The public issue (IPO) of Vikram Solar Limited has opened today and will remain open until August 21, 2025. Vikram Solar is one of India’s biggest solar panel makers. Its share price range for the IPO is set between ₹315 and ₹332 per share. The company plans to list on both the NSE and BSE.
Why the Buzz?
The company’s shares are currently trading at a grey market premium (GMP) of ₹70. This suggests that people expect the shares to list about 21% higher than the highest offer price.
IPO Details
- Vikram Solar wants to raise ₹2,079.37 crore from this IPO.
- Out of this, ₹1,500 crore will come from issuing brand-new shares, while ₹579.37 crore is from shares that existing owners are selling.
- Each lot has 45 shares.
- The company has chosen MUFG Intime India Private Limited as the IPO registrar.
- Major financial companies like JM Financial, Nuvama Wealth Management, UBS Securities India, Equiras Capital, and Philip Capital India are managing the process.
- The IPO allotment (deciding who gets how many shares) is likely to be done by August 22, 2025, with the shares expected to be listed on August 25.
Subscription Status
On day one, by 12:57 PM, the IPO was subscribed 0.67 times. The retail portion saw 0.70 times subscription, non-institutional investors (NII) 1.46 times, and qualified institutional buyers (QIB) just 0.01 times.
Company Performance
- Vikram Solar has a 4.5 GW manufacturing capacity and aims to grow to 15.5 GW.
- In FY25, revenue went up 37% to ₹3,459.5 crore. Net profit rose 75% to ₹139.8 crore.
- Its customers include big companies like NTPC and Adani.
- Experts say it has strong potential, with government policy support, a large order book (10.3 GW), and backwards integration.
- The company’s ROE is 16.55%, PAT margin is a little over 4%, and EBITDA margin is about 14.35%. Price-to-book is near 8.5 times.
Analyst Opinion: Apply or Not?
Analysts mostly suggest “subscribe” or “buy” for this IPO. They say Vikram Solar is well-positioned for India’s solar energy boom and has shown good growth. However, they remind investors that the price isn’t cheap, and there are risks such as large spending needs and reliance on big customers. Still, for those who want to invest in clean energy, this IPO could be worth considering for listing gains and long-term growth.
Note: Always speak with a certified expert before making investment decisions.
The money raised will mainly be used to pay for new manufacturing projects and other business needs. Vikram Solar’s total market value from the IPO is about ₹12,009 crore.