Vikram Solar IPO is a book-built issue worth โน2,079.37 crores, consisting of a fresh issue of 4.52 crore shares aggregating to โน1,500.00 crores and an offer for sale of 1.75 crore shares aggregating to โน579.37 crores.
The IPO will open for subscription on August 19, 2025, and close on August 21, 2025. The basis of allotment is expected to be finalized on August 22, 2025, while the tentative listing date on BSE and NSE is set for August 26, 2025.
The Vikram Solar Share price band is fixed at โน315 to โน332 per share, with a lot size of 45 shares. The minimum retail investment stands at โน14,175. For sNII, the lot size is 14 lots (630 shares) requiring an investment of โน2,09,160, while for bNII, it is 67 lots (3,015 shares) amounting to โน10,00,980.
Vikram Solar IPO Details
| General | Detail |
|---|---|
| IPO Date | August 19, 2025 to August 21, 2025 |
| Listing Date | [.] |
| Face Value | โน10 per share |
| Issue Price Band | โน315 to โน332 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 โน2,079.37 Cr) |
| Fresh Issue | 4,51,80,722 shares (aggregating up to โน1,500.00 Cr) |
| Offer for Sale | 1,74,50,882 shares of โน10 (aggregating up to โน579.37 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 Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
Vikram Solar IPO Lot Size
Investors can place bids starting with a minimum of 45 shares and in multiples thereafter. The table below highlights the minimum and maximum investment limits for Individual Retail Investors and High Net-worth Investors (HNI) in terms of both shares and investment amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 45 | โน14,940 |
| Retail (Max) | 13 | 585 | โน1,94,220 |
| S-HNI (Min) | 14 | 630 | โน2,09,160 |
| S-HNI (Max) | 66 | 2,970 | โน9,86,040 |
| B-HNI (Min) | 67 | 3,015 | โน10,00,980 |
Vikram Solar IPO Promoter Holding
The company promoters are Gyanesh Chaudhary, Gyanesh Chaudhary Family Trust, and Vikram Capital Management Private Limited.
| Share Holding Pre Issue | 77.64% |
| Share Holding Post Issue | 63.11% |
Note: The equity dilution value will be derived using the formula:
Equity Dilution = Shareholding (Pre-Issue) โ Shareholding (Post-Issue).
Vikram Solar IPO Date
Vikram Solar IPO will open for subscription on August 19, 2025, and close on August 21, 2025.
| IPO Timeline | Dates |
|---|---|
| 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 August 21, 2025 |
Investor Category Reservations
| 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 | Employee limit: Up to Rs 2 Lakhs (In certain cases, employees are given discount if bidding amount is upto Rs. 2 lakhs)If applying as RII: Upto Rs. 2 lakhsIf applying as NII: sNII > Rs. 2 lakhs and upto Rs. 10 lakhs and bNII > Rs. 10 lakhs | Yes for Employee and RII/NII |
About Vikram Solar IPO
Vikram Solar Ltd. was founded in 2005 by Gyanesh Chaudhary in Kolkata, West Bengal, with a focus on solar photovoltaic module manufacturing. Over time, it has grown into one of Indiaโs leading solar companies with a presence in 39 countries and two major manufacturing facilities located in Falta, West Bengal and Oragadam, Chennai, Tamil Nadu. The company currently operates with a production capacity of 4.5 GW, covering advanced technologies like Mono PERC and n-type TOPCon modules.
Apart from manufacturing, Vikram Solar also provides Engineering, Procurement and Construction (EPC) services and Operations and Maintenance (O&M) solutions. Its customer base includes major government entities such as NTPC Renewable Energy, NLC India, GIPCL, along with large commercial and industrial players. As of March 2025, the company has shipped over 7.12 GW of modules and holds a strong order book of 10.34 GW, with 6.42 GW under execution.
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Financially, Vikram Solar recorded strong growth in FY 2025 with revenue rising to โน3,423 crore (up 36% year-on-year). Profit after tax (PAT) stood at โน140 crore (up 75%), while EBITDA reached โน492 crore. These figures highlight the companyโs robust financial performance in the renewable energy sector.
The promoters of the company are Gyanesh Chaudhary, Gyanesh Chaudhary Family Trust, and Vikram Capital Management Pvt. Ltd., who hold majority control. The company is now coming out with the Vikram Solar IPO, IPO to raise โน2,079.37 crore, consisting of a โน1,500 crore fresh issue and a โน579 crore offer for sale. The IPO will open on August 19, 2025, and close on August 21, 2025, with allotment on August 22 and listing on August 26, 2025, at both BSE and NSE.
The unique strength of Vikram Solar lies in its quality, innovation, and reliability. It has been consistently recognized as a PVEL Top Performer for module performance and durability. With aggressive expansion plans, a global footprint, and trusted clients, the company is well positioned as a future leader in the solar industry.
Company Products
- Solar PV Modules (Mono PERC, n-type TOPCon, Bifacial)
- EPC Services (Engineering, Procurement and Construction)
- O&M Services (Operations and Maintenance)
Company Strengths
- 4.5 GW manufacturing capacity across two plants
- 7.12 GW cumulative shipments and 10.34 GW order book
- 36% revenue growth and 75% PAT growth in FY 2025
- Recognized as PVEL Top Performer for reliability
- Presence in 39 countries with expanding global reach
- Trusted by NTPC Renewable Energy, NLC India, and other major clients
Competitors
- Waaree Energies Ltd.
- Premier Energies Ltd.
- Websol Energy Systems Ltd.
- Global Tier-1 solar manufacturers like Trina Solar, Jinko Solar, and LONGi Green Energy
Company Financials
Vikram Solar Ltd. Financial Information
Vikram Solar Ltd.’s revenue increased by 37%, while its Profit After Tax (PAT) rose by 75% between the financial year ending 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 | 0.86 | -0.10 | -0.08 |
| Reserves and Surplus | 932.60 | 192.16 | 113.07 |
| Amount in โน Crore | |||
Key Performance Indicator (KPI)
The market capitalization of Vikram Solar IPO is estimated at โน12,009.01 crore.
| 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 4.42 | 3.87 |
| P/E (x) | 75.16 | 85.88 |
- Note:
- The Pre-IPO EPS is calculated based on the pre-issue shareholding as on the date of the RHP and the latest FY earnings as of March 31, 2025. The Post-Issue EPS is derived from the post-issue shareholding and the annualized FY earnings of March 31, 2025, as disclosed in the RHP.
Objects of the Issue
| S.No. | Objects of the Issue | Expected Amount (โน 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 |
Vikram Solar IPO Contact Details
Vikram Solar Ltd. Contact Details
- 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/
Vikram Solar IPO Registrar
- Phone: +91-22-4918 6270
- Email: vikramsolar.ipo@linkintime.co.in
- Website: https://linkintime.co.in/Initial_Offer/public-issues.html
- Total issue size: โน2,079.37 crore
- Fresh issue: โน1,500 crore
- Offer for Sale (OFS): โน579.37 crore
- Price band: โน315 to โน332 per share
- Lot size: 45 shares
- Minimum investment (Retail): โน14,175
- Minimum investment (sNII): โน2,09,160 for 14 lots (630 shares)
- Minimum investment (bNII): โน10,00,980 for 67 lots (3,015 shares)
- Allotment Date: August 22, 2025 (Tentative)
- Listing Date: August 26, 2025 (Tentative)
- Exchanges: BSE and NSE
- Revenue growth (FY24 to FY25): Up 37%
- PAT growth (FY24 to FY25): Up 75%
- Market Capitalization post IPO: โน12,009.01 crore
- Gyanesh Chaudhary
- Gyanesh Chaudhary Family Trust
- Vikram Capital Management Pvt. Ltd.
- Indiaโs leading solar energy solutions provider
- Engaged in solar module manufacturing, EPC projects, and O&M services
- Factories located in West Bengal and Tamil Nadu with 3.5 GW capacity
- Presence in 30+ countries across Asia, Europe, Africa, and the Americas
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