Vikram Solar IPO Allotment Status Highlights: Vikram Solar will be finalising its IPO allotment today, August 22. Thereafter, the listing on the bourses is expected to take place on August 26. JM Financial played the role of lead book runner of the issue, and MUFG Intime India Pvt. Ltd. worked as the registrar for the IPO.
The IPO opened for investors on August 19, closed its IPO subscription on August 21. The company raised a total of Rs 2,080 crore from the primary markets. The issue was a combination of 4.52 crore fresh shares aggregating to Rs 1,500 crore and an offer for sale of 1.75 crore shares amounting to Rs 580 crore.
Vikram Solar IPO: 5 key things you need to know about Rs 2,080 crore issue
Vikram Solar: Price band
Vikram Solar kept the price band in a range of Rs 315 to Rs 332 per equity share. The lot size for a retail application was 45, amounting to Rs 14,175. The lot size investment for a small NII was 14 lots of 630 shares, totalling Rs 2 lakh, and for a big NII, it was 67 lots of 3,015 shares, aggregating to Rs 10 lakh.
About Vikram Solar
Vikram Solar is a manufacturer of solar photovoltaic (PV) modules. The core operations include specialising in the production of high-efficiency solar PV modules. Vikram Solar caters to both domestic and international markets. Also, the company provides comprehensive EPC solutions for solar power projects, ensuring efficient project execution from design to commissioning. Vikram Solar offers O&M services to optimise the performance and longevity of solar power installations.
The company has consistently been recognised for its quality and credibility. It was first featured as a Tier-1 manufacturer by BloombergNEF in Q1 CY14, and has been regularly listed thereafter, with the most recent recognition in Q1 FY2025. Additionally, in May 2025, it was awarded the EUPD Top Brand PV Seal, further reinforcing its global standing.
Vikram Solar IPO: Deven Choksey rates Neutral
Deven Choksey Research has rated the Vikram Solar IPO as ‘Neutral’. They believe that “the issue is to be fairly valued. It is rated ‘Neutral’ led by its inferior margin and return profile compared to the peers on the back of a lack of backwards integrations.”
The note pointed out that despite pivoting its focus on module manufacturing, Vikram Solar has been able to grow its revenue and EBITDA at 28.5% and 62.6% CAGR, led by a sustained increase in domestic demand, technological upgrades and higher operating leverage driven by higher capacity utilisation.
Vikram Solar IPO Allotment, GMP Live Updates: Indian power supply mix
- India’s total installed power generation capacity has witnessed a steady growth of 4.5% CAGR over FY19 to Jun’25 and has reached to 485 GW. Over FY19 to Jun’25, the power generation capacity has witnessed an incremental addition of ~141 GW.
- As of Jun’25, the Renewable Energy (including large hydroelectric projects) power generation capacity stood at ~234 GW compared with 63 GW as of Mar’12, constituting ~48% of total installed generation capacity. The renewable power generation capacity has grown at healthy pace of 13.1% CAGR over FY19 to Jun’25, majorly led by higher adoption of solar power as an energy source, as the solar power generation capacity increased at an exponential pace from 0.9GW in FY12 to ~116 GW as of Jun’25.
- India plans to achieve a target of 500 GW of non-fossil fuel-based power generation capacity addition by 2030, with a specific target of achieving 280 GW of installed solar capacity by 2030.
Vikram Solar IPO Allotment, GMP Live Updates: GMP status
Vikram Solar was trading at a Grey Market Premium of Rs 39 around 9:00 pm on Friday. The estimated listing price is Rs 371 with a projected profit of Rs 1755.
Vikram Solar IPO Allotment, GMP Live Updates: Key weakenesses
According to an IPO note released by Deven Choksey Research, the company has some weaknesses.
These include:
- Dependence on Imported Raw Materials: Heavy reliance on imported wafers and cells exposes the company to supply chain and price volatility risks.
- Working Capital Intensive Operations: Large project execution and manufacturing cycles lead to high working capital requirements.
- Limited Backward Integration: Absence of in-house cell manufacturing limits cost control and margin expansion compared to fully integrated competitors.
Vikram Solar IPO Allotment, GMP Live Updates: Key strengths
According to an IPO note released by brokering firm Anandrathi, the company has several core strengths.
These include:
- One of the largest Indian solar PV module manufacturers with 4.50 GW operational capacity and actual production of 1,286.10 MW.
- Strong R&D focus with robust quality control systems
- Strong technical proficiency in the solar PV module manufacturing
- Strong presence in domestic and international markets
- Strong brand recognition and customer base due to good understanding of the customers and the high quality of products
- Robust financial performance with a strong order book, providing clear visibility on future growth
- Led by promoters and an experienced management team with an excellent track record
Vikram Solar IPO Allotment, GMP Live Updates: How to check allotment via MUFG Intime?
Investors can check their allotment status by going to the website for f Link Intime India Private Ltd --- the registrar for IPOs.
Here are the steps to follow:
- Log onto the website or click on the direct link to access
- Choose the IPO name from the dropdown menu
- Select one from the three options available to check the status: Application No, Demat Account, or PAN.
- Indicate whether you are using ASBA or non-ASBA for your type of application.
- Fill in the required details based on the option you selected in Step 3.
- Complete the captcha verification and then click on submit
Vikram Solar IPO Allotment, GMP Live Updates: About the company
Vikram Solar was incorporated in 2005 with its headquarters in Kolkata. It is one of India's largest solar module manufacturers its primary business is the manufacturing of solar photovoltaic modules. It also offers a full range of services, including engineering, procurement, and construction for solar power plants, as well as operations and maintenance.
The company is the largest pure play module manufacturers in India, with 4.50 GW of installed manufacturing capacity and an enlisted capacity of 2.85 GW as per MNRE’s approved listed of modules & manufacturers, as on June 30, 2025.
Investors can check the allotment status by using the IPO allotment page on the BSE website.
Here are the steps to follow:
- Visit the website or click on this direct link
- Select 'Equity' as the issue type
- Select Vikram Solar Ltd from the issue names given in the dropdown
- Enter your application number or PAN and hit the submit button
- Once the page loads you can review your share allotment details
Vikram Solar IPO Allotment, GMP Live Updates: What is the current GMP?
Vikram Solar was trading at a Grey Market Premium of Rs 37 around 4:00 pm on Friday. The estimated listing price is Rs 369 with a projected profit of Rs 1665.
Vikram Solar IPO Allotment, GMP Live Updates: Geojit Investments on Vikram Solar
"At the upper price band of Rs 332, Vikram Solar is valued at 25x EV/EBITDA (FY25), which is reasonable relative to peers. Despite a stretched P/E compared to peers, improving margins, reduced debt, and a strong order book support its growth outlook. Backed by policy tailwinds, aggressive expansion, backward integration, and entry into energy storage, the company is well-positioned to benefit from India’s renewable energy push. Hence, we recommend a ‘Subscribe’ rating on a long-term basis," said Geojit Investments in its IPO note.
Vikram Solar IPO Allotment, GMP Live Updates: Advance engineering expertise
Vikram Solar has developed advanced engineering expertise in highly automated production using select equipment, boosting its solar PV module efficiencies from 17.52 % in CY 2016 to 23.66 % by March 2025. This performance has earned it a respected reputation, being the first Indian firm featured in the Kiwa PVEL reliability report in 2017 and named a “Top Performer” for seven consecutive years in rigorous PVEL reliability testing.
Vikram Solar IPO Allotment, GMP Live Updates: Anand Rathi on Vikram Solar
"On the valuation front, based on annualized FY25 earnings, the company is seeking a P/E of 85.8 times, and a post-issue market capitalisation of approximately Rs 1,200.9 crore, making the issue appear aggressively priced. We believe, business includes high capex and lower margin profile, client concentration, and global supply chain exposure. Yet, strong order book (10.3 GW), backward integration, and government support position it well for long-term growth. Thus, we assign 'Subscribe for Long Term' rating for this issue," said Anand Rathi Research in an IPO note.
Vikram Solar IPO Allotment, GMP Live Updates: Vikram Solar's order book
As of March 2025, the company had an Order Book of 10,340.82 MW which is 2.30 times of its total rated capacity as of FY25, of which 6,424 MW comprise projects/operations which are already under execution and 3,915 MW comprise projects which are yet to be executed.
Vikram Solar IPO Allotment, GMP Live Updates: About the company
Vikram Solar is leading Indian solar energy solutions provider, one of India’s largest makers of solar PV modules, with 4.50 GW of installed capacity and over 17 years of industry experience as of March 2025. Its portfolio spans high-efficiency PV modules, EPC, and O&M services, serving top clients like NTPC and Adani.
Vikram Solar IPO Allotment, GMP Live Updates: Largest pure play module manufacturer
The company is the largest pure play module manufacturers in India, with 4.50 GW of installed manufacturing capacity and an enlisted capacity of 2.85 GW as per MNRE’s approved listed of modules & manufacturers, as on June 30, 2025.
Vikram Solar IPO Allotment, GMP Live Updates: Vikram Solar's portfolio
The company’s portfolio of solar energy products consists of p-type monocrystalline silicon based Passivated Emitter and Rear Contact (PERC) modules. It also manufactures N-Type monocrystalline silicon (N-Type) modules and n-type monocrystalline silicon based heterojunction technology (HJT) modules.
Vikram Solar IPO Allotment, GMP Live Updates: Objectives of the issue
A major portion of the net IPO proceeds will be used to set up a 3 GW solar cell and 3 GW module facility in Tamil Nadu (Phase I), which will be further expanded by another 3 GW in Phase II, taking the total module capacity to 6 GW. Phase I has received a Production Linked Incentive (PLI) award dated April 18, 2023, as a cell-and-module integrated project
Vikram Solar IPO Allotment, GMP Live Updates: Analyst on Vikram Solar
"Vikram Solar’s dominant market position, large integrated expansion plan, and solid industry tailwinds make it a quality contender in the renewable sector. While current valuations are at a premium and recent profit jump raises questions on sustainability, the company’s growth plans and solar sector policy support offer strong value creation potential over the next several years. Invest with a long-term perspective,” said Gaurav Garg, analyst at Lemonn Markets Desk.
Vikram Solar IPO Allotment, GMP Live Updates: Choice Broking on valuation of IPO
"At the upper price band, the company commands an EV/Sales multiple of approximately 3.2x—a modest valuation compared to its peers,indicating a relative discount. With an order book of 10.34 GW—more than double its current manufacturing capacity of 4.5 GW—the company enjoys strong long-term visibility," said Choice Equity Broking.
Vikram Solar IPO Allotment, GMP Live Updates: Geojit Investments on Vikram Solar
"At the upper price band of Rs 332, Vikram Solar is valued at 25x EV/EBITDA (FY25), which is reasonable relative to peers. Despite a stretched P/E compared to peers, improving margins, reduced debt, and a strong order book support its growth outlook. Backed by policy tailwinds, aggressive expansion, backward integration, and entry into energy storage, the company is well-positioned to benefit from India’s renewable energy push. Hence, we recommend a ‘Subscribe’ rating on a long-term basis," said Geojit Investments in a research note.
Vikram Solar IPO Allotment, GMP Live Updates: IPO allotment
Vikram Solar will be finalising the allotment of shares to the investors today, with the help of the registrar. The investors can check the allotment in three ways. They can go to NSE, BSE, and the website of MUFG Intime.
After that, the listing on the exchanges will take place. As per the tentative schedule, the shares of Vikram Solar are expected to list on August 26.