Vikram Solar
Mainboard₹14,940 / 45 Shares
IPO Live Subscription Details
| Category | Subscription (Times) |
|---|---|
| Date | 21 Aug 2025,06:42:00 PM |
| QIBs | 142.79 |
| NII | Bids above ₹10L: 57.35 times Bids below ₹10L: 38.00 times NII Total: 50.90 |
| Retail | 7.65 times |
| Employee | 4.84 times |
| Total | 54.63 times |
Vikram Solar IPO Details
The Vikram Solar IPO price band is set between ₹315-332 per equity share, with a face value of ₹10 per share. The issue is managed by MUFG Intime India Private Limited (Link Intime), and the equity shares are proposed to be listed on the Mainboard.
The IPO date for subscription opens on 19 Aug, 2025 and closes on 21 Aug, 2025. Investors can check the allotment status on 22 Aug, 2025, while the listing date is tentatively scheduled for 26 Aug, 2025.
The total issue size is Total 2,079.37 Cr :#Fresh Issue : 4,51,80,722 shares, aggregating up to ₹1,500.00 Cr. Stay tuned for the latest Vikram Solar IPO review and GMP updates.
Vikram Solar IPO Review, Rating & Analysis
Vikram Solar IPO Review
NO REVIEWVikram Solar IPO Rating
Vikram Solar IPO Highlights
IPO Date
Aug 19, 2025 - Aug 21, 2025
Listing Date
26 Aug, 2025
Face Value
₹10 Per Equity Share
Price Band
₹315-332 per equity share
Lot Size
45 Shares
Fresh Issue
4,51,80,722 Shares
Offer for Sale
1,74,50,882 shares of ₹10
Listing At
BSE, NSE
Vikram Solar IPO Lot Size
The minimum market lot for Vikram Solar IPO is 45 shares with an application amount of ₹14,940. Retail investors can apply for up to 13 lots. The table below details the minimum and maximum investment limits for Retail and HNI investors.
| 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 | 2970 | ₹9,86,040 |
| B-HNI (Min) | 67 | 3015 | ₹10,00,980 |
Vikram Solar IPO Timeline
Issue Price
₹315-332 per equity shareFace Value
₹10 Per Equity ShareListing at Group
BSE, NSERegistrar
MUFG Intime India Private Limited (Link Intime)Lead Manager
Jm Financial LimitedNuvama Wealth Management LimitedUbs Securities India Private LimitedEquirus Capital Private LimitedPhillipCapital India Private LimitedIssue 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)
Vikram Solar IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing |
|---|---|---|---|---|---|---|
| 31 Mar 25 | 2832.15 | 3459.53 | 139.83 | 1241.99 | 932.60 | 230.67 |
| 31 Mar 24 | 2585.5 | 2523.96 | 79.72 | 445.42 | 192.16 | 808.33 |
| 31 Mar 23 | 2476.29 | 2091.91 | 14.49 | 365.20 | 113.07 | 737.79 |
All values are in ₹ Cr.
Vikram Solar IPO Valuations
EPS Pre IPO
₹4.42/-EPS Post IPO
₹3.87/-PE Pre IPO
75.16PE Post IPO
85.88ROE
16.57%ROCE
24.49%Debt Equity
0.19RoNW
11.26%PAT Margin
4.08%Price to Book Value
8.46Promoters & Share Holding
Promoter(s) Name
- Gyanesh Chaudhary
- Gyanesh Chaudhary Family Trust
- Vikram Capital Management Private Limited
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| 77.64% | 63.11% |
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.
Vikram Solar IPO Subscription Details
| As on | QIB | NII bNII sNII | Retail | Total |
|---|---|---|---|---|
| Shares Offered / Reserved | 1,24,66,080 | 93,49,560 62,33,040 31,16,520 | 2,18,15,640 | 4,39,32,485 |
Day 1 -19-08-25 05:00 PM | 0.02 x | 3.84 3.75 x 4.02 x | 1.37 x | 1.52 x |
Day 2 -20-08-25 05:00 PM | 0.11 x | 13.01 12.85 x 13.34 x | 3.47 x | 4.57 x |
Day 3 -21-08-25 05:00 PM | 142.79 x | 50.90 57.35 x 37.99 x | 7.64 x | 54.62 x |
Retail:6.6x
BHNI:11.5x
SHNI:38.0x times
Company Contact Details
Vikram Solar
Biowonder, Unit No. 1102, 11th Floor, 789, Anandapur Main Road, Eastern Metropolitan Bypass, E.K.T,, Kolkata, West Bengal, 700107Registrar Contact Details
MUFG Intime India Private Limited (Link Intime)
Phone: +91-22-4918 6270
Email: vikramsolar.ipo@linkintime.co.in
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Frequently Asked Questions about Vikram Solar IPO
When will Vikram Solar IPO open for subscription?
The Vikram Solar IPO opens on 19 Aug, 2025 and closes on 21 Aug, 2025.
What is the investors portion for Vikram Solar IPO?
The investors' portion for QIB is 142.79 x, NII is 57.35 x, and Retail is 7.64 x.
How to apply for Vikram Solar IPO?
You can apply for Vikram Solar IPO via ASBA online through your bank account. You can also apply via UPI through stock brokers like Zerodha, Upstox, or Paytm Money.
What is the issue size of Vikram Solar IPO?
The issue size of Vikram Solar IPO is approx ₹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) crores.
What is the price band of Vikram Solar IPO?
The price band for Vikram Solar IPO is ₹315 to ₹332 per equity share.
What is the lot size of Vikram Solar IPO?
The minimum bid (lot size) for Vikram Solar IPO is N/A shares with an investment of approx ₹14,940 .
What is the allotment date of Vikram Solar IPO?
The allotment date for Vikram Solar IPO is 22 Aug, 2025.
What is the listing date of Vikram Solar IPO?
The listing date for Vikram Solar IPO is expected to be 26 Aug, 2025.
What is the GMP of Vikram Solar IPO?
The latest Grey Market Premium (GMP) for Vikram Solar IPO is being updated regularly on IPOROCK.
Parth D.
Founder & Lead Analyst
Parth D. is a software engineer and financial analyst who brings a quantitative edge to IPO tracking. With deep expertise in algorithmic trading and financial tool development, he builds the technology that powers IPORock's real-time data engines. He has been tracking the Indian market since 2018.