Vikram Solar IPO opens today: Check issue details, analysts review, latest GMP and more
Vikram Solar is selling its shares in the price band of Rs 315-332 apiece, which could be applied for a minimum of 45 shares and its multiples to raise Rs 2,079.37 crore between August 19-21.
- Aug 19, 2025,
- Updated Aug 19, 2025 9:31 AM IST
Vikram Solar is set to launch its initial public offering (IPO) for bidding on August 19, Tuesday. The renewable energy player offered its shares in the range of Rs 315-332 per equity share, for which one can apply for a minimum of 45 equity shares and its multiples thereafter, until August 21, Thursday.
The Rs 2,079.37 crore IPO of Vikram Solar includes a fresh share sale component of Rs 1,500 crore and an offer-for-sale (OFS) of up to 1,74,50,882 equity shares by its promoter Gyanesh Chaudhary, Vikram Capital Management and Anil Chaudhary worth Rs 579.37 crore. The net proceeds from the fresh issue shall be utilized towards funding of capital expenditure of the company.
Incorporated in 2005, Kolkata-based Vikram Solar is a solar photo-voltaic (PV) modules manufacturer. It has three core operations including solar photovoltaic (PV) module manufacturing; engineering, procurement, and construction (EPC) services; and operations and maintenance (O&M) of solar power installations.
Vikram Solar has mopped Rs 620.81 crore from 43 anchor investors as it allocated 1,86,99,120 equity shares at Rs 332 apiece. Its anchor book included names like Goldman Sachs, Prudential Hong Kong, Morgan Stanley, Pinebridge Global Funds, Societe Generale, Integrated Core Strategies (Asia), Citigroup Global, Finavenue Capital Trust and a few domestic mutual funds.
Vikram Solar's energy products consist of the high-efficiency solar PV modules. Its domestic customers include prominent government entities, such as NTPC, NLC India and Gujarat Industries Power Company, and others. Vikram Solar has two manufacturing facilities located at Falta SEZ, Kolkata, West Bengal and Oragadam, Chennai, Tamil Nadu.
For the financial year ended on March 31, 2025, Vikram Solar reported a net profit of Rs 139.83 crore with a revenue of Rs 3,459.53 crore. Its net profit stood at Rs 79.72 crore with a revenue of Rs 2,523.96 crore for the year 2024-25. The company shall command a total market capitalization of Rs 12,009 crore.
VIkram Solar has reserved shares worth Rs 10 crore for its eligible shareholders. 50 per cent of the net issue is reserved for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) and retail investors will have 15 per cent and 35 per cent of allocation, respectively. Last heard, its grey market premium (GMP) stood at Rs 64-65 apiece, suggesting 20 per cent uspide.
JM Financial, Nuvama Wealth Management, Equirus Capital, UBS Securities India and Phillip Capital India are the book running lead managers of the IPO of Vikram Solar and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on August 26, Tuesday. Here's what a host of brokerage firms are say on the IPO of Vikram Solar:
Anand Rathi Shares & Stock Brokers Rating: Subscribe for long-term Vikram Solar is scaling up its solar PV module capacity to 15.50 GW by FY26 and 20.50 GW by FY27 through both new (Greenfield) and existing (brownfield) projects. It is also diversifying into solar cell manufacturing with two facilities in Tamil Nadu, having a total planned capacity of 12 GW by FY27. The strategic entry into energy storage will strengthen its prospects and profitability, said Anand Rathi.
"We believe business includes high capex and lower margin profile, client concentration, and global supply chain exposure. Yet, strong order book (10.3 GW), backward integration, and government support position it well for long-term growth. Thus, we assign 'subscribe for long-term' rating for this issue," it said.
Reliance Securities Rating: Subscribe Vikram Solar stands well-positioned to capture India’s accelerating solar opportunity, supported by a robust order book, PLI-backed technology upgrades, and strong policy tailwinds, said Reliance Securities. "While risks remain around raw material sourcing, order execution, and price volatility, its improving return metrics and alignment with both domestic and export demand create a compelling medium-term growth story. Owing to such developments, we recommend to subscribe," it added.
Canara Bank Securities Rating: Subscribe for long-term Vikram Solar is well-placed to benefit from India’s push towards renewable energy, supported by its large manufacturing capacity, expansion into solar cells and battery storage, and a strong set of clients. It has shown good growth in revenues and profits, though the sharp jump in profits in recent years needs to be watched, said Canara Bank Securities.
"The IPO is valued at a P/E of 72.02 times compared to the industry average of 41.83 times, which makes it look expensive. Its P/B ratio is 8.46 times, lower than the industry average, which is relatively more reasonable. We recommend investors to 'subscribe' for a long-term as the company’s ambitious growth plans in solar and energy storage solutions provide a strong opportunity," it said.
Arihant Capital Markets Rating: Subscribe for long-term Vikram Solar's operational strengths include robust R&D capabilities, a strong quality control framework, and adoption of advanced manufacturing technologies from leading countries in solar innovation. Its backward integration strategy and capacity expansion provide growth visibility, said Arihant Capital.
"However, execution of large-scale expansion and competitive industry dynamics remain key factors. Its valuation is higher than the industry peers. The issue is valued at a PE of 86 times based on FY25 EPS of Rs 3.87 and EV/Ebitda of 24.5. We are recommending a 'subscribe for long term' rating for this issue," it added.
Swastika Investmart Rating: Subscribe Vikram marked growth in its top and bottom lines for the reported periods. Boosted bottom lines for FY24 onwards raise eyebrows, said Swastika Investmart. "Based on its recent financial data with super profits the IPO appears exorbitantly priced. Investors may park their funds for listing gains and long term," it added.
Ventura Securities Rating: Subscribe Key strengths of Vikram Solar include its technologically advanced manufacturing facilities in West Bengal, robust R&D capabilities, and emphasis on product innovation to improve efficiency and reliability. It benefits from long standing relationships with government bodies, large corporates, and international clients, enabling a diverse and stable order book, said Ventura Securities.
"Its integrated approach, combining manufacturing expertise with EPC execution, creates strong synergies and positions the company as a one-stop solar solutions provider. Commitment to sustainability, global partnerships, and proven execution track record continue to distinguish Vikram Solar as a leading player in India’s renewable energy sector," it added with a 'subscribe' rating.
Marwadi Financial Services Rating: Subscribe Vikram Solar is set to list at a P/E of 85.88 times with a market cap of Rs 12,009 crore, said Marwadi Financial Services. "We assign 'subscribe' rating to this IPO as it has robust financial performance with a strong order book, providing clear visibility on future growth. Also, valuations are reasonable considering the growth potential of the company," it added.
SBI Securities Rating: Subscribe Vikram Solar has a lower margin profile than its listed peers due to lack of backward integration and minimal export presence where the margins are usually higher. Revenue, Ebitda and adjusted PAT have grown at a CAGR of 29 per cent, 63 per cent and 211 per cent over FY23-25, respectively. Its installed solar module manufacturing capacity is set to expand by 4 times in FY26 to 15.5 GW, said SBI Securities.
"Growth going ahead is expected to be driven by capacity expansion, robust domestic demand led by multiple levers, transition to solar captive plants in Commercial & Industrial segment and utility scale solar power capacity addition. The valuation is in-line with peers on EV/Ebitda basis. Margin is expected to improve as the solar cell capacity comes onstream in FY27," it said with a 'subscribe' rating
Lakshmishree Investments Rating: Subscribe Vikram Solar offers a strong play on India’s solar manufacturing boom, backed by scale, integration, and policy tailwinds. With 4.5 GW module capacity and plans to expand to 15.5 GW, it’s among the largest domestic players. Its portfolio spans high-efficiency PV modules, EPC, and O&M services, serving top clients like NTPC and Adani, said Lakshmishree.
"Risks include high capex, client concentration, and global supply chain exposure. Yet, strong order book (10.3 GW), backward integration, and government support position it well for long-term growth. We recommend a 'subscribe' rating for investors seeking exposure to India’s clean energy value chain," it added.
Vikram Solar is set to launch its initial public offering (IPO) for bidding on August 19, Tuesday. The renewable energy player offered its shares in the range of Rs 315-332 per equity share, for which one can apply for a minimum of 45 equity shares and its multiples thereafter, until August 21, Thursday.
The Rs 2,079.37 crore IPO of Vikram Solar includes a fresh share sale component of Rs 1,500 crore and an offer-for-sale (OFS) of up to 1,74,50,882 equity shares by its promoter Gyanesh Chaudhary, Vikram Capital Management and Anil Chaudhary worth Rs 579.37 crore. The net proceeds from the fresh issue shall be utilized towards funding of capital expenditure of the company.
Incorporated in 2005, Kolkata-based Vikram Solar is a solar photo-voltaic (PV) modules manufacturer. It has three core operations including solar photovoltaic (PV) module manufacturing; engineering, procurement, and construction (EPC) services; and operations and maintenance (O&M) of solar power installations.
Vikram Solar has mopped Rs 620.81 crore from 43 anchor investors as it allocated 1,86,99,120 equity shares at Rs 332 apiece. Its anchor book included names like Goldman Sachs, Prudential Hong Kong, Morgan Stanley, Pinebridge Global Funds, Societe Generale, Integrated Core Strategies (Asia), Citigroup Global, Finavenue Capital Trust and a few domestic mutual funds.
Vikram Solar's energy products consist of the high-efficiency solar PV modules. Its domestic customers include prominent government entities, such as NTPC, NLC India and Gujarat Industries Power Company, and others. Vikram Solar has two manufacturing facilities located at Falta SEZ, Kolkata, West Bengal and Oragadam, Chennai, Tamil Nadu.
For the financial year ended on March 31, 2025, Vikram Solar reported a net profit of Rs 139.83 crore with a revenue of Rs 3,459.53 crore. Its net profit stood at Rs 79.72 crore with a revenue of Rs 2,523.96 crore for the year 2024-25. The company shall command a total market capitalization of Rs 12,009 crore.
VIkram Solar has reserved shares worth Rs 10 crore for its eligible shareholders. 50 per cent of the net issue is reserved for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) and retail investors will have 15 per cent and 35 per cent of allocation, respectively. Last heard, its grey market premium (GMP) stood at Rs 64-65 apiece, suggesting 20 per cent uspide.
JM Financial, Nuvama Wealth Management, Equirus Capital, UBS Securities India and Phillip Capital India are the book running lead managers of the IPO of Vikram Solar and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on August 26, Tuesday. Here's what a host of brokerage firms are say on the IPO of Vikram Solar:
Anand Rathi Shares & Stock Brokers Rating: Subscribe for long-term Vikram Solar is scaling up its solar PV module capacity to 15.50 GW by FY26 and 20.50 GW by FY27 through both new (Greenfield) and existing (brownfield) projects. It is also diversifying into solar cell manufacturing with two facilities in Tamil Nadu, having a total planned capacity of 12 GW by FY27. The strategic entry into energy storage will strengthen its prospects and profitability, said Anand Rathi.
"We believe business includes high capex and lower margin profile, client concentration, and global supply chain exposure. Yet, strong order book (10.3 GW), backward integration, and government support position it well for long-term growth. Thus, we assign 'subscribe for long-term' rating for this issue," it said.
Reliance Securities Rating: Subscribe Vikram Solar stands well-positioned to capture India’s accelerating solar opportunity, supported by a robust order book, PLI-backed technology upgrades, and strong policy tailwinds, said Reliance Securities. "While risks remain around raw material sourcing, order execution, and price volatility, its improving return metrics and alignment with both domestic and export demand create a compelling medium-term growth story. Owing to such developments, we recommend to subscribe," it added.
Canara Bank Securities Rating: Subscribe for long-term Vikram Solar is well-placed to benefit from India’s push towards renewable energy, supported by its large manufacturing capacity, expansion into solar cells and battery storage, and a strong set of clients. It has shown good growth in revenues and profits, though the sharp jump in profits in recent years needs to be watched, said Canara Bank Securities.
"The IPO is valued at a P/E of 72.02 times compared to the industry average of 41.83 times, which makes it look expensive. Its P/B ratio is 8.46 times, lower than the industry average, which is relatively more reasonable. We recommend investors to 'subscribe' for a long-term as the company’s ambitious growth plans in solar and energy storage solutions provide a strong opportunity," it said.
Arihant Capital Markets Rating: Subscribe for long-term Vikram Solar's operational strengths include robust R&D capabilities, a strong quality control framework, and adoption of advanced manufacturing technologies from leading countries in solar innovation. Its backward integration strategy and capacity expansion provide growth visibility, said Arihant Capital.
"However, execution of large-scale expansion and competitive industry dynamics remain key factors. Its valuation is higher than the industry peers. The issue is valued at a PE of 86 times based on FY25 EPS of Rs 3.87 and EV/Ebitda of 24.5. We are recommending a 'subscribe for long term' rating for this issue," it added.
Swastika Investmart Rating: Subscribe Vikram marked growth in its top and bottom lines for the reported periods. Boosted bottom lines for FY24 onwards raise eyebrows, said Swastika Investmart. "Based on its recent financial data with super profits the IPO appears exorbitantly priced. Investors may park their funds for listing gains and long term," it added.
Ventura Securities Rating: Subscribe Key strengths of Vikram Solar include its technologically advanced manufacturing facilities in West Bengal, robust R&D capabilities, and emphasis on product innovation to improve efficiency and reliability. It benefits from long standing relationships with government bodies, large corporates, and international clients, enabling a diverse and stable order book, said Ventura Securities.
"Its integrated approach, combining manufacturing expertise with EPC execution, creates strong synergies and positions the company as a one-stop solar solutions provider. Commitment to sustainability, global partnerships, and proven execution track record continue to distinguish Vikram Solar as a leading player in India’s renewable energy sector," it added with a 'subscribe' rating.
Marwadi Financial Services Rating: Subscribe Vikram Solar is set to list at a P/E of 85.88 times with a market cap of Rs 12,009 crore, said Marwadi Financial Services. "We assign 'subscribe' rating to this IPO as it has robust financial performance with a strong order book, providing clear visibility on future growth. Also, valuations are reasonable considering the growth potential of the company," it added.
SBI Securities Rating: Subscribe Vikram Solar has a lower margin profile than its listed peers due to lack of backward integration and minimal export presence where the margins are usually higher. Revenue, Ebitda and adjusted PAT have grown at a CAGR of 29 per cent, 63 per cent and 211 per cent over FY23-25, respectively. Its installed solar module manufacturing capacity is set to expand by 4 times in FY26 to 15.5 GW, said SBI Securities.
"Growth going ahead is expected to be driven by capacity expansion, robust domestic demand led by multiple levers, transition to solar captive plants in Commercial & Industrial segment and utility scale solar power capacity addition. The valuation is in-line with peers on EV/Ebitda basis. Margin is expected to improve as the solar cell capacity comes onstream in FY27," it said with a 'subscribe' rating
Lakshmishree Investments Rating: Subscribe Vikram Solar offers a strong play on India’s solar manufacturing boom, backed by scale, integration, and policy tailwinds. With 4.5 GW module capacity and plans to expand to 15.5 GW, it’s among the largest domestic players. Its portfolio spans high-efficiency PV modules, EPC, and O&M services, serving top clients like NTPC and Adani, said Lakshmishree.
"Risks include high capex, client concentration, and global supply chain exposure. Yet, strong order book (10.3 GW), backward integration, and government support position it well for long-term growth. We recommend a 'subscribe' rating for investors seeking exposure to India’s clean energy value chain," it added.