including ACME Cleantech Solutions Pvt. Ltd.
As of March 31, 2024, we have 1,513 regular employees and 728 contractual employees.

Read More

Vikram Solar IPO Subscription Details

As onQIBNII
bNII  sNII
RetailTotal
Shares Offered / Reserved1,24,66,080
93,49,560

62,33,040    31,16,520
2,18,15,6404,39,32,485
Day 1 - 19-08-25 05:00 PM0.02 x
3.84

3.75 x   4.02 x
1.37 x1.52 x
Day 2 - 20-08-25 05:00 PM0.11 x
13.01

12.85 x   13.34 x
3.47 x4.57 x
Day 3 - 21-08-25 05:00 PM142.79 x
50.90

57.35 x   37.99 x
7.64 x54.62 x
Total No. of Applications:15,23,405 (Approx)
Retail Subscription:

Retail:6.6x

BHNI:11.5x

SHNI:38.0x times

Vikram Solar IPO - Issue Objectives

  1. Partial funding of capital expenditure for the Phase-I Project.
  2. Funding of capital expenditure for the Phase-II Project
  3. General Corporate Purposes
Company Contact Details

Vikram Solar

Biowonder, Unit No. 1102, 11th Floor, 789, Anandapur Main Road, Eastern Metropolitan Bypass, E.K.T,, Kolkata, West Bengal, 700107

Phone: +91 33 2442 7399

Email: secretarial@vikramsolar.com

Website: http://www.vikramsolar.com/

Registrar Contact Details

MUFG Intime India Private Limited (Link Intime)