Vikram Solar IPO Garners Strong Investor Interest Ahead of Listing

Mumbai, August 2025 — Vikram Solar Limited, one of India’s leading solar photovoltaic (PV) module manufacturers, has launched a ₹2,079 crore initial public offering (IPO) that has generated significant buzz among investors.

 

 

Key IPO Highlights:

• IPO Structure & Price Band: The public issue comprises a fresh issue of ₹1,500 crore and an offer-for-sale (OFS) of ₹579.4 crore by promoters. The price band has been set between ₹315 and ₹332 per share.(mint, The Economic Times, Moneycontrol)

• Subscription Timeline: The IPO opened for subscription on August 19, 2025, and will close on August 21, 2025, with listing expected on August 26.(The Economic Times, IPO Watch)

• Anchor Investor Support: Ahead of the listing, the company raised approximately ₹620.8 crore from anchor investors, including asset management giants such as Goldman Sachs, Morgan Stanley, BNP Paribas, Citigroup, and several top mutual funds.(The Economic Times, mint, Moneycontrol)

• Investor Sentiment & GMP Trends: The grey market premium (GMP) has surged to an impressive 16–18%, placing estimated listing price between ₹389 and ₹390 per share, signaling robust investor interest.(The Economic Times, Navbharat Times, mint)

Financial Performance & Expansion Plans:

Vikram Solar’s growth story is compelling:

• Revenue Jump: The company’s revenue surged to ₹3,459 crore in FY25 from ₹2,524 crore in FY24. EBITDA rose sharply, and profit after tax hit ₹1,398 crore—representing tremendous operational efficiency gains.(mint, IPO Watch)

• Rapid Expansion: With a manufacturing capacity of 4.5 GW and a robust order book of 10,341 MW, Vikram Solar is ramping up to 15.5 GW by FY26 and 20.5 GW by FY27 through greenfield and brownfield expansions.(mint, Upstox - Online Stock and Share Trading, The Economic Times)

• Backward Integration & Diversification: The company is also venturing into solar cell manufacturing and battery energy storage systems (BESS), and planning a 3 GW solar cell facility with expansion up to 9 GW.(Business Today, Upstox - Online Stock and Share Trading, mint)

Strategic Risks:

• Customer Concentration: A notable 77.5% of revenue comes from just five clients while the top ten customers account for 88.7%, exposing the company to concentration risks.(mint)

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Bottom Line:

With strong anchor backing, stellar financials, and a healthy GMP signaling attractive listing gains, Vikram Solar’s IPO is shaping up as one to watch. Given the green energy tailwinds and ambitious growth blueprint, it offers a compelling opportunity—though investors should weigh customer concentration and execution risks carefully.