Vikram Solar IPO Opens for Subscription – Check Status, Price Band, Allotment Date, and Listing Details
- 19th August 2025
- 01:30:00 PM
- 4 min read
Mumbai | August 19 – The ₹2,079.37 crore Vikram Solar IPO opened for subscription today and will close on August 21, 2025. The company, one of India’s largest solar photovoltaic (PV) module manufacturers, is aiming to strengthen its renewable energy footprint with fresh funding from the public issue. Shares of Vikram Solar are scheduled to list on the NSE and BSE on August 26.
The book-built issue is priced in the range of ₹315–₹332 per equity share, and investors can bid for a minimum of 45 shares per lot. This translates to an entry investment of ₹14,940 at the upper price band.
Subscription Status and Investor Demand
On Day 1 of bidding, the IPO saw active participation from retail and high-net-worth investors (HNIs). As of 12:01 pm, overall subscription stood at 46%, with the retail investor portion booked 51%, and the non-institutional investor category at 92%. The qualified institutional buyers (QIBs) quota had yet to see significant traction but is typically expected to build momentum on the final day of bidding.
Vikram Solar had already raised ₹621 crore in the anchor round on Monday, attracting marquee global and domestic investors such as Goldman Sachs Fund, BNP Paribas, Morgan Stanley India Investment Fund, HSBC, ICICI Prudential Life, Citigroup, SBI General Insurance, UTI Mutual Fund, Kotak Mahindra MF, Nippon India MF, Franklin Templeton MF, and Edelweiss MF. The strong anchor participation is being read as a vote of confidence in the company’s fundamentals and growth outlook.
Buzzing: Vardhman Textiles, Raymond, Arvind Shares Surge After India Temporarily Waives Cotton Import Duty
Price Band, Offer Structure, and Allotment Timeline
The IPO consists of a fresh issue worth ₹1,500 crore and an offer-for-sale (OFS) of ₹579.37 crore at the upper band by promoters, including Vikram Capital Management, Anil Chaudhary, and Gyanesh Chaudhary. Proceeds from the fresh issue will be utilised for investment in its wholly owned unit, VSL Green Power Pvt Ltd, covering both Phase I and Phase II of expansion, along with general corporate purposes.
Here’s a quick look at the key dates investors need to track:
- IPO Subscription Window: August 19–21, 2025
- Basis of Allotment: August 22, 2025
- Refunds Initiation: August 25, 2025
- Credit of Shares to Demat: August 25, 2025
- Listing Date: August 26, 2025
JM Financial, UBS Securities India, Equirus Capital, PhillipCapital (India), and Nuvama Wealth Management are the book-running lead managers of the issue, while MUFG Intime India is the registrar.
Company Overview
Vikram Solar has a manufacturing capacity of 4.5 GW as of FY25, positioning it among the largest PV module makers in the country. Its client base includes leading government entities such as NTPC, Gujarat Industries Power Company, and Neyveli Lignite Corporation, as well as private sector power producers including Adani Green Energy, Azure Power India, ACME Cleantech Solutions, JSW Energy, and Rays Power Infra.
Grey Market Premium (GMP)
In the unlisted market, the Vikram Solar IPO GMP is quoting at around ₹386 per share, according to data from Investorgain and other market observers. This reflects a premium of nearly 16.3% over the upper price band of ₹332, indicating strong listing expectations if sentiment holds. While GMP is unofficial and subject to high volatility, it is closely tracked by investors as a gauge of demand ahead of listing.
Also Read: What is IPO GMP? Meaning, Calculation & Why It Matters
Bottom Line
The ₹2,079 crore Vikram Solar IPO combines strong anchor participation, robust early retail demand, and visible grey market activity, making it one of the most closely tracked renewable energy public issues of 2025. With its large-scale presence in the solar PV manufacturing sector, government-backed clients, and expansion plans through VSL Green Power, the company is positioning itself to ride India’s clean energy transition.
👉 Investors can conveniently apply for the Vikram Solar IPO via PL Capital’s e-IPO platform here for a seamless and transparent application process.
Disclaimer: This article is for informational purposes only and is not investment advice or a stock recommendation. PL Capital does not provide investment advice or stock tips. All details are based on publicly available information and market sources. Past subscription numbers, grey market premium, and listing performance do not guarantee future returns. Investors should consult certified financial advisors before making investment decisions.
PL Capital
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
