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  1. Vikram Solar IPO fully subscribed on day 1: Check price band, lot size and key things to know

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Vikram Solar IPO fully subscribed on day 1: Check price band, lot size and key things to know

Kamal Joshi

3 min read | Updated on August 19, 2025, 14:45 IST

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SUMMARY

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.

Vikram Solar is among the largest solar photovoltaic (PV) module manufacturers. | Image: Shutterstock

Vikram Solar is among the largest solar photovoltaic (PV) module manufacturers. | Image: Shutterstock

Vikram Solar IPO: The initial public offering of solar module manufacturer Vikram Solar has been fully booked on the first day of subscription on Tuesday, August 19. It will conclude on August 21. The price band is set at ₹315 to ₹332 per share. A lot consists of 45 shares.

The ₹2,079.37 crore IPO includes new equity shares aggregating to ₹1,500 crore and an offer for sale of ₹579.37 crore at the upper end of the price band by its promoters.

Under the OFS, Vikram Capital Management Private Limited, Anil Chaudhary and Gyanesh Chaudhary will offload their stake.

The company 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.

Vikram Solar IPO: Subscription details

CategorySubscription Status (As of 2:43 pm)
Qualified Institutional Buyers (QIBs)1%
Non-Institutional Investors2.31 times
Retail Investors1.01 times
Total1.01 times

On Monday, the company had secured ₹621 crore in the anchor round from investors such as Goldman Sachs Fund, BNP Paribas, Morgan Stanley India Investment Fund, HSBC, ICICI Prudential Life Company, Citigroup, SBI General Insurance Company, UTI Mutual Fund (MF), Kotak Mahindra MF, Nippon India MF, Franklin Templeton MF, and Edelweiss MF.

Vikram Solar IPO timeline: Allotment and listing dates

EventDate
Subscription periodAugust 19 to August 21
Basis of allotmentAugust 22
Initiation of RefundsAugust 25
Credit of Shares to DematAugust 25
Listing dateAugust 26

JM Financial, UBS Securities India Pvt Ltd, Equirus Capital Pvt Ltd, PhillipCapital (India) Pvt Ltd and Nuvama Wealth Management are the booking running lead managers of the issue, while MUFG Intime India is the registrar.

About Vikram Solar

Vikram Solar is among the largest solar photovoltaic (PV) module manufacturers, with an installed manufacturing capacity of 4.50 GW as of the financial year 2024-25.

Its key domestic customers include government entities like NTPC, Gujarat Industries Power Company, and Neyveli Lignite Corporation, and large private independent power producers (IPPs) such as Adani Green Energy, Azure Power India, ACME Cleantech Solutions, JSW Energy, and Rays Power Infra, among others.

Vikram Solar IPO latest GMP

According to media reports and investorgain.com, the unlisted shares of Vikram Solar are trading at ₹386 per share, reflecting a grey market premium of 16.27% over the upper price band of ₹332.
Disclaimer: Grey Market Premium, or GMP, is an unofficial indicator of market sentiment toward an IPO. It is not regulated by the stock exchanges or SEBI. Upstox neither supports nor encourages grey market trading. Investors are advised to conduct their own research or consult an expert before making any investment decisions.
To learn more about IPOs, their listings, schedules, and upcoming IPOs, visit our page.
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About The Author

Kamal Joshi
Kamal Joshi is a business journalist who covers industries, markets, and IPOs. He is passionate about breaking news and enjoys playing tennis, especially flexing his backhand. He was previously associated with Republic TV and LatestLY.