Vikram Solar IPO Date, Price, GMP, Review, Details

Vikram Solar IPO a leading Indian solar energy solutions provider, is set to launch its Initial Public Offering (IPO) to fuel its next phase of growth. The company is engaged in manufacturing high-efficiency solar photovoltaic (PV) modules and offers end-to-end engineering, procurement, and construction (EPC) services, along with operations and maintenance solutions. Serving utility-scale, commercial, industrial, and rooftop solar projects, Vikram Solar has built a strong domestic presence and an expanding international footprint. The IPO will comprise a fresh issue of shares to fund capacity expansion, investment in advanced manufacturing technologies, repayment of borrowings, and working capital needs, along with an offer-for-sale by existing shareholders. Positioned to benefit from India’s rapidly growing renewable energy sector, the company aims to use the proceeds to enhance production capabilities, expand its project portfolio, and strengthen its role in promoting sustainable, clean energy solutions across global markets.

Vikram Solar IPO Details

IPO Open Date
August 19, 2025
IPO Close Date
August 21, 2025
Face Value
₹10 Per Equity Share
IPO Price Band
₹315 to ₹332 Per Share
Issue Size
Approx ₹2,079.37 Crores
Fresh Issue
Approx ₹1,500 Crores
Offer for Sale
Approx 17,450,882 Equity Shares
Lot Size
45 Shares
IPO Listing
BSE & NSE
Retail Quota
Not more than 35%
QIB Quota
Not more than 50%
NII Quota
Not more than 15%

Vikram Solar IPO Dates

Application
Lot Size
Shares
Amount
Retail Minimum
1
45
₹14,940
Retail Maximum
13
585
₹1,94,220
S-HNI Minimum
14
630
₹2,09,160
B-HNI Minimum
67
3,015
₹10,00,980

Vikram Solar IPO Dates

IPO Open Date
August 19, 2025
IPO Close Date
August 21, 2025
Basis of Allotment
August 22, 2025
Refunds
August 25, 2025
Credit to Demat Account
August 25, 2025
IPO Listing Date
August 26, 2025

Promoters of Vikram Solar IPO

The promoters of the company are Gyanesh Chaudhary, Gyanesh Chaudhary Family Trust And Vikram Capital Management Private Limited.

About Vikram Solar IPO

Vikram Solar IPO, one of India’s leading solar energy solution providers, is preparing to launch its highly anticipated Initial Public Offering (IPO). The company specializes in manufacturing high-efficiency solar photovoltaic (PV) modules and offers comprehensive engineering, procurement, and construction (EPC) services, along with operations and maintenance solutions. With a strong domestic presence and a growing global footprint, Vikram Solar caters to utility-scale projects, commercial and industrial installations, as well as rooftop solar solutions. Over the years, the company has built a reputation for innovation, quality, and sustainability, contributing significantly to India’s renewable energy capacity.

The upcoming IPO will include a fresh issue of shares aimed at raising capital for capacity expansion, investment in advanced manufacturing technologies, repayment of certain borrowings, and funding working capital requirements. An offer-for-sale by existing shareholders will also be part of the issue, providing liquidity and broadening the investor base. The IPO is expected to enhance Vikram Solar’s market visibility, strengthen its financial position, and enable it to meet the rising demand for clean energy solutions both in India and overseas.

With India’s renewable energy sector witnessing rapid growth and government initiatives supporting solar adoption, Vikram Solar is strategically positioned to capitalize on this momentum. The company’s state-of-the-art manufacturing facilities, robust R&D capabilities, and extensive project execution experience give it a strong competitive edge. Through the IPO, Vikram Solar aims to accelerate its growth trajectory, expand its product portfolio, and further its mission of driving sustainable energy adoption for a greener future.

Vikram Solar IPO Company Financial Report

Period Ended
Revenue
Expense
Profit After Tax
Assets
2023
₹1,743.05
₹1,822.49
(₹62.94)
₹2,237.23
2024
₹2,091.91
₹2,073.04
₹14.49
₹2,476.29
2025
₹2,523.96
₹2,405.04
₹79.72
₹2,585.50

Vikram Solar IPO Valuation

KPI Values
ROE: 19.67%
ROCE: 20.76%
EBITDA Margin: 15.87%
PAT Margin: 3.17%
Debt to equity ratio: 1.81
Earning Per Share (EPS): ₹3.08 (Basic)
Price/Earning P/E Ratio: N/A
Return on Net Worth (RoNW): 17.90%
Net Asset Value (NAV): ₹17.21

IPO Lead Managers

  • JM Financial Limited
  • Nuvama Wealth Management Limited
  • UBS Securities India Private Limited
  • Equirus Capital Private Limited
  • PhillipCapital (India) Private Limited

Objects of the Issue

  • Partial funding of capital expenditure through investment in our wholly owned Subsidiary, VSL Green Power Private Limited, for setting up of an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility at plot no. A-5, A-6, A-7 & A-10, SIPCOT Industrial Complex, Gangaikondan, District Tirunelveli 627 352, Tamil Nadu (“Project Site”) (“Phase-I Project”);
  • Funding of capital expenditure through investment in our wholly owned Subsidiary, VSL Green Power
    Private Limited, for expanding the manufacturing capacity of the solar module manufacturing facility set up under the Phase-I Project from 3,000 MW to 6,000 MW at the Project Site (“Phase-II Project”); and
  • General corporate purposes

Registrar Contact Details

Link Intime India Private Limited
Phone: +91 22 4918 6200
E-mail: vikramsolar.ipo@linkintime.co.in
Website: https://www.linkintime.co.in/Initial_Offer/public-issues.html

Company Contact Details

Vikram Solar Limited
Biowonder, Unit No. 1102,
11th Floor, 789, Anandapur Main Road,
Eastern Metropolitan Bypass, E.K.T,
Kolkata -700107, West Bengal, India
Phone: +91 33 2442 7399/ +91 33 2442 7299
Email: secretarial@vikramsolar.com
Website: www.vikramsolar.com

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Vikram Solar IPO Valuation