Shares of Vikram Solar made a muted debut on the exchanges on Friday, listing at ₹338 per share, just above the upper IPO price band of ₹332. The ₹2,079-crore IPO had attracted robust demand, being subscribed 54.63 times across categories.
Subscription details
Qualified institutional buyers (QIBs) drove the bidding with a 142.79x subscription, while non-institutional investors (NIIs) subscribed 50.90x. Retail investors subscribed 7.65x of their allotted quota.
IPO structure
The IPO comprised a fresh issue of ₹1,500 crore (4.52 crore shares) and an offer for sale worth ₹579.37 crore (1.75 crore shares) by promoter Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary. Proceeds from the fresh issue will fund Phase-I and Phase-II capacity expansion, while OFS proceeds go to selling shareholders.
Promoters currently hold 77.64% stake, while the public owns 22.36%, including Plutus Wealth Management’s Arpit Khandelwal.
Company snapshot
Based in Kolkata, Vikram Solar is a solar photovoltaic module manufacturer with 17+ years of experience. It is scaling its PV module manufacturing to 15.50 GW by FY26 and 20.50 GW by FY27. The firm is also entering solar cell production (12 GW capacity in Tamil Nadu) and battery energy storage systems (BESS) with an initial 1 GWh project, expandable to 5 GWh by FY27.
As of March 31, 2025, the company had an executable order book of 10.34 GW, ensuring strong revenue visibility. Financially, revenue grew from ₹2,073 crore in FY23 to ₹3,423 crore in FY25 on higher realisations and ramp-up in execution.
