Vikram Solar Share Price: Solar Module Manufacturer Lists At 2% Premium Over IPO Price, Below GMP Estimates

Vikram Solar Share Price: Vikram Solar shares marked a lackluster listing debut on Tuesday, Aug. 26, listing at Rs 338 on the NSE, a premium of about 2% to its issue price of Rs 255. Meanwhile, on the BSE, shares listed at Rs 340, up nearly 2% from the IPO price. The listing price was lower than D-Street estimates as per trends of the grey market premium (GMP).

Vikram Solar IPO GMP indicated the debut at over a 10% premium to the issue price. The listing follows a strong subscription for its Rs 2,079.37-crore issue. The company proposes to utilise the funds raised from the issue to support new capacity additions and greenfield expansions.

This includes a 3 GW solar cell and module facility under development, positioning to capitalise on domestic renewable demand and export opportunities. The proceeds from the selling shareholders will be retained by them.

The solar module maker launched its IPO for subscription from Tuesday, August 19 to Thursday, August 21. Vikram Solar IPO comprises a fresh issue of 4.52 crore shares valued at Rs 1,500 crore, along with an offer for sale comprising 1.75 crore shares totaling Rs 579.37 crore from promoters Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary.

By the end of the bidding period, the mainboard issue received a strong response, particularly from the Qualified Institutional Buyers (QIBs) who subscribed 142.79 times, followed by non-institutional investors (NIIs) at 50.90 times subscription. Retail investors showed a subscription rate of 7.65 times.

Notably, on the third day of the IPO, Vikram Solar IPO subscription status stood at 54.63 times, as per NSE data. Vikram Solar IPO price band was fixed in the range of Rs 315 to Rs 332 per equity share of the face value of Rs 10. The Vikram Solar IPO lot size is 45 equity shares and in multiples of 45 equity shares thereafter.

At present, the promoters hold a 77.64% stake in the company, while the remaining 22.36% of the shares are owned by the public, including Arpit Khandelwal from Plutus Wealth Management. JM Financial Ltd. was the book running lead manager and MUFG Intime India Pvt. Ltd. was the Vikram Solar IPO registrar.

Commenting on Vikram Solar's lacklustre debut, Shivani Nyati, Head of Wealth at Swastika Investmart Ltd said, "Vikram Solar delivered a stable post-IPO performance, listing with modest gains of 2% over the Rs 332 issue price Rs 340 on BSE and Rs 338 on NSE, underscoring conservative yet sustainable investor confidence."

Nyati added that the IPO attracted overwhelming demand, being oversubscribed about 54.6×. As a top-tier solar PV module manufacturer, Vikram Solar posted strong FY25 financials revenue and PAT more than doubling, with EBITDA margins nearing 15% and significantly reduced debt.

"Investors may hold the IPO, with setting a stop-loss set around Rs 320–325 to manage downside risk, given the modest listing uplift and valuation headroom," said Nyati.