Vikram Solar Limited, one of India’s largest solar photovoltaic module manufacturers, is set to launch its much-awaited Initial Public Offering (IPO) on 19 August 2025. The issue will remain open for subscription until 21 August 2025, with the price band fixed at ₹315 to ₹332 per equity share. The shares will be listed on both the BSE and NSE.
The IPO aims to raise ₹2,079.37 crore, comprising a fresh issue of ₹1,500 crore and an offer for sale (OFS) worth ₹579.37 crore. Proceeds from the fresh issue are earmarked for funding capital expenditure in the company’s upcoming projects and for general corporate purposes.
Grey Market Premium (GMP)
Ahead of the subscription opening, Vikram Solar shares are witnessing strong demand in the grey market. Market trackers report that the stock is currently trading at a premium of ₹63, suggesting a potential listing gain of nearly 19% over the upper price band.
Key IPO Details
- IPO Price Band: ₹315 – ₹332 per share
- Lot Size: 45 shares per lot
- Issue Size: ₹2,079.37 crore
- Allotment Date: Likely on 22 August 2025
- Listing Date: Expected on 25 August 2025
- Registrar: MUFG Intime India Private Limited
- Lead Managers: JM Financial, Nuvama Wealth Management, UBS Securities India, Equiras Capital, and Philip Capital India
Company Performance
As of 31 March 2025, Vikram Solar reported a Return on Equity (ROE) of 16.55%, PAT margins of over 4%, and an EBITDA margin of 14.35%. The company’s price-to-book value stands close to 8.5x, giving it a projected market capitalization of about ₹12,009 crore post-listing.
Outlook
With rising demand for clean energy and supportive government policies, the IPO is expected to draw keen interest from investors. The strong grey market premium further signals healthy listing prospects, though analysts caution that valuations should be assessed against sector competition and global pricing trends.