Vikram Solar Limited IPO
Vikram Solar Limited IPO
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Following its successful public offering, Vikram Solar Limited's made its market debut on 26-08-2025 and is now actively traded on the NSE, BSEplatform. The IPO mobilized 6,26,31,605 Shares in total capital, including 4,51,80,723 Shares in primary equity infusion and ₹579.37 Cr in secondary share sales.
The offering was structured with a price band of ₹315 to ₹332 and minimum investment lots of 45 shares. Investor participation during the subscription window from 19-08-2025 to 21-08-2025 demonstrated market confidence in the company's prospects.
The allotment process concluded on 22-08-2025, allocating shares to successful bidders. The listing represents the culmination of the IPO process, transitioning the company to publicly traded status with enhanced transparency and governance standards.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Vikram Solar IPO About Company
Vikram Solar Limited, established in 2005, is a leading name in the solar energy sector, specializing in the production of high-efficiency photovoltaic (PV) modules. Serving both Indian and international markets, the company offers advanced solar solutions through three main business segments: PV module manufacturing, turnkey Engineering, Procurement, and Construction (EPC) services, and operations and maintenance (O&M) support to ensure long-term performance and reliability of solar installations. Its product portfolio features high-performance modules developed using cutting-edge technologies such as PERC (p-type monocrystalline silicon with Passivated Emitter and Rear Contact), TOPCon (n-type monocrystalline silicon with Tunnel Oxide Passivated Contact), and HJT (n-type silicon with Heterojunction Technology). These modules are available in both bifacial (glass-to-glass or glass-to-transparent back sheet) and monofacial (glass-to-white or black back sheet) variants. The company operates two strategically located manufacturing facilities—one in Falta SEZ, Kolkata, West Bengal, and another in Oragadam, Chennai, Tamil Nadu. As of March 31, 2024, Vikram Solar had a workforce comprising 1,513 permanent employees and 728 contractual workers
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Vikram Solar IPO Strength Factors
- Strong Brand & Customer Base: Developed through a deep understanding of customer needs and a commitment to consistent product quality.
- Advanced Manufacturing Capabilities: State-of-the-art automated facilities equipped with leading technologies from Japan, Germany, the U.S., and Switzerland.
- Robust R&D and Technical Expertise: Driven by focused research, rigorous quality control, and a highly skilled workforce.
Vikram Solar IPO Risk Factors
- Raw Material Price Volatility: Fluctuations in wafer and solar cell prices may increase costs and affect profitability.
- Ongoing Legal Proceedings: Legal cases involving the company and its promoters may result in liabilities or penalties.
- Lack of Long-Term Supplier Contracts: Reliance on spot purchases increases the risk of raw material shortages.
Vikram Solar IPO Lead Manager(s)
- Jm Financial Limited
- Nuvama Wealth Management Limited
- Ubs Securities India Private Limited
- Equirus Capital Private Limited
Vikram Solar IPO Promoter(s)
- Gyanesh Chaudhary
- Gyanesh Chaudhary Family Trust
- Vikram Capital Management Private Limited
Vikram Solar IPO FAQs
Vikram Solar Limited IPO subscribed 56.41 times. The public issue subscribed 7.95 times in the retail category,145.1times in QIB, and 59.58 times in the HNI (10+) category byAugust 26, 2025 5:32:56 AM (Day 26).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Vikram Solar IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Vikram Solar IPO FAQs
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