Vikram Solar has listed at a premium of 1.8% at Rs 338 on the National Stock Exchange. On BSE, the stock is listed at a 2.5% premium.
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. The IPO opened on August 19 and bidding closed on August 21. The company finalised its IPO allotment on August 22.
Vikram Solar IPO price band, lot size
The price band for the Vikram Solar IPO was set between Rs 315 and 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.
Vikram Solar IPO: Lead managers, registrar
JM Financial played the role of lead bookrunner of the issue, and MUFG Intime India Pvt. Ltd. worked as the registrar for the IPO.
Vikram Solar IPO: Business fundamentals
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: Anand Rathi bets on long-term growth
On the valuation front, Anand Rathi pointed out that “the company is seeking a P/E of 85.8 times, and a post-issue market capitalisation of approximately Rs 12,009 million, making the issue appear aggressively priced. We believe the business includes high capex and a lower margin profile, client concentration, and global supply chain exposure. Yet, strong order book (10.3 GW), backwards integration, and government support position it well for long-term growth.”