Vikram Solar IPO to list on August 26; GMP hints at double-digit gains

Vikram Solar IPO Listing Forecast: As investors await the D-Street debut of solar photovoltaic (PV) module manufacturer Vikram Solar, scheduled for August 26, 2025, grey market trends indicate solid listing gains. Notably, the ₹2,079 crore public offering by Vikram Solar received an overwhelming response from investors, ending up oversubscribed by nearly 55 times.

 

The favourable sentiment extended to the grey market as well. Ahead of the listing, unlisted shares of Vikram Solar were commanding a decent premium in unofficial market trades.

 

According to sources tracking grey market activity, the company’s unlisted shares were exchanging hands at around ₹373 per share. This translates to a grey market premium (GMP) of ₹41 per share, or 12.35 per cent over the issue price of ₹332 per share.

 

If current grey market trends hold, the company’s shares may list at around ₹373 per share on the bourses, delivering a return of over 12 per cent to investors who were allotted shares during the IPO. However, these estimates remain speculative, as the grey market is unregulated. Therefore, investors should not treat the GMP as a reliable indicator of listing performance.

Vikram Solar IPO details

Vikram Solar IPO consisted of a fresh issue of 45.2 million equity shares, worth up to ₹1,500 crore, and an offer for sale (OFS) in which promoters Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary sold up to 17.5 million equity shares, aggregating up to ₹579.37 crore.

 

The public issue was offered at a price band of ₹315–₹332 per share, with a lot size of 45 shares. The subscription window was open from August 19 to August 21, 2025. The basis of allotment was finalized on August 22, 2025, and the company set the issue price at ₹332 per share.

 

JM Financial, Nuvama Wealth Management, UBS Securities India, Equirus Capital, and PhillipCapital (India) were the book-running lead managers for the public offering. MUFG Intime India (formerly Link Intime India) is acting as the registrar to the issue.

 

Vikram Solar will not receive any proceeds from the offer for sale, as those funds will go to the selling shareholders in proportion to the shares they offered, after deducting their share of offer-related expenses and applicable taxes, in accordance with the offer agreement.

 

The company will utilise the proceeds from the fresh issue for the partial funding of capital expenditure for the Phase-I Project, as well as for the capital expenditure of the Phase-II Project. The remaining proceeds will be used for general corporate purposes.

About Vikram Solar

Vikram Solar is a solar photovoltaic (PV) module manufacturer in India with over 17 years of experience. It has an installed manufacturing capacity of 4.50 GW for solar PV modules and is listed on the Ministry of New & Renewable Energy's Approved List of Modules and Manufacturers (ALMM).

 

The company’s manufacturing facilities are located in Falta SEZ, Kolkata, and Oragadam, Chennai, with access to ports, rail, and roads. Vikram Solar is undertaking expansion plans to increase its installed capacity to 15.50 GW by Fiscal 2026 and 20.50 GW by Fiscal 2027.