Vikram Solar Listed with a 2% Premium on NSE and BSE Despite Strong IPO Subscription

On Aug 26, 2025, Vikram Solar shares made a modest debut on the stock exchanges by opening slightly above its issue price. On the BSE, the shares were listed at ₹340, marking a mild 2.4% premium over the IPO price of ₹332. Meanwhile, on the NSE, the stock opened at ₹338, reflecting a 1.81% premium.

The ₹2,079-crore initial public offering (IPO) of Vikram Solar recorded an overwhelming demand across all investor segments, indicated by a strong subscription of 54.63x overall.

Qualified Institutional Buyers (QIBs) led the charge with a whopping 142.79 times subscription, followed by Non-Institutional Investors (NIIs) at 50.90 times. Retail investors also showed healthy interest, subscribing 7.65 times their allotted quota.

Vikram Solar IPO Details

Vikram Solar IPO was opened with a price band of ₹315–₹332 per share. It comprised a fresh issue of 4.52 crore shares amounting to ₹1,500 crore, alongside an Offer for Sale (OFS) of 1.75 crore shares worth ₹579.37 crore by promoter Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary.

Use of IPO Proceeds

Funds raised through the fresh issue will be used to partially finance capital expenditure for the company's Phase I and Phase II expansion projects. Proceeds from the OFS will go directly to the selling shareholders.

About Vikram Solar Ltd

Headquartered in Kolkata, Vikram Solar is a leading solar photovoltaic (PV) module manufacturer with over 17 years of experience in the renewable energy space. The company is aggressively ramping up its manufacturing capacity to meet growing demand.

By FY26, Vikram Solar plans to expand its module manufacturing capacity to 15.50 GW, with a further increase to 20.50 GW by FY27 through a mix of greenfield and brownfield expansions. Additionally, the company is entering the solar cell manufacturing segment, with two new production units totaling 12 GW capacity coming up in Tamil Nadu by FY27.

In a significant strategic move, Vikram Solar is also venturing into energy storage. It plans to set up a greenfield Battery Energy Storage System (BESS) facility with an initial capacity of 1.00 GWh, expandable to 5.00 GWh by FY27, aligning with the rising demand for integrated clean energy solutions.

As of March 31, 2025, Vikram Solar held an executable order book of 10.34 GW, providing strong visibility for future revenue and capacity utilization. Financially, the company has demonstrated impressive growth, with revenues climbing from ₹2,073 crore in FY23 to ₹3,423 crore in FY25. This surge was driven by improved realizations, increased production capacity, and a healthy pace of order execution.

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