Vikram Solar IPO: A New Opportunity for Indian Investors
Vikram Solar Ltd., a leading solar photovoltaic module manufacturer, is set to launch its initial public offering (IPO) to raise Rs 2,080 crore. The IPO will open on August 19 and close on August 21, with shares being offered in the range of Rs 315 and Rs 332 per share, having a face value of Rs 10.
Key Highlights of the Vikram Solar IPO
- IPO open: August 19 – August 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: August 22
- Lot size: 45 shares
- Issue type: Book building
About Vikram Solar Ltd.
Vikram Solar is a Kolkata-based 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.
Business Operations and Manufacturing Facilities
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. Vikram Solar’s key domestic customers include prominent government entities, such as NTPC, Neyveli Lignite Corporation, and Gujarat Industries Power Company, among others.
Utilization of IPO Proceeds
Vikram Solar will utilize 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 expand capacity to 6,000 MW at the project site. The remaining amount will be used for general corporate purposes.
Financial Performance
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.
Grey Market Premium and Expected Listing Price
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%.
Disclaimer and Investment Advice
Note: GMP or grey market price is not an official price quote for the stock and is based on speculation. 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.
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