The IPO will open on August 19 and close on August 21. The anchor book will open for bidding on August 18.
Investors can bid for a minimum lot size of 45 shares and in multiples of 45 thereafter. Investors will have to make a minimum investment of ₹14,940 to avail one lot of shares.At the upper price band, Vikram Solar’s market capitalisation would stand at around ₹14,190 crore.
Since early June, Vikram Solar’s shares in the unofficial market have seen a steep correction, sliding from ₹475 to ₹385 per share. The IPO price band has been set at nearly 14% below its prevailing unlisted market valuation.
Vikram Solar IPO details
The IPO includes a fresh issue of 4.52 crore shares worth ₹1,500 crore and an offer for sale component of 1.75 crore shares aggregating to ₹579.37 crore by its promoter Gyanesh Chaudhary, Vikram Capital Management and Anil Chaudhary.
The company is looking to raise about ₹2,079.37 crore through its IPO.
Vikram Solar IPO objective
Proceeds from the fresh issue will be used towards partial funding of capital expenditure for the Phase-I and phase-II project. However, proceeds from the selling shareholders will go to them only.Currently, promoters own 77.64% stake in the company, and the remaining 22.36% shares are held by public including Plutus Wealth Management’s Arpit Khandelwal.
Vikram Solar’s plan for US facility still on cards
At a pre-IPO event, Vikram Solar said that it will move forward with its plan to establish a 3-gigawatt (GW) solar module manufacturing facility in Colorado, USA. This decision comes despite proposed regulatory measures from the Donald Trump administration that could weigh heavily on clean energy companies.
Earlier in 2025, the company had considered shelving the project after Trump’s initial executive orders took effect. But with US courts starting to strike down portions of those directives, Vikram Solar now sees a clearer path to making the Colorado facility a reality.
“We do have plans for expansion in the US, it is still on the cards, not scrapped,” chief financial officer Ranjan Jindal said.
Vikram Solar is a solar photovoltaic module manufacturer with 16 years of experience. The company has installed 4.5 GW of manufacturing capacity for solar PV modules and an order book of 10,340.8 MW as of March 31, 2025.
For the financial year ended on March 31, 2025, the company reported a net profit of ₹139.83 crore with a revenue of ₹3,459.53 crore. Its net profit stood at ₹79.72 crore with a revenue of ₹2,523.96 crore for the year 2024-25.
Book running lead managers
JM Financial, Nuvama Wealth Management, Equirus Capital, UBS Securities India and Phillip Capital India are the book running lead manager of the IPO, while MUFG Intime India is the registrar.
The allotment for the Vikram Solar IPO is expected to be finalised on August 22, while the shares will be listing on BSE, NSE with a tentative listing date fixed as August 26.
