Vikram Solar Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹315 - ₹332
- Lot size
- 45 shares
- Issue amount
- ₹2,079.37 cr
- Total subscription
- 56.41×
- Opens
- 19 Aug 2025
- Closes
- 21 Aug 2025
- Allotment
- 22 Aug 2025
- Listing
- 26 Aug 2025
Offer at a glance
Issue overview
- Issue size
- 6,26,31,605 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹14,175
- Fresh issue
- ₹1,500 cr
- Offer for sale
- ₹579.37 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,940
- Issue type
- Bookbuilding IPO
- Shares before issue
- 31,65,36,309
- Shares after issue
- 36,17,17,031
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 45 | ₹14,940 |
| sHNI | 14 | 630 | ₹2,09,160 |
| bHNI | 67 | 3,015 | ₹10,00,980 |
Share reservation
Subscription & GMP
Subscription by category
Missing multiples are calculated from bids and offered shares when available.
GMP history
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| HNIs (10L+) | 9,894 | 31,900 |
| HNIs (2-10L) | 4,947 | 73,150 |
| RETAIL | 4,84,792 | 15,49,222 |
| Employee | 0 | 12,822 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 413.87 | 60,052.72 |
| RETAIL | 724.28 | 5,757.64 |
| NIB | 310.41 | 16,413.46 |
| HNIs 2+ | 103.47 | 4,084.3 |
| HNIs 10+ | 206.94 | 12,329.16 |
| EMPLOYEES | 10 | 51.03 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| EPS | 4.61 | 3.08 | 0.56 |
| ROE | 16.57 | 19.67 | 4.05 |
| ROCE | 24.49 | 20.76 | 12.78 |
| RONW | 11.26 | 17.9 | 3.97 |
| PRE IPO(PE) | 0 | 0 | 0 |
| POST IPO(PE) | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Company information
Company profile
Vikram Solar Limited, established in 2005, is a leading name in the solar energy sector, specializing in the production of high-efficiency photovoltaic (PV) modules. Serving both Indian and international markets, the company offers advanced solar solutions through three main business segments: PV module manufacturing, turnkey Engineering, Procurement, and Construction (EPC) services, and operations and maintenance (O&M) support to ensure long-term performance and reliability of solar installations. Its product portfolio features high-performance modules developed using cutting-edge technologies such as PERC (p-type monocrystalline silicon with Passivated Emitter and Rear Contact), TOPCon (n-type monocrystalline silicon with Tunnel Oxide Passivated Contact), and HJT (n-type silicon with Heterojunction Technology). These modules are available in both bifacial (glass-to-glass or glass-to-transparent back sheet) and monofacial (glass-to-white or black back sheet) variants. The company operates two strategically located manufacturing facilities—one in Falta SEZ, Kolkata, West Bengal, and another in Oragadam, Chennai, Tamil Nadu. As of March 31, 2024, Vikram Solar had a workforce comprising 1,513 permanent employees and 728 contractual workers
Strengths
- Strong Brand & Customer Base: Developed through a deep understanding of customer needs and a commitment to consistent product quality.
- Advanced Manufacturing Capabilities: State-of-the-art automated facilities equipped with leading technologies from Japan, Germany, the U.S., and Switzerland.
- Robust R&D and Technical Expertise: Driven by focused research, rigorous quality control, and a highly skilled workforce.
Risk factors
- Raw Material Price Volatility: Fluctuations in wafer and solar cell prices may increase costs and affect profitability.
- Ongoing Legal Proceedings: Legal cases involving the company and its promoters may result in liabilities or penalties.
- Lack of Long-Term Supplier Contracts: Reliance on spot purchases increases the risk of raw material shortages.
Promoters
Gyanesh Chaudhary
Gyanesh Chaudhary Family Trust
Vikram Capital Management Private Limited
Registrar & documents
Lead manager
Jm Financial Limited, Nuvama Wealth Management Limited, Ubs Securities India Private Limited, Equirus Capital Private Limited, PhillipCapital India Private Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Biowonder, Unit No. 1102, 11th Floor, 789, Anandapur Main Road, Eastern Metropolitan Bypass, E.K.T, Kolkata, West Bengal, 700107
+91 33 2442 7399
[email protected]Company website ↗Understanding VIKRAMSOLR IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.