Vikram Solar Share Price: Rs 2,079-Crore IPO Receives 78% Subscription on Day 1

Market Performance

Vikram Solar’s initial public offering (IPO) of Rs 2,079 crore witnessed a strong response on the first day of subscription, achieving 78% subscription as of August 19, 2025.

• Total shares on offer: 4,53,61,650
• Bids received: 3,53,07,855 shares

Breakup of subscription:

• Qualified Institutional Buyers (QIBs): 1%
• Retail Individual Investors (RIIs): 80%
• Non-Institutional Investors (NIIs): 173%

The IPO price band is set between Rs 315 and Rs 332 per share and will remain open for subscription until August 21, 2025.

Main News

Ahead of the public subscription, Vikram Solar raised Rs 621 crore from anchor investors. Key participants in the anchor round included:

• Goldman Sachs Fund
• Morgan Stanley India Investment Fund
• BNP Paribas
• HSBC
• Citigroup
• ICICI Prudential Life Company
• SBI General Insurance Company

Mutual funds such as UTI MF, Franklin Templeton MF, Kotak Mahindra MF, Nippon India MF, and Edelweiss MF were also allotted shares.

• Total shares allotted in anchor round: 1.87 crore
• Price per share: Rs 332
• Total funds mobilized: Rs 621 crore

Company Details

Vikram Solar, founded in 2009, has grown from a 12 MW installed solar PV module capacity to 4.50 GW as of 2025. Key highlights include:

• Two solar PV module manufacturing plants in West Bengal and Tamil Nadu
• Solar cell manufacturing facility in Gangaikondan, Tamil Nadu
• Pan-India presence, serving 19 states and 2 Union Territories

Major domestic clients include:

• Government entities: NTPC, Neyveli Lignite Corporation, Gujarat Industries Power Company
• Private IPPs: ACME Cleantech Solutions, Adani Green Energy, Azure Power India, JSW Energy, Rays Power Infra

Financial Snapshot

The IPO consists of:

• Fresh issuance: Rs 1,500 crore for capital expenditure and investment in VSL Green Power Pvt Ltd
• Offer for Sale (OFS): 1.74 crore shares worth Rs 579.37 crore

Key Managers

• Book Running Lead Managers (BRLMs): JM Financial, Nuvama Wealth Management, UBS Securities, Equirus Capital, PhillipCapital
• Registrar: Link Intime India

Summary

Vikram Solar’s IPO has garnered significant interest from retail and institutional investors, reflecting growing confidence in India’s renewable energy sector. With robust financial growth and pan-India operations, the company is positioned as a key player in solar energy manufacturing.