Vikram Solar IPO opens: Analysts bet on long-term outlook; should you bid?

Vikram Solar IPO opens today: Check price band, lot size, review, grey market premium, allotment date, listing date, and other key details here

Vikram Solar IPO opens for public subscription today: Solar photovoltaic (PV) modules manufacturer Vikram Solar has launched its initial public offering (IPO) for subscription today, August 19, 2025.  The public offering is valued at around ₹2,079.37 crore and comprises both a fresh issue of equity shares as well as an offer for sale (OFS) component.

 

Ahead of the launch of the public offering, Vikram Solar has raised ₹621 crore ahead of the opening of its public issue for subscription. The anchor book saw participation from T. Rowe Price, Goldman Sachs Fund, Morgan Stanley India Investment Fund, BNP Paribas, HSBC, Citigroup, ICICI Prudential Life Company, SBI General Insurance Company, UTI Mutual Fund (MF), Franklin Templeton MF, Kotak Mahindra MF, Nippon India MF, and Edelweiss MF among others.

 

Vikram Solar IPO issue structure

The public issue is a book-built issue comprising a fresh issue of 45.2 million equity shares, aggregating up to ₹1,500 crore, and an offer for sale (OFS) with promoters Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary divesting up to 17.5 million equity shares worth ₹579.37 crore.

 

Vikram Solar has reserved not more than 50 per cent of the net offer for qualified institutional buyers (QIBs), not less than 35 per cent for retail investors, and not less than 15 per cent for non-institutional investors (NIIs).  ALSO READ | Patel Retail IPO opens today: Analysts offer mixed views; should you apply?

Vikram Solar IPO lot size, price band

The public offering will be offered at a price band of ₹315–₹332 per share with a lot size of 45 shares. Accordingly, investors can bid for a minimum of 45 shares and in multiples thereof.

 

The minimum investment required by a retail investor is ₹14,940. A retail investor can bid for a maximum of 13 lots or 585 shares, amounting to ₹1,94,220.

Vikram Solar IPO grey market premium (GMP) today

Ahead of the launch of the public issue, the unlisted shares of Vikram Solar were commanding a solid premium in the grey market on Tuesday. Sources tracking grey market activity revealed that the company’s unlisted shares were exchanging hands at around ₹386 per share, reflecting a grey market premium (GMP) of ₹54 per share, or 16.27 per cent over the upper end of the issue price.

Vikram Solar IPO allotment date, listing date

The public offering will remain open for subscription until Thursday, August 21, 2025. The basis of allotment is likely to be finalised on Friday, August 22, 2025, with shares expected to be credited to demat accounts on Monday, August 25, 2025.

 

Shares of Vikram Solar are scheduled to list on the BSE and NSE on Tuesday, August 26, 2025.

Vikram Solar IPO objective

Vikram Solar will not receive any proceeds from the OFS. “Each of the selling shareholders will be entitled to their respective portion of the proceeds of the Offer for Sale, after deducting their respective portion of the offer-related expenses and relevant taxes thereon,” the company said in its RHP.

 

The company, however, plans to utilise the proceeds from the fresh issue for the partial funding of capital expenditure for the Phase-I Project, as well as for the funding of capital expenditure for the Phase-II Project. Vikram Solar also intends to deploy part of the IPO proceeds for general corporate purposes.  ALSO READ | Shreeji Shipping Global IPO invites bids: GMP up 12%; should you subscribe?

Vikram Solar IPO registrar, lead managers

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

Should you subscribe to Vikram Solar IPO?

SBI Securities – Subscribe

Analysts at SBI Securities have recommended investors to subscribe to the public issue. The analysts highlighted that the company has a lower margin profile than its listed peers due to lack of backward integration and minimal export presence, where the margins are usually higher by 2 per cent–2.5 per cent.

 

"Growth going ahead is expected to be driven by capacity expansion, robust domestic demand led by multiple levers such as the PM Surya Ghar Muft Bijli Yojana, PM Kusum, ALMM, transition to solar captive plants in the Commercial & Industrial segment, and utility-scale solar power capacity addition," wrote the analysts in a report.

 

At the upper price band of ₹332, VSL is valued at 85.9x FY25 P/E and 21.4x EV/Ebitda on post-issue capital. The valuation, analysts said, is in line with peers on an EV/Ebitda basis. "Margin is expected to improve as the solar cell capacity comes onstream in FY27. We recommend investors to Subscribe to the issue at the cut-off price."

Canara Bank Securities – Subscribe for long-term

Those at Canara Bank Securities have recommended investors to subscribe to the issue with a long-term view, citing that the company’s ambitious growth plans in solar and energy storage solutions provide a strong opportunity for value creation over time.

 

Vikram Solar, analysts believe, is well-placed to benefit from India’s push towards renewable energy, supported by its large manufacturing capacity, expansion into solar cells and battery storage, and a strong set of clients. They further pointed out that the company has shown good growth in revenues and profits, though the sharp jump in profits in recent years needs to be watched.

 

"At the IPO price, the stock is valued at a P/E of 72.02x compared to the industry average of 41.83x, which makes it look expensive. Its P/B ratio is 8.46x, lower than the industry average of 15.00x, which is relatively more reasonable," said the analysts.

About Vikram Solar

Vikram Solar Ltd. (VSL) is among India’s largest solar PV module manufacturers with 4.50 GW of installed capacity and 17+ years of industry experience as of Mar’25. 2.85 GW of capacity is listed under MNRE’s ALMM (Ministry of New & Renewable Energy’s Approved List of Modules and Manufacturers) (June’25). To meet rising demand, Vikram Solar is expanding its solar PV module manufacturing capacity to 15.50 GW by FY26 and 20.50 GW by FY27 through greenfield and brownfield projects.