The primary market is heating up again, and all eyes are now on Vikram Solar, one of India’s leading solar module makers, as it gears up to launch its Rs 2,079 crore IPO on August 19.

A mainboard issue, it will be open for bidding till August 21, making it one of the most closely watched offerings of the season.

Let’s take look at the key factors to watch out for this issue –

Vikram Solar IPO: IPO details you should know

The IPO will consist of a fresh issue of Rs 1,500 crore and an offer for sale worth Rs 579 crore. The price band has been fixed at Rs 315 to Rs 332 per share, with a lot size of 45 shares. At the upper end, retail investors will need to invest a minimum of Rs 14,940 for one lot.

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The issue is divided across categories. This includes 50% for institutional buyers, 15% for non-institutional investors, and 35% reserved for retail investors.

Vikram Solar IPO: Grey market trend

Ahead of the IPO opening, the company’s shares are already active in the grey market. As of Monday, they were trading at around Rs 394, reflecting an 18% premium over the upper band of Rs 332.

However, this premium has slipped slightly from last week as well. It is also important to note that this is not the official listing price and may fluctuate based on the market sentiment.

Vikram Solar IPO: A green energy player

The company started its operations in 2009 with a modest 12 MW capacity. As of now, this solar module market boasts around 4.5 GW of solar PV module manufacturing capacity across West Bengal and Tamil Nadu.

Furthermore, it has also lined up expansion plans. The company is targeting 15.5 GW capacity by FY26 and 20.5 GW by FY27.

Vikram Solar IPO: A packed order book

Looking at the company’s order book, as of March 2025, Vikram Solar’s order book stood at over 10 GW.

This includes projects for major players like NTPC Renewable Energy and Sterling and Wilson, along with large C&I (commercial and industrial) orders.

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Vikram Solar IPO: Financial track record

Coming to the financial performance of the company, Vikram Solar’s revenue rose from Rs 2,073 crore in FY23 to Rs 3,423 crore in FY25.

Furthermore, the profitability also improved, with EBITDA climbing to Rs 492 crore in FY25. Although margins slipped slightly to 14.37% compared to 15.87% in the previous year.