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Vikram Solar Limited

The company has launched a book-building IPO of ₹2,079.37 crores, comprising a fresh issue of 4.52 crore shares aggregating ₹1,500.00 crores and an offer for sale of 1.75 crore shares aggregating ₹579.37 crores. The IPO was open from Aug 19, 2025, to Aug 21, 2025, with allotment on Aug 22, 2025, and listing on BSE and NSE on Aug 26, 2025. The price band was set at ₹332 per share, with a lot size of 45 shares. Retail investors could apply with a minimum investment of ₹14,940, while sNII and bNII investors had minimum investments of ₹2,09,160 and ₹10,00,980, respectively.

The IPO provides investors the opportunity to participate in India’s renewable energy growth through one of the country’s most recognized solar PV module manufacturers. With a strong product portfolio, established client base including government and private entities, and a skilled workforce of over 1,600 employees, Vikram Solar is positioned to expand its domestic and international footprint while supporting sustainable energy initiatives.

Vikram Solar Limited IPO & Charts
₹332

0%

Open

₹332

HIgh - Low

₹332

Previous Close

₹332

Total Traded Value

0

52 Weeks High

₹332

52 Weeks Low

₹332

Updates On

Aug 11, 2025

IPO. Open

Aug 19, 2026

IPO. Close

Aug 21, 2026

IPO. Price

₹332.00

IPO Market price

₹12,009.01 Cr

IPO Details

IPO Date 26 Aug
IPO Listing Date 26 Aug
IPO Face Value ₹10 per share
IPO Price Range ₹332.00
IPO Issue Size 6,26,31,604 shares
IPO Sale Type Fresh Capital & OFS
Employee Discount -
IPO Issue Type Bookbuilding
IPO Listing BSE,NSE Platform
hare Holding Pre Issue 31,65,36,309

IPO Timeline

IPO Open Date 19 Aug
IPO Close Date 21 Aug
IPO Allotment (Tentative) 22 Aug
Refunds 25 Aug
Credit to Demat Account 25 Aug
IPO Listing Date 26 Aug

IPO Reservation

Category Offer
QIB Shares Offered 3,11,65,200 Shares
NII (HNI) Shares Offered 93,49,560 Shares
Retail Shares Offered 2,18,15,640 Shares

IPO Lot Size

Investors must bid for at least 45 shares, with additional shares in multiples of 45.

Application Lots Share Amount
Retail (Min) 1 45 ₹14,940
Retail (Max) 13 585 ₹1,94,220
S-HNI (Min) 14 630 ₹2,09,160
S-HNI (Max) 66 2,970 ₹9,86,040
B-HNI (Min) 67 3,015 ₹10,00,980
About Company

Incorporated in 2005, Vikram Solar Limited is a leading manufacturer of solar photovoltaic (PV) modules in India, serving both domestic and international markets. The company also provides Engineering, Procurement, and Construction (EPC) solutions and Operations & Maintenance (O&M) services for solar power projects, ensuring efficient project execution and optimal performance of solar installations.

Core Products and Technology:
Vikram Solar specializes in high-efficiency solar PV modules, including:

PERC Modules: p-type monocrystalline silicon with Passivated Emitter and Rear Contact technology.

TOPCon Modules: n-type monocrystalline silicon with Tunnel Oxide Passivated Contact technology.

HJT Modules: n-type monocrystalline silicon with heterojunction technology.

These modules are available in bifacial (glass-to-glass or glass-to-transparent back sheet) and monofacial (glass-to-white/black back sheet) formats.

Manufacturing and Operations:
The company operates manufacturing facilities at Falta SEZ, Kolkata, West Bengal, and Oragadam, Chennai, Tamil Nadu. Vikram Solar has built a pan-India presence, serving 23 states and 3 union territories through a network of 41 authorized distributors, 64 dealers, and 67 system integrators. Its domestic clients include major government entities such as NTPC, Neyveli Lignite Corporation, and Gujarat Industries Power Company, along with large private independent power producers (IPPs) like ACME Cleantech Solutions Pvt. Ltd.

As of March 31, 2025, the company employs 1,612 permanent employees and 974 contractual employees, supported by a skilled workforce to ensure quality manufacturing, EPC execution, and project maintenance

Vikram Solar Ltd.’s revenue grew by 37% in the financial year ending March 31, 2025, compared to the previous year, while its profit after tax (PAT) surged by 75% over the same period.

Company Financials (Consolidated)

Assets 2,832.15 2,585.50 2,476.29
Total Income 3,459.53 2,523.96 2,091.91
Profit After Tax 139.83 79.72 14.49
EBITDA 492.01 398.58 186.18
NET Worth 1,241.99 445.42 365.2
Reserves and Surplus 932.6 192.16 113.07
Total Borrowing 230.67 808.33 737.79

Key Performance Indicator (KPI)

ROE 16.57%
ROCE 24.49%
Debt/Equity 0.19
RoNW 11.26%
PAT Margin 4.08%
EBITDA Margin 14.37%
Price to Book Value 8.46
IPO Objective

IPO Objects of the Issue

S.No. Objects of the ipo Resources Detail IPO Amount
1 Funding capital expenditure requirements for the purchase of equipment/machineries -
2 To meet out the expenses of Working Capital Requirement -
3 To meet out the General Corporate Purposes; 49.55
4 Offer for Sale (OFS) -

Contact Details

Vikram Solar Ltd. Address
Biowonder, Unit No. 1102, 11th Floor,
789, Anandapur Main Road, Eastern Metropolitan
Bypass, E.K.T,
Kolkata, West Bengal, 700107
+91 33 2442 7399
secretarial@vikramsolar.com

Detail Registrar

IPO Registrar

MUFG Intime India Pvt.Ltd.
+91-22-4918 6270
vikramsolar.ipo@linkintime.co.in

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