IPO Dates

Important dates with respect to IPO allotment and listing

IPO Open Date

To be announced

About Company

Vikram Solar IPO constitutes Rs 15,000 million in fresh issues and Rs 5000 million in offer for sale equities. Vikam Solar is a PV solar module manufacturing business headquartered in Kolkata.

About Vikram Solar: 

Founded in 1956 as a garment business but transformed into a solar module manufacturing company after it was acquired by the Vikram Group to resonate with the parent company's business activities. 

Vikram Solar is India's largest solar module manufacturer with a 2.3 GW annual production capacity and the second-largest solar power company by revenue.

Vikram Solar IPO Objectives:

  • To fund capital expenditure of establishing a 2000 MW integrated solar cell and solar module manufacturing facility in Tamil Nadu.
  • General corporate purposes. 

Why should you invest in the Vikas Solar IPO? 

Below are your top 3 reasons.

  • Vikram Solar has built strong engineering capabilities in producing high-efficiency PV modules in the last 12 years in the solar PV module technologies business. 
  • The company has established a strong brand recall. Vikram Solar has extended its global footprint by opening offices in the United States of America and China.
  • Vikram Solar supplies PV solar modules to 32 countries across the world. Their primary domestic clients are National Thermal Power Corporation Limited (NTPC), West Bengal State Electricity Distribution Company Limited, Solar Energy Corporation of India, West Bengal Power Development Corporation Limited, Hindustan Petroleum Corporation Limited, Keventer Agro Limited, etc.

Vikram Solar Noteworthy Highlights 

  • The global solar PV installation capacity has grown at 29% CAGR between 2011-2020 as government’s support continues to promote clean energy.
  • The GOI’s scheme SRISTI targeting 40GW rooftop solar panels installation by 2022 is an additional key growth factor for Vikram Solar.

IPO Financials

Particulars FY21 FY20 FY19
Revenue From Operation 16,101.38 16,396.83 20.168.36
EBITDA 1945.02 1621.82 1828.16
Contribution Margin
Profit After Tax (PAT) 16,276.02 16,619.74 20,312.94
EPS 1.48 0.86 1.55
ROE 0.99% 1.20% 0.78%

Know before investing


  1. One of India’s largest solar module manufacturers with a strong order book.

  2. Robust financial performance, backed by strong brand recognition and a proven track record.

  3. Diversified business, ability to provide EPC and O&M service as an additional value add-on.


  1. Their future performance depends on building scalability and manufacturing facilities in a cost-effective way.

  2. Global pandemics like the current one and unfavourable economic conditions can lower the company’s profit potential.

  3. Company’s sustainability depends mainly on the continuation of favourable government policies.

  • How to Apply in IPO
  • How to Check IPO Allotment Status

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Vikram Solar IPO FAQs