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IPO Analysis > vikram-solar-ipo-mainboard

Vikram Solar IPO Logo 

Vikram Solar IPO Complete Review 

In Fiscal 2025, India’s solar module capacity reached 89 GW and solar cell capacity 25 GW, with further growth planned.

The Vikram Solar IPO manager is Equirus Capital, Nuvama Wealth Management, JM Financial, while the registrar is MUFG Intime. Check here to get your allotment status.

See the Vikram Solar IPO DRHP and RHP

Note: Half of Vikram Solar IPO shares will be unlocked 30 days after allotment, while the rest will be free from lock-in restrictions after 90 days.

Vikram Solar IPO Details: Company Profile

Let's check the company profile of Vikram Solar.


Particulars

Details 

Incorporated

2005

Registered Office 

Kolkata, West Bengal

Promoter

Gyanesh Chaudhary

Product 

N-Type, Mono-PERC, HJT (Bifacial)

Awards 

EcoVadis “Platinum Medal” and “Best Green Energy Initiative Company” 

Competitors 

Waaree Energies, Premier Energies, and Websol Energy 


Exploring the Vikram Solar IPO Details

See the details of Vikram Solar IPO 2025 here.

  • Vikram Solar IPO Date

Event Description

Date

Opening day for subscription

19 Aug 2025

Closing day for subscription

21 Aug 2025

Deadline for UPI approval

21 Aug 2025 (5 PM)

Allotment confirmation date

22 Aug 2025

Refund processing begins

25 Aug 2025

Shares credited to demat account

25 Aug 2025

Stock market debut

26 Aug 2025

50% Lock-in release 

21 Sep 2025

Anchor investors’ lock-in release (remaining)

20 Nov 2025


Get the right broker to apply for any IPO. 

  • Vikram Solar IPO size

Particulars

Shares

Aggregate Value

Fresh Issue 

Not Disclosed

₹1500 crores

Offer for Sale

17,450,882

₹579.37 crores

Overall Issue 

Not Disclosed

₹2079.37 crores


  • Objectives of the offer 


Purpose

Amount (₹ million)

Part funding of capital expenses 

7,697.30

Funding capital expenses 

5,952.08

General corporate needs 

Not Disclosed 

Total

Not Disclosed


  • Other takeaways from the Vikram Solar IPO Share Price

Find out the Vikram Solar IPO listing price here. 


Particulars

Description

Face value of each share

₹10

Price Range

₹315 – ₹332

Listed At 

NSE BSE 


  • Categorisation of different investors 

Category

Equity Shares Allocation

Minimum Bid

Maximum Bid

QIBs

Not Disclosed 

The bid amount should be more than ₹0.20 Million 

Not Disclosed 

Non-Institutional Bidders

Not Disclosed 

The bid amount should be more than ₹0.20 Million 

Not Disclosed 

Retail Individual Bidders

Not Disclosed 

Not Disclosed

The bid amount should be less than or equal to ₹0.20 Million

Eligible Employees

The bid amount should be worth ₹100 Million

Not Disclosed 

The bid amount should be less than or equal to ₹0.50 Million


Vikram Solar IPO details: Key Financials 

Metric

2025

2024

2023

Total Rated Capacity

4,500.00

3,500.00

3,500.00

Module Sales 

1,900.03

879.20

588.13

Total Order Book Quantity

10,340.82

4,376.16

2,786.87

Revenue from Operations 

34,234.53

25,109.90

20,732.30

EBITDA

4,920.11

3,985.79

1,861.78

PAT

1,398.31

797.18

144.91

Earnings per Equity Share (EPS) – Basic 

4.61

3.08

0.56

Total Equity

12,419.89

4,454.17

3,651.95

Net Debt 

417.02

6,926.02

6,335.85


Metrics of Vikram Solar IPO 


Metric

2025

2024

2023

(Total Debt / Equity) (times)

0.19

1.81

2.02

Return on Equity (%)

16.57%

19.67%

4.05%

Return on Capital Employed (%)

24.49%

20.76%

12.78%

Current Ratio (times)

1.55

1.39

1.35


Strengths and risks

Look through the risks and benefits of the company.

Strengths 

  • Well-known brand with loyal buyers in India and abroad

  • Strong focus on research, innovation, and quality checks

  • Large solar PV capacity of 3.50 GW in manufacturing

  • Skilled team with deep solar industry know-how

Risks 

  • Subsidiary losses in past years may affect trust

  • No fixed supply contracts, so raw material supply can be uncertain

  • Heavy dependence on Vikram Solar US Inc. for American sales

  • Mistakes or delays in EPC project costs could hurt profits and cash flow

Should You Invest In Vikram Solar IPO?

On 13 August 2025, Vikram Solar IPO GMP was ₹65 to ₹70. You can still view full company information and read the Vikram Solar IPO review. Click here for the most recent GMP update.

You can also apply for the Vikram Solar IPO today and track its live subscription figures.

FAQs

1. What is the Vikram Solar IPO price?
The Vikram Solar IPO price has been set at ₹315.00 per equity share. This figure is based on the company’s valuation and market conditions. Investors can check Vikram Solar DRHP status or NSE/BSE announcements for the confirmed price band before applying.

2. What is the Vikram Solar IPO date?
The Vikram Solar IPO date is scheduled to open on 19 Aug and close on 21 Aug 2025. These dates mark the period when investors can place bids. Make sure to complete your application within this window to participate in the public offering. Always see the subscription status too for a confirmation. 

3. What is the Vikram Solar IPO GMP?
The Vikram Solar IPO GMP currently stands at ₹65 as of 13 August 2025. GMP gives an idea of the unofficial market sentiment before listing. However, it is not an official indicator of the final listing price. But you must  check GMP updates regularly.

4. Where can I read a Vikram Solar IPO review?
A Vikram Solar IPO review provides insights into the company’s business model, financial performance, and growth plans. You can read updated reviews on financial news websites or stock market forums before investing.

5. How to open a demat account for the Vikram Solar IPO?
To apply for the Vikram Solar IPO, you must have a demat account. You can open one with the broker by completing KYC. Once activated, use it to hold and trade the allotted shares.
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