The issue kicked off for subscription on Tuesday, August 19, 2025, and will close for subscription on Thursday, August 21, 2025.
Mumbai : The Initial Public Offering of Vikram Solar Limited was subscribed 54.63 times on the final day of bidding, demonstrating a strong demand from retail and non-institutional investors for this IPO. The issue received bids of 2,47,81,57,740 shares against the offered 4,53,61,650 equity shares, according to the data available on the stock exchanges.
Retail Portion and Non-Institutional Investors Portion were subscribed 7.65 times and 50.90 times respectively. Qualified Institutional Investors subscribed a staggering 142.79 times, and the Employee Portion was subscribed 4.84 times.
A day before the opening of the issue, Vikram Solar Ltd raised Rs 620.80 crores from anchor investors. Some of the marquee Institutions that participated in the anchor include Kotak Mutual Fund, Nippon Mutual Fund, Goldman Sachs, Franklin Templeton Mutual Fund, Singularity Equity Fund I, Morgan Stanley, Tata Mutual Fund, ICICI Prudential Life, SBI General Insurance, BNP Paribas, HSBC, and Citigroup.
Leading brokerage firms like Anand Rathi, ICICI Direct, Reliance Securities, SBI Securities, Geojit Securities, Choice Broking, Arihant Capital, Ventura Securities, BP Wealth, Marwadi Financial Securities, Mastertrust Capital, AUM Capital, Adroit Financial Services, Hem Securities and Eureka Shares and Stock Broking have given a “Subscribe” rating to the issue highlighting the company’s strong growth outlook backed by a ~4x capacity expansion to 15.5 GW by FY26, robust policy tailwinds such as PM Surya Ghar Muft Bijli Yojana, PM Kusum, ALMM and rising C&I solar adoption. Supported by a healthy order book, PLI-backed technology upgrades, and valuations in line with peers on an EV/EBITDA basis (21.4x FY25).
JM Financial Limited, Nuvama Wealth Management Limited, UBS Securities India Private Limited, Equirus Capital Private Limited and PhillipCapital (India) Private Limited are the book-running lead managers, and MUFG Intime India Private Limited is the registrar of the issue.
Company Information
Vikram Solar Limited commenced its manufacturing operations in 2009 with an installed solar PV module manufacturing capacity of 12.00 MW, grown to 4.50 GW installed capacity as of the date.
It is one of India’s largest solar photovoltaic (“PV”) module manufacturers in terms of operational capacity, with more than 17 years of experience in the industry, as of March 31, 2025. With 4.50 GW of installed manufacturing capacity for solar PV modules, it is one of the largest pure play module manufacturers in India, and its enlisted capacity as per Ministry of New & Renewable Energy’s Approved List of Modules and Manufacturers (“ALMM”) is 2.85 GW as of June 30, 2025 (Source: CRISIL Report).
The company also featured in BloombergNEF as a Tier 1 manufacturer in the first quarter of CY 2014, and has been subsequently listed repeatedly, with the latest inclusion in the first quarter of 2025. Furthermore, in May 2025, it also received the prestigious EUPD Top Brand PV Seal.
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| Vilram Solar Ltd. IPO press conference in Taj Bengal, Kolkata on 20 Aug. 2025 |
Mumbai : The Initial Public Offering of Vikram Solar Limited was subscribed 54.63 times on the final day of bidding, demonstrating a strong demand from retail and non-institutional investors for this IPO. The issue received bids of 2,47,81,57,740 shares against the offered 4,53,61,650 equity shares, according to the data available on the stock exchanges.
Retail Portion and Non-Institutional Investors Portion were subscribed 7.65 times and 50.90 times respectively. Qualified Institutional Investors subscribed a staggering 142.79 times, and the Employee Portion was subscribed 4.84 times.
A day before the opening of the issue, Vikram Solar Ltd raised Rs 620.80 crores from anchor investors. Some of the marquee Institutions that participated in the anchor include Kotak Mutual Fund, Nippon Mutual Fund, Goldman Sachs, Franklin Templeton Mutual Fund, Singularity Equity Fund I, Morgan Stanley, Tata Mutual Fund, ICICI Prudential Life, SBI General Insurance, BNP Paribas, HSBC, and Citigroup.
Leading brokerage firms like Anand Rathi, ICICI Direct, Reliance Securities, SBI Securities, Geojit Securities, Choice Broking, Arihant Capital, Ventura Securities, BP Wealth, Marwadi Financial Securities, Mastertrust Capital, AUM Capital, Adroit Financial Services, Hem Securities and Eureka Shares and Stock Broking have given a “Subscribe” rating to the issue highlighting the company’s strong growth outlook backed by a ~4x capacity expansion to 15.5 GW by FY26, robust policy tailwinds such as PM Surya Ghar Muft Bijli Yojana, PM Kusum, ALMM and rising C&I solar adoption. Supported by a healthy order book, PLI-backed technology upgrades, and valuations in line with peers on an EV/EBITDA basis (21.4x FY25).
JM Financial Limited, Nuvama Wealth Management Limited, UBS Securities India Private Limited, Equirus Capital Private Limited and PhillipCapital (India) Private Limited are the book-running lead managers, and MUFG Intime India Private Limited is the registrar of the issue.
Company Information
Vikram Solar Limited commenced its manufacturing operations in 2009 with an installed solar PV module manufacturing capacity of 12.00 MW, grown to 4.50 GW installed capacity as of the date.
It is one of India’s largest solar photovoltaic (“PV”) module manufacturers in terms of operational capacity, with more than 17 years of experience in the industry, as of March 31, 2025. With 4.50 GW of installed manufacturing capacity for solar PV modules, it is one of the largest pure play module manufacturers in India, and its enlisted capacity as per Ministry of New & Renewable Energy’s Approved List of Modules and Manufacturers (“ALMM”) is 2.85 GW as of June 30, 2025 (Source: CRISIL Report).
The company also featured in BloombergNEF as a Tier 1 manufacturer in the first quarter of CY 2014, and has been subsequently listed repeatedly, with the latest inclusion in the first quarter of 2025. Furthermore, in May 2025, it also received the prestigious EUPD Top Brand PV Seal.
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