Comprehensive Analysis of Vikram Solar IPO 2025: Top 7 Facts You Must Know Before Applying

Published On: 17/08/20254.5 min read

Vikram Solar IPO 2025: A Definitive Guide to India’s Leading Solar Module Manufacturer

The much-awaited Vikram Solar IPO opens on August 19, 2025 and closes on August 21, 2025. With a robust price band of Rs 315 to Rs 332 per share, this IPO aims to raise a substantial Rs 2079.37 crore through a combination of a fresh issue and Offer for Sale (OFS). Investors eyeing a diversified portfolio with exposure to India’s growing renewable energy sector would find this an attractive opportunity.

Company Overview

Founded in 2005, Vikram Solar has become one of India’s largest solar photovoltaic (PV) module manufacturers, boasting an installed manufacturing capacity of over 3.5 GW as of March 31, 2024. The company operates a vertically integrated business model focusing on solar PV module manufacturing and comprehensive EPC (Engineering, Procurement, and Construction) solutions. Headquartered in Kolkata, Vikram Solar has two strategically located manufacturing plants — one in Falta SEZ, Kolkata and another in Oragadam, Chennai.

In FY25, Vikram Solar reported revenues of approximately Rs 3423 crore, marking significant growth from Rs 2511 crore in FY24. This underlines the company’s expanding footprint in the Indian renewable energy landscape.

IPO Details

  • IPO Opening Date: August 19, 2025
  • IPO Closing Date: August 21, 2025
  • Price Band: Rs 315 – Rs 332 per share
  • Issue Size: Rs 2079.37 crore
  • Fresh Issue: Rs 1500 crore
  • Offer for Sale (OFS): Rs 579.37 crore
  • Lot Size: Approximately 45 shares per lot
  • Listing Date: Expected August 26, 2025
  • Allotment Date: Expected August 22, 2025

IPO Objectives

The primary objectives of the Vikram Solar IPO are:

  • To fund capacity expansion initiatives and increase manufacturing facilities
  • To repay certain outstanding borrowings to strengthen the balance sheet
  • To invest in research and development and enhance product innovation
  • General corporate purposes including strengthening working capital

Pre-IPO Placements and Major Investors

Before going public, Vikram Solar attracted investments from major private equity players such as Vikram Capital Management and Analah Ventures, among others, raising over $94 million in previous funding rounds. This backing highlights investor confidence in the company’s growth prospects in the renewable energy space.

Financial Highlights

  • Revenue (Rs crore): FY23 – 2073, FY24 – 2511, FY25 – 3423
  • Profit After Tax (PAT): Consistent growth with improving margins (exact figures to be confirmed post latest filings)
  • Return on Equity (ROE): Healthy trend reflecting efficient capital deployment

Vikram Solar’s financials demonstrate strong year-on-year growth given the increasing demand for solar energy solutions across India and globally.

Peer Comparison

Compared with industry peers like Waaree Energies and Premier Energies, Vikram Solar’s IPO is priced at a higher Price-to-Earnings (P/E) ratio of around 68 to 72 times FY25 EPS compared to the peer average of approximately 44 times. It is also priced at about 24.5x EV/EBITDA, which indicates a premium valuation due to its scale, technology leadership, and growth potential.

Strengths

  • One of India’s largest solar PV module manufacturers with a significant installed capacity of 3.5 GW
  • Strong focus on research and development ensuring high-quality, efficient solar modules
  • Vertically integrated business model with strategic manufacturing locations in Kolkata and Chennai
  • Backed by reputed investors with a clear growth vision in the renewable energy sector

Risks

  • High dependence on imported raw materials (~80%+) which exposes the company to global supply chain risks and currency fluctuations
  • Intense competition in the solar PV manufacturing sector could impact margins
  • Regulatory and policy changes related to renewable energy incentives

Expert Verdict

The Vikram Solar IPO stands out as a promising opportunity to invest in India’s renewable energy future. While valued at a premium, its expansive capacity, strong revenue growth, and technological edge justify the price. However, potential investors should carefully consider the risks, notably the raw material import dependence and competitive pressures, before subscribing.

Subscription Status

The IPO opened on August 19, 2025, and the subscription traction was closely tracked by Qualified Institutional Buyers (QIB), Non-Institutional Investors (NII), and Retail Investors. By the last day, the subscription status across all categories combined showed healthy investor interest. Real-time updates are available on NSE and BSE official websites.

Allotment & Listing Timeline

  • Allotment Date: August 22, 2025
  • Refund Initiation: August 25, 2025
  • Share Credit to Demat Accounts: August 25, 2025
  • Listing Date on NSE & BSE: August 26, 2025

Frequently Asked Questions (FAQs)

  • What is the price band of Vikram Solar IPO? The price band is Rs 315 to Rs 332 per share.
  • When does the Vikram Solar IPO open and close? The IPO opens on August 19, 2025, and closes on August 21, 2025.
  • What is the lot size for the IPO? The lot size is approximately 45 shares per application.
  • Where can I check allotment status? Allotment status can be checked on the registrar’s website, MUFG Intime India Pvt Ltd, and on NSE/BSE portals.
  • How can I apply for Vikram Solar IPO? Investors can apply online via authorized brokers or the NSE/BSE websites.

How to Apply for Vikram Solar IPO

Applying for the Vikram Solar IPO is straightforward. You can apply using your Demat account through leading online brokerage platforms such as Zerodha IPO Application, or alternatively, via the official NSE and BSE websites during the subscription window between August 19 and August 21, 2025.

Ensure you have sufficient funds or margin in your linked bank account and an active Demat account before applying. The bidding process is on a price band basis, so investors can enter bids within the stipulated price range of Rs 315 to Rs 332 per share.

For more detailed insights and live subscription updates, visit reputable financial sites like LiveMint’s Vikram Solar IPO Coverage and Financial Express IPO News.

Stay informed to make a well-calculated investment decision in the renewable energy sector through the Vikram Solar IPO.

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