Vikram Solar IPO
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Schedule of Vikram Solar
| Issue open date | 19 Aug 2025 |
| Issue close date | 21 Aug 2025 |
| UPI mandate deadline | 21 Aug 2025 (5 PM) |
| Allotment finalization | 22 Aug 2025 |
| Refund initiation | 25 Aug 2025 |
| Share credit | 25 Aug 2025 |
| Listing date | 26 Aug 2025 |
| Mandate end date | 05 Sep 2025 |
| Lock-in end date for anchor investors (50%) | 21 Sep 2025 |
| Lock-in end date for anchor investors (remaining) | 20 Nov 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Vikram Solar
Incorporated in 2005, Vikram Solar is one of India’s largest solar photovoltaic (PV) module manufacturers with an installed capacity of 3.50 GW as of March 31, 2024. Backed by over 15 years of industry experience, the company provides high-efficiency PV modules, EPC, and O&M services to domestic and global markets. Its clients include National Thermal Power Corporation (NTPC), Neyveli Lignite Corporation, ACME, and Azure Power. With facilities in West Bengal and Tamil Nadu, Vikram Solar is recognised for innovation, Tier-1 BloombergNEF ranking, and extensive Approved List of Models and Manufacturers (ALMM) enlistment, positioning it as a trusted partner in India’s renewable energy transition.
Financials of Vikram Solar
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹2079.37 crores |
| Fresh Issue | ₹1500 crores |
| Offer for sale | ₹579.37 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Partial funding of capital expenditure for the Phase-I project | 793.36 (53%) |
| Funding of capital expenditure for the Phase-II project | 602.95 (40%) |
| General corporate purposes | 103.69 (7%) |
Strengths
- One of India’s largest solar PV module manufacturers (3.50 GW capacity)
- Strong R&D and quality control systems
- High technical expertise in solar PV module manufacturing
- Established presence in domestic and international markets
- Strong brand recognition and loyal customer base
- Deep understanding of customer needs and focus on product quality
Risks
- No long-term contracts with suppliers, making raw material availability uncertain.
- Some subsidiaries have reported losses in recent years, which could affect our reputation.
- Heavy reliance on Vikram Solar US Inc. for US sales — any disruption may impact business.
- Cost estimation errors or delays in EPC projects could harm finances and cash flow.
Allotment Status for Vikram Solar
To check your allotment status – click here.
Subscription Figures for Vikram Solar
As per media reports (Link), the Grey Market Premium (GMP) of Vikram Solar is reported at ₹48 over the IPO price. This metric is not reliable, and to track IPO interest, it is better to check subscription numbers published by exchanges, which are considered more reliable indicators.
Subscription numbers as of 5:00 PM on August 21, 2025:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 124.66 | 18088.16 | 145.10x |
| NII | 93.49 | 4943.50 | 52.87x |
| Retail | 218.15 | 1741.07 | 7.98x |
| Employees | 3.01 | 15.35 | 5.10x |
| Total | 439.32 | 24788.10 | 56.42x |