Vikram Solar IPO

About Vikram Solar IPO

Vikram Solar IPO is a book-built issue worth ₹2,079.37 crore. The IPO consists of a fresh issue of 4.52 crore shares, aggregating to ₹1,500.00 crore, along with an offer for sale of 1.75 crore shares, amounting to ₹579.37 crore. The issue will open for subscription on August 19, 2025, and close on August 21, 2025.

The basis of allotment is expected to be finalised on August 22, 2025, with the tentative listing date set for August 26, 2025, on both BSE and NSE. The price band of the IPO is fixed between ₹315.00 and ₹332.00 per share. The lot size is 45 shares, making the minimum investment required by a retail investor ₹14,175.

For small non-institutional investors (sNII), the lot size is 14 lots, or 630 shares, with an investment of ₹2,09,160. For big non-institutional investors (bNII), the lot size is 67 lots, or 3,015 shares, amounting to ₹10,00,980.

JM Financial Limited is acting as the book-running lead manager for this issue, while MUFG Intime India Private Limited is the registrar. For detailed information, investors should refer to the Vikram Solar IPO RHP.

Industry Outlook

1. India’s electricity demand grew at a CAGR of about 4.7% between fiscals 2015 and 2025 and is expected to rise further at 5–7% CAGR till 2030. Peak demand touched 250 GW in fiscal 2025, up from 164 GW in fiscal 2018.
2. Per capita electricity consumption reached 1,395 kWh in fiscal 2024 from 1,010 kWh in fiscal 2015 and is projected to rise to 1,600–1,650 kWh by fiscal 2030.
3. Renewable capacity, including large hydro, grew to 234 GW as of June 2025, making up 48% of total installed capacity, with solar power alone reaching 116 GW. With India’s rising demand for electricity and focus on renewable energy, especially solar, the company is well placed to benefit from this outlook.

Vikram Solar IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

1. The company plans to fund capital expenditure for setting up a 3,000 MW solar cell and 3,000 MW solar module manufacturing facility in Tamil Nadu through subsidiary VSL Green Power Private Limited (Phase-I Project).
2. Part of the proceeds will be used to invest in expanding solar module manufacturing capacity from 3,000 MW to 6,000 MW at the same project site under Phase-II Project.
3. Any remaining funds will be allocated toward general corporate purposes to support business operations and growth.

About Vikram Solar Limited

Vikram Solar Limited is one of India’s leading solar photovoltaic (PV) module manufacturers, with over 17 years of industry experience. As of March 31, 2025, the company has an operational solar PV module manufacturing capacity of 4.50 GW, making it one of the largest pure-play module producers in the country.

The company is also listed in the Ministry of New & Renewable Energy’s Approved List of Modules and Manufacturers (ALMM) with a capacity of 2.85 GW as of June 2025. The company began operations in 2009 with a modest 12 MW capacity, which has now expanded significantly through its facilities located in West Bengal and Tamil Nadu.

Both locations are strategically positioned with access to ports, rail, and road networks, supporting domestic as well as international markets. Expansion plans are underway to increase capacity to 15.50 GW by fiscal 2026 and further to 20.50 GW by fiscal 2027. In addition, Vikram Solar is backward integrating into solar cell manufacturing with capacities of 3 GW and 9 GW by fiscal 2027.

The company has built a strong reputation for high-efficiency and reliable solar modules. Product efficiencies have improved from 17.52% in 2016 to 23.66% in 2025. Its modules undergo rigorous quality and stress testing, enabling product warranties of up to 12 years and performance warranties of up to 30 years.

With continuous investment in research, advanced technologies, and expansion projects, Vikram Solar Limited is positioning itself as a key player in the renewable energy space and a trusted partner in sustainable power solutions.

How To Check the Allotment Status of Vikram Solar IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for the Vikram Solar IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Vikram Solar IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Vikram Solar IPO

Registered office: Biowonder, Unit No. 1102, 11th Floor, 789, Anandapur Main Road, Eastern Metropolitan Bypass, E.K.T, Kolkata - 700107, West Bengal, India

Phone: +91 33 2442 7399/ +91 33 2442 7299

E-mail: secretarial@vikramsolar.com

Vikram Solar IPO Reservation

Vikram Solar IPO Lot Size

Vikram Solar IPO Promoter Holding

The promoters of the company include Gyanesh Chaudhary, Gyanesh Chaudhary Family Trust and Vikram Capital Management Private Limited.

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Vikram Solar IPO Investor Category Reservations

Key Performance Indicators for Vikram Solar IPO

Vikram Solar IPO Prospectus

• Vikram Solar IPODRHP
• Vikram Solar IPO RHP

Vikram Solar IPO Registrar and Lead Managers

Vikram Solar IPO Lead Managers

• JM Financial Limited

Registrar for Vikram Solar IPO

MUFG Intime India Private Limited

• Contact Number: +91-22-4918 6270
• Email Address: ipo@linkintime.co.in

Vikram Solar IPO Registrar