Vikram Solar IPO is a book-built issue aiming to raise ₹2,079.37 crore. The issue comprises a fresh issue of 4.52 crore equity shares aggregating to ₹1,500.00 crore and an offer for sale of 1.75 crore equity shares amounting to ₹579.37 crore. The bidding window remained open from August 19, 2025, to August 21, 2025, with the IPO allotment to be finalised on August 22, 2025. Vikram Solar is scheduled to list on BSE and NSE on August 26, 2025.
The IPO was priced in the range of ₹315–₹332 per share with a lot size of 45 shares. The public issue received bids for 2,47,88,10,510 shares against 4,39,32,485 shares available, resulting in an overall subscription of 56.42 times. QIBs led the demand, subscribing 145.10 times their quota, followed by NIIs at 52.87 times and retail investors at 7.98 times.
Vikram Solar’s ₹2,079.37 crore IPO, priced at ₹315–₹332 per share, was subscribed 56.42 times overall. The issue consists of a fresh issue of 4.52 crore shares aggregating to ₹1,500.00 crore and an offer for sale of 1.75 crore shares aggregating to ₹579.37 crore. Bidding took place from August 19 to August 21, 2025, with the allotment status on August 22, 2025. Retail investors subscribed 7.98 times, while NIIs subscribed 52.87 times. Listing is expected on August 26, 2025.
The table below breaks down the Vikram Solar share allocation for different categories, highlighting the number of shares and their percentage of the total issue. However, the key focus remains on the quotas allocated to retail investors and HNIs, as they are the most relevant for individual investors.
| Investor Category | Shares Offered |
| QIB Shares Offered | 3,11,65,200 (49.76%) |
| − Anchor Investor Shares Offered | 1,86,99,120 (29.86%) |
| − QIB (Ex. Anchor) Shares Offered | 1,24,66,080 (19.90%) |
| NII (HNI) Shares Offered | 93,49,560 (14.93%) |
| − bNII > ₹10L | 62,33,040 (9.95%) |
| − sNII < ₹10L | 31,16,520 (4.98%) |
| Retail Shares Offered | 2,18,15,640 (34.83%) |
| Employee Shares Offered | 3,01,205 (0.48%) |
| Total Shares Offered | 6,26,31,605 (100.00%) |
Data Source: NSE
| Category | Subscription (times) |
| Qualified Institutional Buyers | 145.1 |
| Non-Institutional Investors | 52.87 |
| Retail Individual Investors | 7.98 |
| Employees | 5.1 |
| Total | 56.42 |
Note: The subscription details are as of August 21, 2025
Vikram Solar Limited, incorporated in 2005, is one of India’s leading solar photovoltaic (PV) module manufacturers. The company’s operations span PV module manufacturing, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) solutions. Its product portfolio includes high-efficiency PERC, TOPCon, and HJT modules, available in both bifacial and monofacial variants.
The company operates two major manufacturing facilities located in Falta SEZ, Kolkata, West Bengal and Oragadam, Chennai, Tamil Nadu. With a strong nationwide presence, Vikram Solar serves 23 states and three union territories through a distribution network of 41 authorised distributors, 64 dealers and 67 system integrators. Key clients include NTPC, NLC India Limited and ACME Cleantech Solutions.
As of March 31, 2025, the company employed 1,612 staff along with 974 contractual workers. Vikram Solar reported a 37% rise in revenue and a 75% increase in PAT between FY24 and FY25, supported by strong demand in both domestic and global solar markets.
The IPO proceeds will be used to fund Phase-I and Phase-II capital expenditure projects and for general corporate purposes. Following the IPO, promoter shareholding will reduce from 77.64% to 63.11%.
Know more about IPO allotment status and check your application details online for the latest updates on share allocation.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Aug 21, 2025, 9:27 PM IST
Akshay Shivalkar
Akshay Shivalkar is a financial content specialist who strategises and creates SEO-optimised content on the stock market, mutual funds, and other investment products. With experience in fintech and mutual funds, he simplifies complex financial concepts to help investors make informed decisions through his writing.
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