Bookbuilding IPO | ₹2,079 Cr | Listed at BSE, NSE | Tue, Aug 19, 2025 - Thu, Aug 21, 2025
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 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 Open
Tue, Aug 19, 2025
IPO Close
Thu, Aug 21, 2025
Issue Price
₹332 per share
Market Cap (Pre-IPO)
₹12,009.01 Cr
| IPO Date | 19 to 21 Aug, 2025 |
| Listed on | Tue, Aug 26, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹315 to ₹332 |
| Issue Price | ₹332 per share |
| Lot Size | 45 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 6,26,31,604 shares (agg. up to ₹2,079 Cr) |
| Fresh Issue | 4,51,80,722 shares (agg. up to ₹1,500 Cr) |
| Offer for Sale | 1,74,50,882 shares of ₹10 (agg. up to ₹579 Cr) |
| Share Holding Pre Issue | 31,65,36,309 shares |
| Share Holding Post Issue | 36,17,17,031 shares |
| BSE Script Code / NSE Symbol | 544488 / VIKRAMSOLR |
| ISIN | INE078V01014 |
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 | Max 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%) |
Investors can bid for a minimum of 45 shares and in multiples thereof.
| 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 |
Vikram Solar IPO raises ₹620.81 crore from anchor investors. Vikram Solar IPO Anchor bid date is August 18, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Mon, Aug 18, 2025 |
| Shares Offered | 1,86,99,120 |
| Anchor Portion (₹ Cr.) | 620.81 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sat, Sep 20, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | Wed, Nov 19, 2025 |
| 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 |
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 | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 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 |
| KPI | Mar 31, 2025 |
|---|---|
| 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 4.42 | 3.87 |
| P/E (x) | 75.16 | 85.88 |
| Promoter Holding | 77.64% | 63.11% |
| Market Cap | ₹12,009.01 Cr. |
The Vikram Solar IPO is subscribed 56.42 times on August 21, 2025 5:04:43 PM (Day 3). The public issue subscribed 7.98 times in the retail category, 145.10 times in the QIB category, and 52.87 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB (Ex Anchor) | 145.10 | 1,24,66,080 | 1,80,88,16,760 |
| NII | 52.87 | 93,49,560 | 49,43,50,785 |
| bNII (bids above ₹10L) | 59.58 | 62,33,040 | 37,13,60,295 |
| sNII (bids below ₹10L) | 39.46 | 31,16,520 | 12,29,90,490 |
| Retail | 7.98 | 2,18,15,640 | 17,41,07,385 |
| Employee | 5.10 | 3,01,205 | 15,35,580 |
| Total | 56.42 | 4,39,32,485 | 2,47,88,10,510 |
Total Application : 35,06,503
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the BRLMs (including underwriting commission, brokerage and selling commission) | 55.56 |
| 2 | Commission/ processing fee for SCSBs and Bankers to the Offer and fees payable to the Sponsor Banks for Bids made by UPI Bidders. Brokerage, selling commission and bidding charges for the members of the Syndicate, Registered Brokers, RTAs and CDPs | 4.31 |
| 3 | Fees payable to Registrar to the Offer | 0.09 |
| 4 | Fees payable to the legal counsels to the Offer | 6.45 |
| 5 | Fees payable to the independent chartered accountant appointed for providing confirmations and certificates for the purpose of the Offer, the independent chartered engineer for providing confirmations and certificates in relation to installed capacity, capacity utilisation, etc., the independent project consultant for purposes of certifying certain details in relation to the capital expenditure proposed to be incurred by our Company from the Net Proceeds, Consultant for the Offer and for providing the Appraisal Report, CRISIL Limited for preparing the industry report commissioned by our Company, etc. | 15.25 |
| 6 | Listing fees, SEBI fees, BSE and NSE processing fees, book-building software fees, and other regulatory expenses | 10.05 |
| 7 | Printing and stationery expenses | 2.05 |
| 8 | Advertising and marketing expenses | 18.55 |
| 9 | Miscellaneous | 7.44 |
| 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 IPO is a main-board IPO of 6,26,31,604 equity shares of the face value of ₹10 aggregating up to ₹2,079 Crores. The issue is priced at ₹332 per share. The minimum order quantity is 45.
The IPO opens on Tue, Aug 19, 2025, and closes on Thu, Aug 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 Tue, Aug 19, 2025 and closes on Thu, Aug 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 Mon, Aug 25, 2025. Check the Vikram Solar IPO allotment status.
The Vikram Solar IPO listing date is on Tue, Aug 26, 2025.
