This is the final day of bidding for the Vikram Solar IPO. The Rs 2,079 crore issue, which opened for subscription on August 19, will close today, August 21.
The price band of the issue is set between Rs 315 – Rs 332 per share. But the key questions now are – when will the IPO allotment happen, what is the listing date? The trends in the grey market is also being keenly watched by the investors.
Vikram Solar IPO: Allotment and listing timeline
The allotment of shares for Vikram Solar IPO is expected to be finalised on August 22. After that, the company is scheduled to make its market debut on the BSE and NSE with a tentative listing date of August 26.
Vikram Solar IPO: Subscription update
The IPO was subscribed 4.56 times overall after the end of Day 2 of bidding- Agust 20.
Looking at the details of the subscription numbers, the non-institutional investor (NII) segment saw the highest demand with 13.01 times subscription so far.
On the other hand, the retail investors subscribed 3.47 times. Qualified institutional buyers (QIBs) were slower to join in, with subscriptions at 11 percent so far.
Vikram Solar IPO: Grey market premium (GMP) update
Vikram Solar IPO GMP shares today are trading at a premium of Rs 42 over the issue price. As per the GMP indication, the stock could list around Rs 374 per share, nearly 12.65% above the IPO’s upper price band of Rs 332.
The GMP has been rising steadily over the past 11 sessions. It has risen as much as Rs 69 per share.
Vikram Solar IPO: Issue structure and objective
The IPO comprises a fresh issue of 4.52 crore shares worth Rs 1,500 crore. It also has an offer for sale (OFS) of 1.75 crore shares amounting to Rs 579.37 crore.
Promoters Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary are the key selling shareholders.
The funds raised from the fresh issue will be used partly to finance capital expenditure for Phase-I and Phase-II expansion, while the proceeds from the OFS will go to the promoters.
Currently, promoters hold 77.64% of the company, while the remaining 22.36% is owned by the public. In addition, Arpit Khandelwal of Plutus Wealth Management is among the public shareholders.
Vikram Solar IPO: Company background
Vikram Solar has been in the solar energy space for over 16 years and is engaged in the manufacturing of solar photovoltaic (PV) modules. As of March 31, 2025, the company had an installed capacity of 4.5 GW for solar PV modules and has an order book of around 10,340.8 MW.
The company operates two solar module plants in West Bengal and Tamil Nadu, along with a solar cell manufacturing facility in Gangaikondan, Tamil Nadu.
Vikram Solar IPO: What brokerages advise
Brokerages have offered mixed views on the IPO.
Geogit in its report noted, “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, they expect “aggressive expansion, backward integration, and entry into energy storage.”
“They see the company well-positioned to benefit from India’s renewable energy push. Hence, recommend a ” Subscribe rating on a long-term basis.”
Another brokerage firm, Deven Choksey Research added, “Vikram Solar initial issue is available at 24.8x EV/ EBITDA on a trailing basis, compared to peer average of 26.3x EV/EBITDA (on a trailing basis). We believe the its initial issue to be fairly valued, and assign a “Neutral” rating, led by its inferior margin and return profile compared to the peers on back of lack on backward integrations.”
Anand Rathi in its report noted, “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 1,20,090 million, 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.” They have assigned ‘Subscribe for long-term’ for the issue.