Vikram Solar Ltd., one of India’s top solar panel manufacturers, is all set to shine on the stock market with its highly anticipated IPO launching on August 19, 2025. Backed by strong financials, rapid growth in the renewable sector, and aggressive global expansion, this IPO has become a hot topic among investors.
Let’s break down all the details in a simple, investor-friendly way.
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Quick IPO Summary
| Key Info | Details |
|---|---|
| IPO Open Dates | August 19 – 21, 2025 |
| Price Band | ₹315 – ₹332 per share |
| Lot Size | 45 shares |
| Minimum Investment | ₹14,940 (at upper band) |
| Issue Size | ₹2,079.37 crore |
| Fresh Issue | ₹1,500 crore (4.52 crore shares) |
| Offer for Sale (OFS) | ₹579.37 crore (1.75 crore shares) |
| Listing Date | August 26, 2025 |
| Stock Exchanges | BSE & NSE |
This IPO includes both a fresh issue and an offer for sale from promoters like Gyanesh Chaudhary, Anil Chaudhary, and Vikram Capital Management.
Who is Vikram Solar?
Founded in 2005 and headquartered in Kolkata, Vikram Solar is a leader in India’s solar energy sector. The company specializes in high-efficiency solar PV modules and also offers EPC (Engineering, Procurement & Construction) and O&M (Operations & Maintenance) services.
Key Highlights:
- Manufacturing capacity: 4.5 GW (as of March 2025)
- Clients include: NTPC, Azure Power, ACME, Neyveli Lignite
- Facilities in: West Bengal & Tamil Nadu
- Certifications: Tier-1 ranking from BloombergNEF, multiple ALMM approvals
- Order Book: 10,340+ MW pipeline as of March 31, 2025
Their strong global presence and domestic reputation position them well for future expansion.
Financial Performance: Impressive Growth
| FY | Revenue (₹ Cr.) | Net Profit (₹ Cr.) | Revenue CAGR | PAT CAGR |
|---|---|---|---|---|
| 2023 | 2,073.23 | 14.49 | 28.5% | 210.6% |
| 2024 | 2,523.96 | 79.72 | ||
| 2025 | 3,423.53 | 139.83 |
- EBITDA jumped from ₹186.18 Cr (FY23) to ₹492.01 Cr (FY25)
- PAT margin surged from 0.7% to 4.1%, showing strong cost control and operational efficiency
Use of IPO Proceeds
- ₹1,500 Cr (Fresh Issue): Funding expansion projects including a 3 GW solar module plant in Colorado, USA
- ₹579.37 Cr (OFS): Promoters exiting partial holdings
Expansion Plans:
- Target Capacity: 15.5 GW by FY26
- Future Goal: 20.5 GW by FY27
- Focus: Scaling solar cell manufacturing in Tamil Nadu and abroad
Promoters & Shareholding
- Current Promoter Holding: 77.64%
- Post-IPO Public Shareholding: 22.36%
The IPO gives retail and institutional investors a chance to participate in India’s renewable energy transition.
Industry Outlook: Solar Power Is Heating Up
India’s renewable energy sector is booming, driven by:
- Government incentives
- Push toward clean energy
- Rising energy demand
- Import substitution policies
Vikram Solar, with its strong domestic presence and international ambitions (especially in the U.S.), is positioned to benefit from these tailwinds.
How to Apply for Vikram Solar IPO
- Application Window: August 19–21 via broker platforms or online IPO apps
- Minimum Investment: 1 lot = 45 shares (~₹14,940)
- Allotment Date: August 22
- Listing Date: August 26, 2025 on NSE & BSE
Should You Invest?
The Vikram Solar IPO is one of the most exciting clean energy offerings of 2025.
✅ Strong financials
✅ Expanding global footprint
✅ Huge capacity growth pipeline
✅ Recognized brand and Tier-1 certifications
With India aiming for a greener future and Vikram Solar ramping up international operations, this IPO offers long-term potential. The pricing is seen as reasonable compared to grey market valuations, making it appealing to both retail and institutional investors.
⚠️ As always, read the red herring prospectus carefully and align your investments with your risk appetite and long-term goals.
Final Word
The Vikram Solar IPO isn’t just another listing—it’s a gateway into India’s clean energy revolution. With a strong order book, ambitious global strategy, and rising profitability, this solar giant could light up investor portfolios in the years ahead.
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