Vikram Solar IPO

54.54x

subscribed

Vikram Solar IPO

listed
₹14,175Min. investment
  1. Pre-apply
    16 Aug
  2. Bid start
    19 Aug
  3. Bid end
    21 Aug
  4. Allotment
    22 Aug
  5. Release of funds
    25 Aug
  6. Demat transfer
    25 Aug
  7. Listing
    26 Aug

About Vikram Solar Limited

Price range₹315 – ₹332
IPO type
Regular
Lot size45 shares
Issue size₹2,079Cr
Red Herring Prospectus
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Vikram Solar Limited IPO Overview

Vikram Solar Limited IPO date

Vikram Solar Limited IPO will open for subscription on August 19, 2025, and the closing date for the IPO is August 21, 2025. After this, investors are expected to be updated about the allotment status on August 22, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on August 25, 2025. The shares will be listed on the NSE and the BSE on Tuesday, August 26, 2025.

Vikram Solar Limited IPO price band

The IPO includes a fresh issue of shares and an offer for sale. The IPO price band has been set between ₹315 to ₹332 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹1,500 crore and an offer for sale of ₹579.37 crore.

Vikram Solar Limited IPO listing price will be determined on Aug 26, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Vikram Solar Limited IPO lot size

Vikram Solar Limited IPO details have been declared. The minimum lot size for an application is 45 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹2,079.37 crore.

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Objectives

Capital expenditure
90.90%
General corporate purposes
9.10%

Strength and Weakness

Large and strategically located manufacturing base

The company with its 2 strategically located plants at Falta SEZ, Kolkata (3.20 GW) and Oragadam, Chennai (1.30 GW), which provide cost-efficient access to global markets. Its manufacturing capacity will rise from 4.50 GW in FY25 to 15.50 GW in FY26 and 20.50 GW in FY27, driving scale and cost efficiency. The company also plans 12 GW of solar cell capacity and 5 GWh of battery storage by FY27, aiming to become a fully integrated renewable energy player with strong export potential.

Market leadership with advanced technology capabilities

With over 17 years in solar manufacturing, the company is among India’s largest pure-play module producers, holding ALMM-listed capacity of 2.85 GW. Recognised with Bloomberg NEF Tier-1 status and the EUPD Top Brand PV Seal (2025), it has a strong footprint in both domestic and export markets. Its product portfolio spans advanced Mono PERC, N-Type, and HJT modules, delivering 20.23%-23.66% efficiency and up to 735 Wp output, ensuring competitiveness in high-performance segments globally.

Diverse domestic and global presence

The company has built a strong distribution footprint with 83 distributors and over 250 dealers across 19 states and 2 UTs in India as of FY25. Internationally, it exports to 39 countries, achieving cumulative shipments of 7.12 GW since inception. Its customer base includes leading IPPs and marquee government clients such as NTPC, NLC, Adani Green, Azure, AMP Energy, and GIPCL, underscoring strong market credibility and repeat business potential.

Industry-leading solar module efficiency

The company has rapidly increased solar PV module wattages from 250 Wp in 2016 to 735 Wp in 2024, with efficiencies now reaching up to 23.66%. This puts their latest products at the forefront of global technology standards, proving their consistent focus on innovation and manufacturing excellence.

About Vikram Solar Limited

Incorporated in December 2005, Vikram Solar Limited is one of India’s largest solar photovoltaic (PV) module manufacturers with over 17 years of industry experience. As of FY25, it has an installed manufacturing capacity of 4.50 GW and an ALMM-listed capacity of 2.85 GW. The company began operations in 2009 with 12 MW capacity and now operates two manufacturing facilities at Falta SEZ, West Bengal, and Oragadam, Tamil Nadu, strategically located near ports and major transport networks to cater to both domestic and international markets. It operates through three key business divisions: domestic PV module sales, exports, and EPC & O&M services.
The company offers high-efficiency PV modules in three main technologies – p-type mono PERC, N-type, and heterojunction (HJT) – with both bifacial and monofacial options. Wattage ratings range from 395 Wp to 735 Wp, with efficiencies up to 23.66%. Products undergo advanced reliability testing and are backed by 12-year product warranties and 27–30-year performance warranties.
In FY25, Vikram Solar derived 97.24% of its revenue from domestic sales, backed by an order book of 10,340.82 MW (~2.3× its annual capacity). The company is undertaking significant capacity expansion, targeting 15.50 GW PV module capacity by FY26 and 20.50 GW by FY27. It is also backward integrating into solar cell manufacturing with two upcoming facilities of 3 GW and 9 GW capacity in Gangaikondan, Tamil Nadu, by FY27, and diversifying into battery energy storage systems (BESS) with an initial 1 GWh plant expandable to 5 GWh by FY27.
The company has a wide customer base spanning 19 Indian states and 2 union territories, with 83 authorised distributors and over 250 dealers, with strong penetration in high-demand regions such as Gujarat, Rajasthan, and Uttar Pradesh. Its domestic clientele includes leading government entities such as NTPC, NLC, and GIPCL, along with major private independent power producers such as Adani Green, Azure, JSW Energy, and ACME. Internationally, the company has supplied products to customers in 39 countries, including the US, Canada, the UK, Germany, and the UAE, with marquee clients such as PureSky Development Inc. and Sundog Solar LLC.
The global solar PV capacity reached about 2.2 TW in 2024 and is projected to exceed 7 TW by 2030, growing at an approx 10% CAGR, with solar expected to contribute around 65% of new renewable capacity additions. India, the third-largest solar market, had ~116 GW installed by June 2025, accounting for 48% of its total power capacity. Renewable capacity (excluding large hydro) is expected to grow at 15.9-16.5% CAGR to 360-370 GW by 2030, including 150-170 GW of new solar capacity plus a potential 45-50 GW from green hydrogen demand. Rooftop solar stood at 17.02 GW in March 2025, with 28-30 GW more expected by 2030, due to policy incentives, cost declines, and strong government tendering.
Vikram Solar, with its 4.50 GW current capacity and aggressive expansion plan to 20.50 GW by FY27, is well-positioned to meet rising demand. Its integrated backwards expansion into solar cell manufacturing and entry into battery energy storage systems will allow it to capture a larger share of the value chain. Now, Vikram Solar Ltd is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹1,500 crore and an offer for sale of ₹579.37 crore. The total issue size of the IPO is ₹2,079.37 crore. Its shares will be listed on the NSE and BSE.

IPO Analysis

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IPO REVIEW
Vikram Solar IPO
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IPO Subscription Status

Date
QIB
NII
Retail
Total
19-Aug-25
0.03 times (X)
3.82 times (X)
1.39 times (X)
1.52 times (X)
20-Aug-25
0.13X
12.88X
3.5X
4.57X
21-Aug-25
76.25X
50.36X
7.56X
54.54X

Latest News on IPO

news logo
Vikram Solar, one of the largest solar photo-voltaic modules manufacturers, has filed draft papers with the capital markets regulator SEBI for fund raising via initial share sale on September 30. The IPO consists of fresh issue of Rs 1,500 crore worth shares, and an offer-for-sale of 1.74 crore equity shares by promoters Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary.
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Vikram Solar, a leading Indian solar energy provider, is expanding its manufacturing capacity from 3 GW to 6 GW with new facilities in Tamil Nadu and West Bengal. The company exports to 39 countries and supports India’s 500 GW renewable energy target by 2030. It focuses on innovation, backward integration, and sustainability to drive growth and meet increasing demand.
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Vikram Solar IPO intends to use fresh issue proceeds for investment in its wholly owned unit, VSL Green Power Pvt Ltd, for both Phase I and Phase II of the project. A portion will also be utilised for general corporate purposes.

3 min read

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Vikram Solar IPO: The ₹2,079.37 crore initial public offering, with a price range of ₹315 to ₹332 per share, is a mix of new equity shares worth up to ₹1,500 crore and an offer for sale of ₹579.37 crore.

3 min read

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Vikram Solar IPO allotment: The initial share sale, with a price band of ₹315 to ₹332 per equity share, consists of new shares worth ₹1,500 crore and an offer for sale (OFS) aggregating to ₹579.37 crore.

4 min read

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Vikram Solar IPO Listing Date: The issue is a mix of fresh issuance of shares valued at ₹1,500 crore and an offer for sale (OFS) aggregating to ₹579.37 crore.

3 min read

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Vikram Solar share price: The ₹2,079.37 crore IPO was a fresh issuance of shares worth ₹1,500 crore and an offer for sale of ₹579.37 crore. The price range was set at ₹315 to ₹332 per share.

2 min read

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Vikram Solar IPO ?

The issue size of the Vikram Solar IPO is 2079 Cr.

What is 'pre-apply' for Vikram Solar IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Vikram Solar IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.