Vikram Solar IPO
Bookbuilding IPO | ₹2,079.00 Cr | Listing at BSE, NSE
IPO Open
Tue, Aug 19, 2025
IPO Close
Thu, Aug 21, 2025
Price Band
₹315.00 to ₹332.00
Market Cap (Pre-IPO)
₹12,009.01 Cr
IPO Details
| IPO Date | Aug 19, 2025 to Aug 21, 2025 |
| Listing Date | Tentative: Aug 26, 2025 |
| Face Value | ₹10.00 per share |
| Price Band | ₹315.00 to ₹332.00 |
| Lot Size | 45 Shares (Minimum: ₹14,940.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹2,079.00 Crores |
| Total Shares Offered | 62,631,604 shares |
| Fresh Issue | 45,180,722 shares |
| Offer For Sale | 17,450,882 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 145.10x |
| NII | 52.87x |
| RII | 7.98x |
| Total | 56.42x |
Vikram Solar IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 3,11,65,200 (49.76%) |
| Retail Shares Offered | 2,18,15,640 (34.83%) |
| NII Shares Offered | 93,49,560 (14.93%) |
Vikram Solar IPO Lot Size
Investors can bid for a minimum of 45 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 45 | ₹14,940 |
| Retail (Max) | 13 | 585 | ₹194,220 |
| S-HNI (Min) | 14 | 630 | ₹209,160 |
| S-HNI (Max) | 66 | 2,970 | ₹986,040 |
| B-HNI (Min) | 67 | 3,015 | ₹1,000,980 |
Vikram Solar Financial Information (Restated Consolidated)
Vikram Solar Ltd.'s revenue increased by 37% and profit after tax (PAT) rose by 75% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| 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 | 365.20 |
| Reserves and Surplus | 932.60 | 192.16 | 113.07 |
| Total Borrowing | 230.67 | 808.33 | 737.79 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 16.57% |
| ROCE (Return on Capital Employed) | 24.49% |
| Debt/Equity | 0.19 |
| RoNW (Return on Net Worth) | 11.26% |
| PAT Margin (Profit After Tax Margin) | 4.08% |
| EBITDA Margin | 14.37% |
| Price to Book Value | 8.46 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 4.42 | 3.87 |
| P/E (x) | 75.16 | 85.88 |
| Promoter Holding | 77.64% | 63.11% |
Company Promoters
- Gyanesh Chaudhary
- Gyanesh Chaudhary Family Trust and Vikram Capital Management Private Limited are the company promoters.
Company Overview
Incorporated in 2005, Vikram Solar Limited is a solar photo-voltaic (“ PV”) modules manufacturer.
Core Operations:
- Solar Photovoltaic (PV) Module Manufacturing: Specializing in the production of high-efficiency solar PV modules, Vikram Solar caters to both domestic and international markets.
- Engineering, Procurement, and Construction (EPC) Services: The company provides comprehensive EPC solutions for solar power projects, ensuring efficient project execution from design to commissioning.
- Operations and Maintenance (O&M): Vikram Solar offers O&M services to optimize the performance and longevity of solar power installations.
The company's solar energy products consists of the following high-efficiency solar PV modules: (i) p-type monocrystalline silicon based Passivated Emitter and Rear Contact (“PERC”) modules; (ii) n-type monocrystalline silicon based Tunnel Oxide Passivated Contact (“TOPCon”) modules; and (iii) n-type monocrystalline silicon based heterojunction technology (“HJT”) modules; all of these being either bifacial (glass-to-glass/ glass-to-transparent back sheet) or monofacial (glass-to-white/black back sheet) modules.
Manufacturing facilities located at:
- Falta SEZ, Kolkata, West Bengal and Oragadam, Chennai, Tamil Nadu.
The company have established a pan-India presence, serving 23 states and three union territories, through an extensive distributor network of 41 authorized distributors, 64 dealers and 67 system integrators.
The company's domestic customers include prominent government entities, such as National Thermal Power Corporation, Neyveli Lignite Corporation Limited and Gujarat Industries Power Company Limited, and large private independent power producers (“IPPs”), such as ACME Cleantech Solutions Pvt. Ltd.,
As of March 31, 2025, we have 1,612 employees and 974 contractual employees
Use of Proceeds
| 1) | Partial funding of capital expenditure for the Phase-I Project. | 769.73 |
| 2) | Funding of capital expenditure for the Phase-II Project | 595.21 |
| 3) | General Corporate Purposes | 49.55 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Vikram Solar IPO Peer Comparison
Vikram Solar peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Vikram Solar Ltd. | 4.61 | 4.60 | 39.24 | 0.00 | 11.26 | 0.00 | Consolidated |
| Waaree Energies Limited | 68.24 | 67.96 | 334.00 | 45.79 | 20.09 | 9.32 | Consolidated |
| Premier Energies Limited | 21.35 | 21.35 | 62.61 | 47.01 | 33.21 | 16.18 | Consolidated |
| Websol Energy System Limited | 36.66 | 36.17 | 65.88 | 40.04 | 55.65 | 22.28 | Consolidated |
Quick Info
| Sector | Renewable Energy/Solar |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹12,009.01 Cr |
| GMP | 0.00 |
Important Dates
| IPO Open | Aug 19, 2025 |
| IPO Close | Aug 21, 2025 |
| Allotment Date | Aug 22, 2025 |
| Credit to Demat | Aug 25, 2025 |
| Listing Date | Tentative: Aug 26, 2025 |
Lead Manager(s)
JM Financial Ltd.
Registrar
Description
- Vikram Solar IPO is a book build issue of ₹2,079.37 crores. The issue is a combination of fresh issue of 4.52 crore shares aggregating to ₹1,500.00 crores and offer for sale of 1.75 crore shares aggregating to ₹579.37 crores.
- Vikram Solar IPO bidding started from Aug 19, 2025 and ended on Aug 21, 2025. The allotment for Vikram Solar IPO was finalized on Aug 22, 2025. The shares got listed on BSE, NSE on Aug 26, 2025.
- Vikram Solar IPO price band is set at ₹332.00 per share . The lot size for an application is 45. The minimum amount of investment required by an retail is ₹14,940 (45 shares) (based on upper price). The lot size investment for sNII is 14 lots (630 shares), amounting to ₹2,09,160, and for bNII, it is 67 lots (3,015 shares), amounting to ₹10,00,980.