Vikram Solar IPO 2025: Date, Price, GMP, Review, Allotment Details
The Vikram Solar IPO, a mainboard IPO from Kolkata-based Vikram Solar Limited, is set to raise approximately ₹2,000 crores, combining a fresh issue of ₹1,500 crores and an offer for sale (OFS) of up to 1.74 crore equity shares. With SEBI approval secured on May 22, 2025, this IPO offers investors a chance to invest in one of India’s leading solar photovoltaic (PV) module manufacturers. This article provides a detailed overview of the Vikram Solar IPO, including tentative dates, price band, grey market premium (GMP), allotment details, financial performance, and expert review to guide investors.
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Vikram Solar IPO Details
The Vikram Solar IPO is a book-built issue comprising a fresh issue of ₹1,500 crores (potentially reduced by a pre-IPO placement of up to ₹300 crores) and an OFS of up to 17,450,882 equity shares, each with a face value of ₹10. Below are the key details based on the DRHP and recent updates:
| Particulars | Details |
|---|---|
| IPO Opening Date | To be announced (June 2025, tentative) |
| IPO Closing Date | To be announced (June 2025, tentative) |
| Allotment Date | To be announced (June 2025, tentative) |
| Listing Date | To be announced (June 2025, tentative) |
| Face Value | ₹10 per share |
| Price Band | ₹[.] to ₹[.] per share (₹535 implied from tentative estimates) |
| Lot Size | To be announced (tentative 27 shares, ₹14,700) |
| Issue Size | ₹2,000 crores (approx.) |
| Fresh Issue | ₹1,500 crores (up to [.] crore shares) |
| Offer for Sale | 1.74 crore shares (₹500 crores) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Book Running Lead Managers | JM Financial, Nuvama Wealth Management, UBS Securities India, Equirus Capital, PhillipCapital (India) |
| Registrar | Link Intime India Private Limited |
The IPO allocates 50% to Qualified Institutional Buyers (QIBs), 15% to High Net-Worth Individuals (HNIs), and 35% to retail investors, as per the DRHP. The minimum investment for retail investors is tentatively ₹14,700 (27 shares), subject to finalization.
Vikram Solar IPO Subscription Status
The subscription status for the Vikram Solar IPO will be updated daily during the subscription period once the IPO opens in June 2025. Investors can track live subscription data on the BSE, NSE, or the registrar’s portal (Link Intime India).
| Category | Subscription (Times) |
|---|---|
| QIB | To be updated |
| NII (HNI) | To be updated |
| Retail | To be updated |
| Total | To be updated |
Note: Subscription data will be available after the IPO opens in 2025.
Vikram Solar IPO Allotment Status
The allotment for the Vikram Solar IPO is expected to be finalized in June 2025, following the close of the subscription period. Investors can check their allotment status on the registrar’s website (Link Intime India) or the BSE/NSE websites using their application number, PAN, or DP Client ID. Shares will be credited to demat accounts, and refunds will be processed for non-allotted applications.
Steps to Check Allotment Status:
- Visit the Link Intime India website (https://linkintime.co.in/Initial_Offer/public-issues.html).
- Select “Vikram Solar IPO” from the dropdown menu.
- Enter your Application Number, PAN, or DP Client ID.
- Click “Search” to view your allotment status.
Note: Allotment status will be available after finalization in June 2025.
Vikram Solar IPO Grey Market Premium (GMP) Today
The Grey Market Premium (GMP) reflects the premium at which IPO shares trade in the unofficial market before listing. As of July 16, 2025, the GMP for the Vikram Solar IPO is not available, as grey market activity has not yet started. Investors should monitor updates closer to the IPO opening, expected in June 2025, for GMP trends.
| Date | GMP (₹) | Estimated Listing Price (₹) |
|---|---|---|
| July 16, 2025 | Not Available | Not Available |
| July 15, 2025 | Not Available | Not Available |
| July 14, 2025 | Not Available | Not Available |
| July 13, 2025 | Not Available | Not Available |
Disclaimer: GMP is unofficial and volatile. Base investment decisions on company fundamentals, not just GMP.
Vikram Solar IPO Kostak Rates Today
The Kostak rate is the premium an investor earns by selling their IPO application in the grey market before allotment. As of July 16, 2025, the Kostak rate for the Vikram Solar IPO is not available due to the absence of grey market activity. Check with grey market dealers for updates closer to the IPO opening.
| Date | Kostak Rate (₹) |
|---|---|
| July 16, 2025 | Not Available |
Vikram Solar IPO Subject to Sauda Rates
The Subject to Sauda rate is the amount agreed for an IPO application, payable only if allotted. As of July 16, 2025, the Subject to Sauda rate for the Vikram Solar IPO is not available, as grey market trading has not commenced.
| Date | Subject to Sauda (₹) |
|---|---|
| July 16, 2025 | Not Available |
Note: Kostak and Subject to Sauda rates are unofficial and may fluctuate as grey market activity begins.
About Vikram Solar Limited
Incorporated in 2005, Vikram Solar Limited is one of India’s largest solar photovoltaic (PV) module manufacturers, with an installed capacity of 3.5 GW as of March 31, 2024. Headquartered in Kolkata, the company operates manufacturing facilities in Falta SEZ (West Bengal) and Oragadam (Chennai), producing high-efficiency mono PERC, bifacial, monofacial, and polycrystalline PV modules. Vikram Solar also provides engineering, procurement, and construction (EPC) services for solar power projects, serving clients like NTPC, Tata Power, Adani, Solar Energy Corporation of India, and Hindustan Petroleum. The company exports to 32 countries and is recognized for its innovation, holding a Tier-1 BloombergNEF ranking and 2.43 GW enlisted under the Ministry of New and Renewable Energy’s Approved List of Module Manufacturers (ALMM) as of July 2024. Vikram Solar plans to expand its capacity to 10.5 GW by FY26 and 15.5 GW by FY27.
Vikram Solar IPO Objectives
The net proceeds from the fresh issue will be used for:
- Funding capital expenditure of ₹793.4 crores for a 3,000 MW solar cell and module manufacturing facility in Tamil Nadu (Phase-I) via subsidiary VSL Green Power.
- Funding ₹602.95 crores for expanding the Tamil Nadu facility to 6,000 MW (Phase-II).
- General corporate purposes.
Vikram Solar Financials
Vikram Solar has demonstrated strong financial growth, driven by rising demand for solar modules. Below is a summary of its financial performance:
| Particulars | FY24 (₹ Crores) | FY23 (₹ Crores) | Growth (%) |
|---|---|---|---|
| Revenue | 2,523.96 | 2,091.91 | 20.65% |
| EBITDA | 398.58 | 186.18 | 114.03% |
| PAT | 79.72 | 14.49 | 450.03% |
The company’s assets under management (AUM) and operational efficiency have improved, with a 19% market share in India’s solar module sector. Its return on equity and debt management metrics reflect financial stability.
Vikram Solar IPO Strengths
- Market Leadership: One of India’s largest solar PV module manufacturers with 3.5 GW capacity and 19% market share.
- Strong Client Base: Trusted by marquee clients like NTPC, Tata, Adani, and Solar Energy Corporation of India.
- Global Reach: Exports to 32 countries, with a Tier-1 BloombergNEF ranking and ALMM enlistment of 2.43 GW.
- Robust Financials: 20.65% revenue growth and 450.03% PAT growth from FY23 to FY24, with plans for 15.5 GW capacity by FY27.
- Government Support: Benefits from schemes like SRISTI and India’s 40 GW rooftop solar target, driving demand.
Vikram Solar IPO Risks
- High Operating Costs: Elevated costs impacted margins during FY19–21, though improving in FY24.
- No Long-Term Supplier Contracts: Raw material availability is uncertain, posing supply chain risks.
- Subsidiary Losses: Some subsidiaries reported losses, which could affect reputation.
- Reliance on US Market: Heavy dependence on Vikram Solar US Inc. for exports may lead to disruptions.
- Policy Dependence: Sustainability relies on favorable government policies for solar energy.
Vikram Solar IPO Review
The Vikram Solar IPO offers a compelling opportunity to invest in India’s renewable energy sector, driven by the company’s leadership in solar PV module manufacturing and a strong order book from clients like NTPC and Adani. Its 20.65% revenue growth and 450.03% PAT increase from FY23 to FY24, coupled with a 19% market share, highlight its growth potential. Plans to expand capacity to 15.5 GW by FY27 align with India’s clean energy goals, supported by government schemes like SRISTI. However, risks include high operating costs, reliance on US exports, and lack of long-term supplier contracts. The absence of GMP and price band data limits visibility on listing gains, but X posts indicate strong retail interest due to SEBI approval and the company’s expansion plans. Long-term investors may find this IPO attractive, but short-term investors should be cautious due to valuation and supply chain risks.
Recommendation: Suitable for long-term investors interested in renewable energy, but consult a financial advisor due to operational risks.
How to Apply for Vikram Solar IPO
Investors can apply through ASBA (Applications Supported by Blocked Amount) or UPI via their bank or brokers like Zerodha, Upstox, or Bajaj Broking.
Steps to Apply:
- Log in to your demat account or broker’s platform.
- Navigate to the IPO section and select “Vikram Solar IPO.”
- Enter the number of lots and price (to be announced).
- Provide your UPI ID or bank details for payment.
- Submit the application and approve the UPI mandate.
Check your broker’s IPO application process for detailed instructions.
Vikram Solar IPO FAQs
When does the Vikram Solar IPO open and close?
The IPO dates are tentative, expected in June 2025.
What is the price band of the Vikram Solar IPO?
The price band is not yet announced, but tentative estimates suggest around ₹535 per share.
What is the minimum investment for retail investors?
The minimum investment is tentatively ₹14,700 for 27 shares, subject to finalization.
How can I check the Vikram Solar IPO allotment status?
Visit the Link Intime India website (https://linkintime.co.in/Initial_Offer/public-issues.html), select “Vikram Solar IPO,” and enter your PAN, application number, or DP Client ID.
What is the GMP of the Vikram Solar IPO today?
As of July 16, 2025, the GMP is not available, as grey market activity has not started.
Where will the Vikram Solar IPO be listed?
The IPO will be listed on the BSE and NSE, tentatively in June 2025.
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