Vikram Solar IPO: Price Band, GMP, Financials — All You Need To Know

Vikram Solar Ltd. is set to launch its initial public offering in the upcoming week to raise Rs 2,079 crore. The IPO will open on Aug. 19 and close on Aug. 21. Shares will be offered in the range of Rs 315 and Rs 332 apiece, with a face value of Rs 10.

The solar photovoltaic module manufacturer's IPO is a mix of a fresh issue of shares up to Rs 1,500 crore and an offer for sale of up to 17.45 million equity shares by promoters worth Rs 579 crore.

The pre-IPO anchor round for institutional investors will be held on Aug. 18. The tentative date of allotment of shares to IPO investors will be Aug. 22, and the stock will be listed on the NSE and BSE on Aug. 26.

JM Financial Ltd., Nuvama Wealth Management Ltd., UBS Securities India Pvt., Equirus Capital Pvt. and PhillipCapital India Pvt. are the book-running lead managers for the issue.

• Issue opening: Aug. 19 - Aug. 21

• Issue Price: Rs 315-Rs 332

• Fresh Issue:  Rs 1,500 crore

• OFS: Rs 579 crore 

• Total issue size: Rs 2,080 crore

• Allotment date: Aug.22

• Lot Size: 45 shares

• Issue type: Book building

Kolkata-based Vikram Solar is a solar photovoltaic module manufacturer with 16 years of experience. The company has installed 4.5 GW of manufacturing capacity for solar PV modules and an order book of 10,340.8 MW as of March 31, 2025. Last year, it won contracts from NTPC Renewable Energy Ltd. and NLC India Ltd.

The company has two solar PV module manufacturing facilities located in West Bengal and Tamil Nadu, and a solar cell manufacturing facility with two units, in Gangaikondan, Tamil Nadu.

The company's key domestic customers include prominent government entities, such as NTPC, Neyveli Lignite Corporation, and Gujarat Industries Power Company, among others.

Vikram Solar will utilise Rs 770 crore from the fresh issue to invest in its wholly owned subsidiary, VSL Green Power Pvt., for setting up an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility in Tamil Nadu, as per the offer documents.

The company will also invest Rs 595 crore to then expand capacity to 6,000 MW at the project site. The remaining amount will be used for general corporate purposes.

Vikram Solar's revenue from operations increased by 36% to Rs 3,423 crore in fiscal 2025 from Rs 2,511 crore in the preceding fiscal. Similarly, profit after tax rose 75% to Rs 140 crore in fiscal 2025 from Rs 80 crore in fiscal 2024.

The latest grey market premium of Vikram Solar IPO is Rs 63, according to Investorgain. With the upper end of the IPO price band at Rs 332, the stock's potential listing price is seen at Rs 395, as per the GMP. This implies a potential listing day gain of 18.98%.

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisers and read the red herring prospectus thoroughly before placing bids.