Vikram Solar sets IPO price band at ₹315-332, opens Aug 19: Check details

Vikram Solar IPO will open for subscription on Tuesday, August 19, 2025, and close on Thursday, August 21, 2025

Vikram Solar IPO: Vikram Solar, a Kolkata-based solar photo-voltaic company, has set the price band for its maiden public issue in the range of ₹315 to ₹332 per equity share. The company aims to raise ₹2,079.37 crore through a combination of fresh issue of 45.2 million equity shares worth ₹1,500 crore and offer for sale (OFS) of 17.5 million shares worth ₹579.37 crore.

 

Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary are the promoter selling shareholders. 

 

According to the red herring prospectus (RHP), the company has reserved not more than 50 per cent of the issue for qualified institutional buyers (QIBs), 35 per cent for retail investors and 15 per cent for non-institutional investors (NIIs). 

 

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

 

According to the RHP, the issue will open for subscription on Tuesday, August 19, 2025, and close on Thursday, August 21, 2025. The anchor investor period shall be one day prior to the opening date, i.e. Monday, August 18, 2025. The basis of allotment of shares is likely to be finalised on Friday, August 22, 2025. The stock will be listed on the National Stock Exchange (NSE) and BSE, tentatively on Tuesday, August 26, 2025.

 

The lot size for an application is 45 shares. Accordingly, a retail investor would require a minimum investment amount of ₹14,940 to bid for one lot or 45 shares. 

 

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, through a distributor network of 41 authorised distributors, 64 dealers and 67 system integrators. Vikram Solar's domestic customers include prominent government entities, such as National Thermal Power Corporation, Neyveli Lignite Corporation and Gujarat Industries Power Company, and large private independent power producers (IPPs), such as ACME Cleantech Solutions.

 

In the fiscal 2024-25 (FY25), Vikram Solar reported revenue from operations of ₹3,423.4 crore, up 36.3 per cent from ₹2,510.99 crore in the previous fiscal. The company posted profit after tax (PAT) of ₹139.8 crore, up 75 per cent compared to ₹79.7 crore in the FY24.