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Vikram Solar IPO
54.54xsubscribed

Vikram Solar IPO

listed
₹14,175Min. investment

Vikram Solar Limited IPO Details

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

Vikram Solar 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

As on 19-Aug-25, 5:30 PM

Vikram Solar IPO Timeline

  1. Pre-apply
    16 Aug 2025
  2. Bid start
    19 Aug 2025
  3. Bid end
    21 Aug 2025
  4. Allotment
    22 Aug 2025
  5. Release of funds
    25 Aug 2025
  6. Demat transfer
    25 Aug 2025
  7. Listing
    26 Aug 2025

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.

Vikram Solar Limited IPO Analysis

IPO REVIEW

Vikram Solar IPO | Analysis Video

Should you apply?

Watch our analysts break down the Vikram Solar Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

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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.

Objectives of Vikram Solar Limited IPO

Capital expenditure
90.90%
The company is spending ₹1,364.9 crore on its subsidiary's Phase-I and Phase-II capital projects.
General corporate purposes
9.10%
Part of the IPO proceeds will be used for general corporate purposes.

Vikram Solar IPO Contact Details

Company NameVikram Solar Limited

How to apply for Vikram Solar IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Vikram Solar Limited IPO FAQs

Investors can apply for the Vikram Solar IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Vikram Solar IPO is 2079 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
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.
Vikram Solar IPO will be open between 2025-08-19 and 2025-08-21.
Vikram Solar IPO allotment date is 2025-08-25. For Vikram Solar IPO allotment status check, you can visit the website of the registrar of the IPO.
For Vikram Solar IPO, the IPO registrar is MUFG Intime India Private Limited. You can check Vikram Solar IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Vikram Solar IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Vikram Solar IPO lot size is 45 and minimum order quantity is 45.
Vikram Solar IPO has set the price band for its IPO at 332 per equity share with a face value of 10.