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Vikram Solar IPO is a book build issue of ₹2,079.37 crores. The issue is a combination of fresh issue of 4.52 crore shares aggregating to ₹1,500.00 crores and offer for sale of 1.75 crore shares aggregating to ₹579.37 crores.
Vikram Solar IPO bidding started from Aug 19, 2025 and ended on Aug 21, 2025. The allotment for Vikram Solar IPO was finalized on Aug 22, 2025. The shares got listed on BSE, NSE on Aug 26, 2025.
Vikram Solar IPO price band is set at ₹332.00 per share . The lot size for an application is 45. The minimum amount of investment required by an retail is ₹14,940 (45 shares) (based on upper price). The lot size investment for sNII is 14 lots (630 shares), amounting to ₹2,09,160, and for bNII, it is 67 lots (3,015 shares), amounting to ₹10,00,980.
JM Financial Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to Vikram Solar IPO RHP for detailed Information.
| IPO Date | August 19, 2025 to August 21, 2025 |
| Listing Date | August 26, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹315 to ₹332 per share |
| Issue Price Final | ₹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 |
Vikram Solar IPO offers total 6,26,31,604 shares. Out of which 3,11,65,200 (49.76%) allocated to QIB, 1,24,66,080 (19.90%) allocated to QIB (Ex- Anchor), 93,49,560 (14.93%) allocated to NII 2,18,15,640 (34.83%) allocated to RII and 1,86,99,120 (29.86%) allocated to Anchor investors.
| 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 | 3,01,204 (0.48%) | NA |
| Total Shares Offered | 6,26,31,604 (100.00%) |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to Rs 2 Lakhs | Yes |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Vikram Solar IPO raises ₹620.81 crore from anchor investors. Vikram Solar IPO Anchor bid date is August 18, 2025. Vikram Solar IPO Anchor Investors list
| Bid Date | August 18, 2025 |
| Shares Offered | 1,86,99,120 |
| Anchor Portion Size (In Cr.) | 620.81 |
| Anchor lock-in period end date for 50% shares (30 Days) | September 20, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | November 19, 2025 |
Vikram Solar IPO opens on August 19, 2025, and closes on August 21, 2025.
| 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 Thu, Aug 21, 2025 |
Investors can bid for a minimum of 45 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| 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 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
Incorporated in 2005, Vikram Solar Limited is a solar photo-voltaic (“ PV”) modules manufacturer.
Core Operations:
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.
Vikram Solar Ltd.'s revenue increased by 37% and profit after tax (PAT) rose by 75% between the financial year ending with March 31, 2025 and March 31, 2024.
| 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 |
| Amount in ₹ Crore | |||
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| ROE | 16.57% |
| ROCE | 24.49% |
| Debt/Equity | 0.19 |
| RoNW | 11.26% |
| PAT Margin | 4.08% |
| EBITDA Margin | 14.37% |
| Price to Book Value | 8.46 |
| Market Capitalization | ₹12,009.01 Cr. |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 4.42 | 3.87 |
| P/E (x) | 75.16 | 85.88 |
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 | 49.55 |
[Dilip Davda] VSL is one of India’s largest solar photo-voltaic modules manufacturers, in terms pf operational capacities. The company marked growth in its top and bottom lines for the reported periods. Boosted bottom lines for FY24 onwards raise eyebrows. Based on its recent financial data with super profits the IPO appears exorbitantly priced. Rising competitions and recent developments on US Tariff issue has bearing on this company’s future. Only well-informed/cash surplus investors may park moderate funds for long term, others may stay away. Read detail review...
| Listing Date | August 26, 2025 |
| BSE Script Code | 544488 |
| NSE Symbol | VIKRAMSOLR |
| ISIN | INE078V01014 |
| Final Issue Price | ₹332 per share |
| NSE Listing Group | EQ (Rolling) |
| BSE Listing Group | B (Rolling) |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹332.00 | ₹332.00 |
| Open | ₹340.00 | ₹338.00 |
| Low | ₹334.05 | ₹333.65 |
| High | ₹381.70 | ₹381.65 |
| Last Trade | ₹356.45 | ₹356.40 |
Vikram Solar Ltd.
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/
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: vikramsolar.ipo@linkintime.co.in
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Vikram Solar IPO is a main-board IPO of 6,26,31,604 equity shares of the face value of ₹10 aggregating up to ₹2,079.37 Crores. The issue is priced at ₹332 per share. The minimum order quantity is 45.
The IPO opens on August 19, 2025, and closes on August 21, 2025.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Vikram Solar IPO using UPI as a payment gateway. Zerodha customers can apply in Vikram Solar IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Vikram Solar IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Vikram Solar IPO opens on August 19, 2025 and closes on August 21, 2025.
Vikram Solar IPO lot size is 45, and the minimum amount required for application is ₹14,940.
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 Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Vikram Solar IPO will be done on Friday, August 22, 2025, and the allotted shares will be credited to your demat account by Monday, August 25, 2025. Check the Vikram Solar IPO allotment status.
The Vikram Solar IPO listing date is on Tuesday, August 26, 2025.
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