Vikram Solar is set to launch its ₹2,079.37 crore IPO with a price band of ₹315-332, featuring a fresh issue and an offer for sale.
Vikram Solar is launching its ₹2,079.37 crore IPO at a price band of ₹315-332. The IPO, a mix of a fresh issue of ₹1,500 crore and an offer for sale of up to 1,74,50,882 equity shares, with promoter and promoter group selling shareholders worth ₹579.37 crore, will close on Thursday. The offer also includes a subscription reservation for eligible employees in the employee reservation portion.
Investors can bid for a minimum of 45 shares and multiples of 45 thereafter.
The offer is being made through the book-building process, wherein not more than 50 per cent of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, up to 15 per cent for non-institutional bidders, and not less than 35 per cent for retail investors.
The proceeds from the fresh issue to the extent of ₹769.73 crore for partial funding of capital expenditure through investment in its wholly owned Subsidiary, VSL Green Power Private Limited for the Phase-I Project; ₹ 595.21 crore for funding of capital expenditure through investment in its wholly owned Subsidiary, VSL Green Power Private Limited for the Phase-II Project; and general Corporate Purposes.
Vikram Solar has garnered Rs 620.8 crores from anchor investors ahead of its initial public offering. It has allocated 1.87 crores equity shares at Rs. 332 a to anchor investors who included some of the marquee Institutions such as Kotak Mutual Fund, Nippon Mutual Fund, Goldman Sachs, Franklin Templeton Mutual Fund, Singularity Equity Fund I, Morgan Stanley, Tata Mutual Fund, ICICI Prudential Life, SBI General Insurance, BNP Paribas, HSBC, Citigroup and many more. The anchor book reflects a good mix of domestic mutual funds, foreign portfolio investors and insurance companies.
Out of the total allocation of 1.87 crores equity shares to the anchor investors, 97.96 lakh equity shares were allocated to 9 domestic mutual funds through a total of 22 schemes, i.e. 52.39% of the total anchor book size.
Vikram Solar Limited commenced its manufacturing operations in 2009 with an installed solar PV module manufacturing capacity of 12.00 MW and has grown to an installed capacity of 4.50 GW as of the current date.
It is one of India’s largest solar photovoltaic module manufacturers in terms of operational capacity. With 4.50 GW of installed manufacturing capacity for solar PV modules, it is one of the largest pure-play module manufacturers in India. Its enlisted capacity, as per the Ministry of New & Renewable Energy’s Approved List of Modules and Manufacturers, is 2.85 GW as of June 30, 2025 (Source: CRISIL Report).
It has two solar PV module manufacturing facilities, located in West Bengal and Tamil Nadu, and a solar cell manufacturing facility with two units in Gangaikondan, Tamil Nadu. It has established a pan-India presence, serving 19 states and two union territories.
The company’s key domestic customers include prominent government entities, such as National Thermal Power Corporation, Neyveli Lignite Corporation Limited and Gujarat Industries Power Company Limited, and large private independent power producers, such as ACME Cleantech Solutions Pvt. Ltd., Adani Green Energy Limited, AMPIN Energy Transition Private Limited, Azure Power India Private Limited, JSW Energy Limited, First Energy 7 Private Limited and Rays Power Infra Private Limited, among others.
Vikram Solar’s revenue from operations increased by 36.34% from ₹2,510.99 crore in Fiscal 2024 to ₹3,423.45 crore in Fiscal 2025, primarily due to an increase in the volume of module sales in the domestic market. Profit after tax increased by 75.41% from ₹79.72 crore in Fiscal 2024 to ₹139.83 crore in Fiscal 2025.
JM Financial Limited, Nuvama Wealth Management Limited, UBS Securities India Private Limited, Equirus Capital Private Limited and PhillipCapital (India) Private Limited are the book-running lead managers, and MUFG Intime India Private Limited is the registrar of the issue.
Published on August 19, 2025
