Vikram Solar shares list at 2% premium; should you book profit or hold?

Vikram Solar shares listed at ₹340 per share, reflecting a premium of ₹8 or 2.41 per cent over the issue price of ₹332 per share

Vikram Solar IPO listing, Vikram Solar share price: Shares of solar photovoltaic (PV) module manufacturer Vikram Solar made a decent debut on Dalal Street on Tuesday, August 26, 2025, following the completion of its initial public offering (IPO).  Vikram Solar shares listed at ₹341 per share, reflecting a premium of ₹9 or 2.71 per cent over the issue price of ₹332 per share.

 

On the National Stock Exchange (NSE), the shares debuted at ₹338 per share, marking a premium of ₹6 or 1.81 per cent.

 

The IPO listing was slightly below expectations set by the grey market. Prior to the listing, Vikram Solar’s unlisted shares were trading around ₹369 per share, indicating a grey market premium (GMP) of ₹37 or 11.14 per cent over the issue price, according to sources tracking grey market activity.

Should you book profit or hold Vikram Solar shares?

Shivani Nyati, head of wealth at Swastika Investmart, has recommended that investors may hold Vikram Solar IPO shares while keeping a stop-loss at ₹320–325 to manage downside risk, given the modest listing uplift and limited valuation headroom.  Nyati remains optimistic about the company, saying, "As a top-tier solar PV module manufacturer, Vikram Solar posted strong FY25 financials, with revenue and PAT more than doubling. Ebitda margins are nearing 15 per cent, and the company has significantly reduced its debt."

 

Analysts at Master Capital Services also share favorable views on the company, citing Vikram Solar's strong brand recognition and customer base due to its deep understanding of customer needs and the high quality of its products. The company has a presence in both domestic and international markets. On the financial front, Vikram Solar has reported robust performance, with strong growth seen in both top line and bottom line. However, analysts noted that its valuation appears slightly high compared to peers.

 

"Vikram Solar offers strong exposure to India's transition to renewable energy. However, the current premium valuation calls for patience. Long-term investors with a 3–5 year time horizon might benefit from India’s solar revolution, but short-term returns appear limited due to the high entry point," the analysts wrote in a note.

 

Vikram Solar IPO details

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

 

The public issue was open for subscription from August 19 to August 21, 2025, with a price band of ₹315–₹332 per share and a lot size of 45 shares.

 

The offering received an overwhelming response from investors, getting oversubscribed nearly 55 times, primarily driven by Qualified Institutional Buyers (QIBs), who oversubscribed their reserved portion by 142.79 times.

 

The basis of allotment was finalised on August 22, 2025, and the issue price was set at ₹332 per share.

 

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

 

Vikram Solar will not receive any proceeds from the offer for sale, as the funds from this portion will go to the selling shareholders after deducting applicable offer-related expenses and taxes.

 

The company plans to utilise the proceeds from the fresh issue for partial funding of capital expenditure for its Phase-I project, and for capital expenditure related to Phase-II. The remaining funds will be used for general corporate purposes.

 

About Vikram Solar

Vikram Solar Limited is one of India’s largest manufacturers of solar photovoltaic (PV) modules in terms of operational capacity, with over 17 years of industry experience. The company has an installed manufacturing capacity of 4.5 GW, making it one of the largest pure-play module manufacturers in the country.

 

Its manufacturing facilities are located at Falta SEZ in Kolkata, West Bengal, and Oragadam in Chennai, Tamil Nadu, strategically positioned with access to ports, rail, and road networks, supporting both domestic and international operations.