Allotment

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