Vikram Solar IPO GMP dips to 18% ahead of opening; check key details

Vikram Solar's 2,079.37 crore IPO consists of a fresh issue of 45.2 million shares and an offer for sale of 17.5 million equity shares

Vikram Solar IPO GMP update: The unlisted shares of Vikram Solar, a solar photo-voltaic (PV) modules manufacturer, were trading at ₹394 in the grey market on Monday. This reflects a premium of ₹62 or 18.67 per cent over the IPO’s upper end of price band of ₹315 to ₹332. However, this marks a decline from last Sunday, August 17, when the grey market premium (GMP) stood at ₹68 or 20.5 per cent.

 

The mainline offering is scheduled to open for public subscription tomorrow, August 19, 2025. The ₹2,079.37 crore issue consists of a fresh issue of 45.2 million shares and an offer for sale (OFS) of 17.5 million equity shares. 

 

The company has allocated up to 50 per cent of the issue to qualified institutional buyers (QIBs), 15 per cent to non-institutional investors (NIIs), and the remaining 35 per cent to retail investors.

Vikaram Solar IPO price band, lot size

Vikaram Solar has set its IPO price band at ₹315 to ₹332 per share, with a lot size of 45 shares. At the upper price band of ₹332, a retail investor can apply for a minimum of one lot at ₹14,940, and in multiples thereof.

Vikram Solar IPO key dates

Vikram Solar IPO opens for subscription tomorrow and will remain open for three days, closing on Thursday, August 21, 2025. The basis of allotment is expected to be finalised on or before Friday, August 22, 2025. As per the Red Herring Prospectus (RHP), the company’s shares are scheduled to be listed on both the NSE and BSE on a tentative date of Tuesday, August 26, 2025.  CHECK REGAAL RESOURCES IPO ALLOTMENT STATUS HERE

Vikram Solar IPO registrar, lead manager

MUFG Intime India, formerly Link Intime, is the registrar of the issue. JM Financial, Nuvama Wealth Management, UBS Securities India, Equirus Capital, and PhillipCapital (India) are the book-running lead managers.

Vikram Solar IPO objective

According to the RHP, the company plans to utilise ₹769.73 crore from the net fresh issue proceeds for investment in its wholly owned subsidiary, VSL Green Power, for the Phase-I Project and ₹595.2 crore for the Phase-II Project. The remaining funds will be used for general corporate purposes. 

About Vikram Solar

Incorporated in 2005, Vikram Solar is a solar photo-voltaic (PV) module manufacturing company. It operates two solar PV module manufacturing facilities located in West Bengal and in Tamil Nadu with 4.50 GW of installed manufacturing capacity. 

 

The company also provides Engineering, Procurement, and Construction (EPC) services for solar power projects, ensuring efficient project execution from design to commissioning. It offers operations and maintenance (O&M) services to optimise the performance and longevity of solar power installations. The company has a presence across 23 states and three union territories.