Vikram Solar IPO: GMP, Price Band, Key Dates & Financial Highlights
- Krishna Priya
- Aug 13
- 2 min read
The company has set a price band of ₹315–₹332 per share. Retail investors can apply for a minimum of 45 shares, requiring a minimum investment of ₹14,940 at the upper price band.
IPO Snapshot
Detail | Information |
Total Issue Size | ₹2,079.37 Cr |
Fresh Issue | ₹1,500.00 Cr |
Offer for Sale | ₹579.37 Cr |
Price Band | ₹315 – ₹332 per share |
Lot Size | 45 shares |
Minimum Investment | ₹14,940 (at upper band) |
Listing | NSE & BSE |
IPO Opens | August 19, 2025 |
IPO Closes | August 21, 2025 |
Vikram Solar Limited, established in 2005, is a leading manufacturer of high-efficiency solar photovoltaic (PV) modules in India. The company operates across PV module manufacturing, engineering-procurement-construction (EPC) services, and operations & maintenance (O&M) for solar projects. It offers advanced module technologies such as PERC, TOPCon, and HJT in bifacial and monofacial configurations. With manufacturing facilities in Kolkata and Chennai, Vikram Solar serves clients including NTPC, NLC, and ACME Cleantech Solutions, and has a distribution presence in 23 states and 3 union territories.
Financial Performance
Period Ended | Revenue (₹ Cr) | Profit After Tax (PAT) (₹ Cr) |
31 Mar 2025 | 3,423.45 | 139.83 |
31 Mar 2024 | 2,510.99 | 79.72 |
31 Mar 2023 | 2,073.23 | 14.49 |
Grey Market Premium (GMP)
As of now, the Grey Market Premium (GMP) for Vikram Solar IPO is ₹58.5. Based on the upper price band of ₹332, the estimated listing price stands at ₹390.5, implying a potential gain of about 17.62% per share.
Peer Comparison
Company Name | CMP (₹) | Market Cap (₹ Cr) | P/E | Sales (₹ Cr) | OPM % | PAT 12M (₹ Cr) |
Vikram Solar Ltd* | — | — | — | 3,459.53 | — | 139.81 |
Waaree Energies | 2,953.40 | 84,846.18 | 38.18 | 15,461.43 | 20.48 | 2299.89 |
Premier Energies | 997.10 | 44,946.67 | 42.87 | 6,682.12 | 29.49 | 1,046.77 |
Websol Energy | 1,406.20 | 6,105.23 | 30.65 | 682.60 | 45.73 | 198.99 |
Use of Proceeds
The net proceeds from the IPO will be utilised primarily to partially fund capital expenditure for the Phase-I Project amounting to ₹769.73 crore, and to finance capital expenditure for the Phase-II Project amounting to ₹595.21 crore, with the balance allocated towards general corporate purposes.
Disclaimer: This content is for educational purposes only; please conduct your own research and consult with a qualified investment advisor before making any investment decisions.
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