Vikram Solar came to market through an IPO that opened on 19 August 2025 and closed on 21 August 2025, and the shares listed on 26 August 2025 on BSE, NSE. The price band was ₹315 to ₹332 per share and one lot was 45 shares, so the minimum application was ₹14,940. The issue size was ₹2079.37 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders.
MUFG Intime India Private Limited (Link Intime) was the registrar to the issue, and Jm Financial Limited, Nuvama Wealth Management Limited, Ubs Securities India Private Limited, Equirus Capital Private Limited, PhillipCapital India Private Limited were the lead managers.
As of 21 August 2025.
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Founded in 2005, Vikram Solar Limited is a manufacturer of solar photo-voltaic (PV) modules. Key Activities: Solar Photovoltaic (PV) Module Manufacturing: With expertise in manufacturing high-efficiency solar PV modules, Vikram Solar serves the domestic and export markets. Engineering, Procurement, and Construction (EPC) Services: Vikram Solar offers end-to-end EPC services for solar power projects, delivering effective project execution from conception to commissioning. Operations and Maintenance (O&M): Vikram Solar provides O&M services to enhance the performance and lifespan of solar power installations.
The products of the company in solar energy include the following high-efficiency solar PV modules: (i) p-type monocrystalline silicon based Passivated Emitter and Rear Contact (PERC) modules; (ii) n-type monocrystalline silicon based Tunnel Oxide Passivated Contact (TOPCon) modules; and (iii) n-type monocrystalline silicon based heterojunction technology (HJT) modules; all of these either bifacial (glass-to-glass/ glass-to-transparent back sheet) or monofacial (glass-to-white/black back sheet) modules. Production facilities at: Falta SEZ, Kolkata, West Bengal and Oragadam, Chennai, Tamil Nadu.
The company have established a pan-India footprint, covering 23 states and three union territories, through an extensive distributor network of 41 authorized distributors, 64 dealers and 67 system integrators.The company's domestic clients comprise major government organizations, including National Thermal Power Corporation, Neyveli Lignite Corporation Limited and Gujarat Industries Power Company Limited, and major private independent power producers (IPPs), including ACME Cleantech Solutions Pvt. Ltd. As of March 31, 2024, we have 1,513 regular employees and 728 contractual employees.
As described in the offer document.
| Metric | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
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Vikram Solar IPO : Anchor investors choose Rs 620.8 crore value shares.
Marquee investors such as Goldman Sachs, Prudential Hong Kong, Morgan Stanley, Pinebridge Global Funds, Societe Generale, Tata Mutual Fund, HSBC MF, Edelweiss, ICICI Prudential Life Insurance, SBI General Insurance Company, Taurus MF, and Finavenuestitutional investors such as Kotak Mahindra AMC, Franklin India, Nippon Life India, UTI AMC, Tata Mutual Fund, HSBC MF, Edelweiss, ICICI Prudential Life Insurance, SBI General Insurance Company, Taurus MF, and Finavenue Capital Trust invested in the firm.
Gyanesh Chaudhary, Gyanesh Chaudhary Family Trust, Vikram Capital Management Private Limited. Promoter holding 77.64% before the issue and 63.11% after.
Work out the listing gain for this IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Vikram Solar IPO was a ₹2,079.37 crore book-built issue, comprising a fresh issue of ₹1,500 crore and an offer for sale of ₹579.37 crore. It was priced at ₹315–₹332 per share with a lot size of 45 shares (₹14,940). The IPO was open from August 19 to August 21, 2025 and was subscribed 54.63x. Shares listed on BSE and NSE on August 26, 2025 at ₹338, a 1.8% premium to the issue price of ₹332.
MUFG Intime India Private Limited (Link Intime) is the registrar. Jm Financial Limited and 4 other book running lead managers manage the issue.
The price band of Vikram Solar IPO is ₹315 to ₹332 per share.
The lot size of Vikram Solar IPO is 45 shares.
The minimum investment for Vikram Solar IPO is approximately ₹14,940 based on the upper price band.
The allotment date of Vikram Solar IPO is Aug 22, 2025.
No GMP quote could be verified as recorded before Vikram Solar IPO listed. A grey-market observation of ₹34 per share was recorded on 26 Aug 2025, 8:30 AM IST, but without a verified listing timestamp it is not treated as the final pre-listing GMP. The shares listed at ₹338. GMP is unofficial and does not forecast or guarantee the actual listing price.
Vikram Solar IPO listed on Aug 26, 2025. It was issued at ₹338.0(NSE) and is currently around ₹131.99 as on 2-Nov-2026 3:30 PM, which is approximately -60.2% versus issue price. The 52-week high is ₹330.40.
You can check Vikram Solar IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Vikram Solar IPO allotment status on Rupix for quick and easy access.
₹315 to ₹332 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 45 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹14,940.
₹14,940, for one lot of 45 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 19 August 2025 and closed on 21 August 2025.
The basis of allotment was published on 22 August 2025 by MUFG Intime India Private Limited (Link Intime), and allotted shares were credited to demat accounts before listing.
The shares listed on 26 August 2025 on BSE, NSE.
The issue size was ₹2079.37 crore. The fresh issue was 4,51,80,722 shares (aggregating up to ₹1500 crore). The offer for sale was 1,74,50,882 shares (aggregating up to ₹579.37 crore).