Vikram Solar Limited will launch its Initial Public Offering (IPO) on Tuesday, August 19, 2025, closing on Thursday, August 21, 2025. The price band is fixed at ₹315–₹332 per equity share (face value ₹10), with a minimum bid lot of 45 shares and in multiples thereafter.
The IPO comprises a fresh issue of equity shares worth up to ₹1,500 crore and an Offer for Sale of up to 1,74,50,882 shares by promoter and promoter group shareholders. A portion of the issue is reserved for eligible employees. Proceeds will be used to fund capital expenditure for the Phase-1 and Phase-2 projects of its subsidiary VSL Green Power Private Limited, along with general corporate purposes.
Established in 2009, Vikram Solar is among India’s largest solar photovoltaic (PV) module manufacturers, with 4.50 GW of installed capacity and over 17 years of industry experience. It operates manufacturing facilities in West Bengal and Tamil Nadu and serves customers in 19 states and two union territories.
The company’s major clients include NTPC, Neyveli Lignite Corporation, Gujarat Industries Power, Adani Green Energy, Azure Power, JSW Energy, and ACME Cleantech. Revenue rose from ₹2,510.99 crore in FY 2024 to ₹3,423.45 crore in FY 2025, while net profit increased 75.41% to ₹139.83 crore.
JM Financial, Nuvama Wealth, UBS Securities India, Equirus Capital, and PhillipCapital India are the book-running lead managers, and MUFG Intime India is the registrar. The IPO will follow the book-building process with allocations of up to 50% for Qualified Institutional Buyers, at least 15% for Non-Institutional Investors, and at least 35% for Retail Investors.
