Vikram Solar IPO opens on August 19; check price band, issue size, latest GMP & more

The initial public offering of Vikram Solar shall open for bidding on August 19, Tuesday. The company announced to offer its shares in the range of Rs 315-332 per equity shares. Investors can apply for a minimum of 45 equity shares and its multiples thereafter, until August 21, Thursday. Anchor book for the issue shall open on Monday, August 18.

Incorporated in 2005, Kolkata-based Vikram Solar is a solar photo-voltaic (PV) modules manufacturer. It has three core operation including  solar photovoltaic (PV) module manufacturing; engineering, procurement, and construction (EPC) services; and operations and maintenance (O&M) of solar power installations.

The 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 at the upper end of the price band. The company is looking to raise a total of Rs 2079.37 crore via IPO route.

The net proceeds from the fresh issue shall be utilized towards partial funding of capital expenditure for the Phase-I and phase-II project. However, proceeds from the selling shareholders will go to them only. The company is commanding a grey market premium of Rs 68-70 per share, suggesting an upside potential of 20-21 per cent over the upper end of the price band.

Vikram Solar's energy products consists 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 large private independent power producers (IPPs) such as ACME Cleantech Solutions, among others.

Vikram Solar has two manufacturing facilities located at Falta SEZ, Kolkata, West Bengal and Oragadam, Chennai, Tamil Nadu. It has established a pan-India presence, serving 23 states and three union territories, through an extensive distributor network of 41 authorized distributors, 64 dealers and 67 system integrators.

For the financial year ended on March 31, 2025, the company 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 has reserved shares worth Rs 10 crore for its eligible shareholders. Of the net issue, 50 per cent shares a reserved for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of allocation in the net offer. Retail investors will have 35 per cent of allocation in this IPO.

JM Financial, Nuvama Wealth Management, Equirus Capital, UBS Securities India and Phillip Capital India are the book running lead manager 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.