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Vikram Solar IPO opens on August 19; GMP, pricing, and allotment date

Vikram Solar, a leading Indian solar PV module manufacturer, is launching a Rs 2079 crore IPO from August 19 to 21. The IPO includes a fresh issue and an offer for sale by promoters. The company boasts robust financial performance, with significant year-on-year revenue growth. Funds raised will support capital expenditure for its subsidiary's projects and general corporate expenses. The expected listing date is August 26.

Vikram_Solar_IPO
Vikram_Solar_IPO Credit:X:@VikramSolar; Getty Images
| Updated on: Aug 17, 2025 | 11:25 AM

New Delhi: Vikram Solar Ltd., one of India's leading solar photovoltaic (PV) module manufacturers, is all set to enter the equity market with a Rs 2079 crore IPO. The public issue is set to open for public subscription on August 19 and closes on August 21. The public issue includes a fresh issue of shares worth Rs 1500 crore and an offer for sale (OFS) of 1.75 crore shares by promoters valued at Rs 579 crore.

The tentative allotment of the shares is expected to be on August 22. The shares are tentatively scheduled to list on the Bombay Stock Exchange on August 26. As per InvestorGain.com, the GMP (Grey Market Premium) of an IPO is expected to be around Rs 395.5, with the expected percentage gain/loss per share being 19.13 percent.

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Vikram Solar Price Band, Lot Size

The company fixed a price band range of between Rs 315 and Rs 332 apiece. The lot size contains 45 shares, which requires a minimum retail investment of Rs 14175. The company expects to use the proceeds towards capital expenditure, which includes Rs 770 crore for Phase 1 and Rs 595 crore for Phase 2 of projects for its subsidiary, VSL Green Power Pvt Ltd. The remaining funds would be used for general corporate expenditure.

Vikram Solar Financials

The company has been delivering robust financial performance. The operational revenue grew to 36.34 percent year-on-year, rising from Rs 2510 crore in FY24 to Rs 3423 crore in FY25. The company had minted a net profit of Rs 139 crore in FY25 as compared to Rs 80 crore in the corresponding quarter of the year-ago period.

Vikram Solar was founded in 2009 with an initial capacity of just 12 MW. Since then it has expanded its portfolio to 4.5 GW of module manufacturing capacity across its facilities in West Bengal and Tamil Nadu. Additionally, it has pushed its capacities by constructing a solar cell manufacturing facility in Gangaikondan, Tamil Nadu, for two further PV units.

(Disclaimer: This article is only meant to provide information. TV9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, gold and crypto assets.)

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