The renewable energy sector is buzzing with excitement as Vikram Solar prepares to launch its initial public offering (IPO) on August 19, 2025. This Kolkata-based solar manufacturer is set to raise ₹2,079.37 crore, making it one of the most anticipated IPOs in the green energy space this year.
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Vikram Solar IPO: Key Details at a Glance
| IPO Details | Information |
|---|---|
| Opening Date | August 19, 2025 (Tuesday) |
| Closing Date | August 21, 2025 (Thursday) |
| Price Band | ₹315 – ₹332 per share |
| Lot Size | 45 shares (minimum) |
| Total Issue Size | ₹2,079.37 crore |
| Fresh Issue | ₹1,500 crore |
| OFS Component | ₹579.37 crore |
| Listing Date | August 26, 2025 |
| Current GMP | ₹68-70 per share |
About Vikram Solar: India’s Solar Energy Pioneer
Incorporated in 2005, Vikram Solar has established itself as a leading solar photovoltaic (PV) modules manufacturer with a strong footprint across India. The company operates through three core business segments:
- Solar PV Module Manufacturing: High-efficiency solar panels for residential and commercial use
- EPC Services: Complete engineering, procurement, and construction solutions
- O&M Services: Operations and maintenance of solar power installations
With manufacturing facilities in Kolkata and Chennai, Vikram Solar serves 23 states and three union territories through an extensive network of 41 authorized distributors, 64 dealers, and 67 system integrators.
Financial Performance: Strong Growth Trajectory
Vikram Solar’s financial performance showcases impressive growth in the renewable energy sector:
- FY 2025 Revenue: ₹3,459.53 crore
- FY 2025 Net Profit: ₹139.83 crore
- FY 2024 Revenue: ₹2,523.96 crore
- FY 2024 Net Profit: ₹79.72 crore
This represents a remarkable 37% revenue growth and 75% profit increase year-over-year, highlighting the company’s robust business model.
Grey Market Premium Analysis
The IPO is generating significant investor interest, with a grey market premium of ₹68-70 per share, suggesting an upside potential of 20-21% over the upper end of the price band. This strong GMP indicates positive market sentiment towards the renewable energy sector.
For more insights on IPO investments and market trends, investors should consider the long-term growth potential of solar energy companies.
Share Allocation Structure
| Investor Category | Allocation |
|---|---|
| Qualified Institutional Buyers (QIBs) | 50% |
| Retail Individual Investors (RIIs) | 35% |
| Non-Institutional Investors (NIIs) | 15% |
Investment Rationale
Several factors make Vikram Solar an attractive investment opportunity:
- Growing Solar Market: India’s commitment to renewable energy creates massive growth opportunities
- Established Client Base: Strong relationships with government entities like NTPC and private players
- Pan-India Presence: Extensive distribution network across multiple states
- Diversified Revenue Streams: Multiple business verticals reduce dependency risks
For comprehensive analysis of renewable energy investments, check out our green energy investment guide.
Key Risks to Consider
While the outlook appears positive, potential investors should consider:
- Solar panel pricing volatility
- Competition from international manufacturers
- Policy changes affecting renewable energy subsidies
- Raw material price fluctuations
How to Apply
Investors can apply through their brokers or online platforms. The anchor book opens on August 18, giving institutional investors early access. SEBI guidelines ensure transparent allocation processes for all investor categories.
Conclusion
Vikram Solar’s IPO represents a compelling opportunity in India’s expanding renewable energy landscape. With strong financials, established market presence, and favorable government policies supporting solar adoption, the company appears well-positioned for future growth.
However, investors should conduct thorough due diligence and consider their risk tolerance before investing. The strong GMP indicates market optimism, but IPO investments always carry inherent risks.
Disclaimer: This article is for informational purposes only and should not be considered as investment advice. Please consult with financial advisors before making investment decisions.
Frequently Asked Questions
Q1: What is the minimum investment required for Vikram Solar IPO?
A1: The minimum investment is 45 shares at the upper price band of ₹332, totaling ₹14,940. Subsequent applications must be in multiples of 45 shares.
Q2: When will Vikram Solar shares be listed on stock exchanges?
A2: Vikram Solar shares will be listed on both BSE and NSE on August 26, 2025 (Tuesday), approximately one week after the IPO closes.
