Vikram Solar IPO
Vikram Solar Limited · Renewable Energy
- Issue price
- ₹332per share
- Issue size
- ₹2,079.37 Cr6,26,31,604 shares
- Face value
- ₹10per equity share
- Lot size
- 45 sharesMin. ₹14,940 at the upper price
- Anchor biddingMon, 2025
- OpensTue, 2025
- ClosesThu, 2025
- AllotmentFri, 2025
- ListingTue, 2025
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- 4,51,80,722 shares (₹1,500 Cr)
- Offer for sale
- 1,74,50,882 shares (₹579.37 Cr)
- Total issue
- 6,26,31,604 shares (₹2,079.37 Cr)
- Face value
- ₹10
- Listing at
- NSE, BSE
- Promoter holding
- 67.17% → 53.96%
Source: ProspectusUpdated
Reservation
Share of the total issue- Retail34.8%
- Anchor29.9%
- QIB ex-anchor19.9%
- Big NII10.0%
- Small NII5.0%
- Employees0.5%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 2,18,15,640 | 34.83% | 35% |
| Non-institutional investors (NII) | 93,49,560 | 14.93% | 15% |
| Small NII (₹2–10 lakh) | 31,16,520 | 4.98% | — |
| Big NII (above ₹10 lakh) | 62,33,040 | 9.95% | — |
| Qualified institutional buyers (QIB) | 3,11,65,200 | 49.76% | 50% |
| QIB, excluding anchor | 1,24,66,080 | 19.90% | — |
| Anchor investors | 1,86,99,120 | 29.86% | — |
| Employees | 3,01,204 | 0.48% | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹332 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Employees | 1 | 45 | ₹14,940 |
| Retail individual investors | 1 | 45 | ₹14,940 |
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once it is added from a licensed data source.
Valuation
FY 2024-25, pre-issue- EPS (basic)
- ₹4.61
- EPS (diluted)
- ₹4.6
- P/E (FY 2024-25 at cap price (basic EPS))
- 72.02×
- RoNW
- 11.26%
- NAV per share (As at March 31, 2025)
- ₹39.24
- NAV per share (After the Offer at Offer Price)
- ₹75.8
- ROCE
- 24.49%
- EBITDA margin
- 14.37%
- PAT margin
- 4.08%
- Debt to equity
- 0.19
Source: ProspectusUpdated
Financials
Consolidated, restated · ₹ crore| Period ended | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|
| Revenue from operations | 3,423.45 | 2,510.99 | 2,073.23 |
| Total income | 3,459.53 | 2,523.96 | 2,091.91 |
| EBITDA | 492.01 | 398.58 | 186.18 |
| Profit after tax | 139.83 | 79.72 | 14.49 |
| Net worth | 1,241.99 | 445.42 | 365.20 |
| Total borrowing | 230.67 | 808.33 | 737.79 |
FY 2024-25 vs FY 2023-24: revenue +36.3%, profit after tax +75.4%.
Source: ProspectusUpdated
About the company
The company manufactures solar photovoltaic modules at two facilities, in West Bengal and Tamil Nadu, with 4.50 GW of installed capacity as of the prospectus date. It is also building solar cell and battery energy storage capacity, and sells modules mainly in India with export sales to other countries.
- Incorporated
- 2005
- Sector
- Renewable Energy
- CIN
- U18100WB2005PLC106448
- Website
- www.vikramsolar.com
Source: ProspectusUpdated
Promoters and shareholders
| Name | Type | Before issue | After issue | Shares offered |
|---|---|---|---|---|
| Vikram Capital Management Private Limited | Promoter | 35.79% | 30.91% | 15,00,000 |
| Gyanesh Chaudhary Family Trust | Promoter | 23.09% | 20.21% | 0 |
| Gyanesh Chaudhary | Promoter | 5.15% | 2.84% | 60,00,000 |
| Anil Chaudhary | Promoter group | 3.14% | 0.00% | 99,50,882 |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Partial funding of capital expenditure through investment in wholly owned subsidiary VSL Green Power Private Limited for the Phase-I solar cell and module project | 769.73 |
| Funding of capital expenditure through investment in VSL Green Power Private Limited for expanding the Phase-I module capacity (Phase-II project) | 595.21 |
| General corporate purposes | 49.55 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Vikram Solar LimitedIssuer | ₹4.61 | — | 11.26% | ₹39.24 |
| Waaree Energies Limited | ₹68.24 | 45.79× | 20.09% | ₹334 |
| Premier Energies Limited | ₹21.35 | 47.01× | 33.21% | ₹62.61 |
| Websol Energy System Limited | ₹36.66 | 40.04× | 55.65% | ₹65.88 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- One of India's larger solar PV module makers by operational capacity, with 4.50 GW installed as of the prospectus date.
- Revenue and EBITDA grew over FY2023 to FY2025, and the order book rose to 10,340.82 MW.
- Module lines are rated for 395Wp to 735Wp with efficiencies of 20.23% to 23.66%, with ALMM enlistment of 2.85 GW.
- Planned backward integration into solar cells and battery storage is intended to expand capacity to 20.50 GW of modules by FY2027.
- Pan-India distribution through 83 authorised distributors, more than 250 dealers and 76 empanelled system integrators.
Risks
- Almost all operating revenue comes from solar PV modules, so weaker demand for modules would hurt results.
- Top five and top ten customers account for a large share of revenue, so loss of any key customer would have a material effect.
- The Phase-I and Phase-II expansion depends on timely government approvals, cost control and equipment supply.
- A large share of imported raw materials comes from China and other Asian countries, so trade restrictions could raise costs.
- Promoters and some group members have given guarantees to lenders, and enforcement of these could affect the company.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹332) appear here after the shares list on NSE and BSE.
Frequently asked questions
When does the Vikram Solar IPO open and close?
According to the Prospectus, the issue opens on Tuesday, 19 August 2025 and closes on Thursday, 21 August 2025.
What is the Vikram Solar IPO price band?
The final issue price is ₹332 per share.
What is the lot size of the Vikram Solar IPO?
One lot is 45 shares, which is ₹14,940 at ₹332 per share.
Where will Vikram Solar shares list?
On NSE and BSE. The tentative listing date is Tuesday, 26 August 2025.
Who is the registrar of the issue?
MUFG Intime India Private Limited (SEBI registration INR000004058). Allotment status is checked on the registrar's website.
How will the money raised be used?
₹769.73 Cr for partial funding of capital expenditure through investment in wholly owned subsidiary VSL Green Power Private Limited for the Phase-I solar cell and module project, ₹595.21 Cr for funding of capital expenditure through investment in VSL Green Power Private Limited for expanding the Phase-I module capacity (Phase-II project), ₹49.55 Cr for general corporate purposes.