Investors can bid for a minimum of 45 shares (1 lot) and in multiples thereof. Here’s the investment breakdown:
Application
Lots
Shares
Amount
Retail (Min)
1
45
₹14,940
Retail (Max)
13
585
₹1,94,220
S-HNI (Min)
14
630
₹2,09,160
S-HNI (Max)
66
2,970
₹9,86,040
B-HNI (Min)
67
3,015
₹10,00,980
👨💼 Vikram Solar IPO Promoter Holding
Promoters:
Gyanesh Chaudhary
Gyanesh Chaudhary Family Trust
Vikram Capital Management Pvt. Ltd
Holding
%
Pre-Issue
77.64%
Post-Issue
63.11%
🌞 Vikram Solar IPO 2025 – Complete Details
📌 IPO Reservation
Investor Category
Shares Offered
% of Issue
Maximum Allottees
QIB (Qualified Institutional Buyers)
3,11,65,200
49.76%
NA
NII (HNI Investors)
93,49,560
14.93%
NA
Retail Individual Investors (RII)
2,18,15,640
34.83%
4,84,792
Employee Reservation
3,01,205
0.48%
NA
Anchor Investors
1,86,99,120
29.86%
NA
Total
6,26,31,605
100%
—
🏦 Investor Category Rules & Reservation
Application Category
Maximum Bidding Limit
Bidding at Cut-off Price
RII (Retail)
Up to ₹2 Lakhs
✅ Yes
sNII (Small HNI)
₹2 Lakhs – ₹10 Lakhs
❌ No
bNII (Big HNI)
Above ₹10 Lakhs
❌ No
Employees
Up to ₹2 Lakhs (sometimes with discount)
✅ Yes
⭐ Anchor Investor Details
Anchor Investment Raised: ₹620.81 Cr
Anchor Bid Date: Aug 18, 2025
Shares Allotted: 1,86,99,120
Lock-in Period:
50% shares till Sept 21, 2025 (30 days)
Remaining 50% shares till Nov 20, 2025 (90 days)
📅 Vikram Solar IPO Timeline (Tentative)
Event
Date
IPO Open Date
Tue, Aug 19, 2025
IPO Close Date
Thu, Aug 21, 2025
Allotment Date
Fri, Aug 22, 2025
Refunds Initiation
Mon, Aug 25, 2025
Shares to Demat
Mon, Aug 25, 2025
Listing Date
Tue, Aug 26, 2025
UPI Mandate Cut-off
Aug 21, 2025 (5 PM)
📦 Vikram Solar IPO Lot Size
Application
Lots
Shares
Amount
Retail (Min)
1
45
₹14,940
Retail (Max)
13
585
₹1,94,220
sNII (Min)
14
630
₹2,09,160
sNII (Max)
66
2,970
₹9,86,040
bNII (Min)
67
3,015
₹10,00,980
👨💼 Promoter Holding
Promoters:
Gyanesh Chaudhary
Gyanesh Chaudhary Family Trust
Vikram Capital Management Pvt. Ltd
Holding
%
Pre-Issue
77.64%
Post-Issue
63.11%
(Equity Dilution = Pre-Issue – Post-Issue)
🏢 About Vikram Solar Ltd.
Incorporated in 2005, Vikram Solar Ltd. is a leading solar photovoltaic (PV) modules manufacturer in India with global presence.
🔑 Core Operations:
PV Module Manufacturing: High-efficiency solar panels for domestic & international markets.
EPC (Engineering, Procurement & Construction): Turnkey solar project execution.
O&M (Operations & Maintenance): Long-term support for solar installations to maximize efficiency.
🏭 Vikram Solar Ltd. – Company Overview
🌍 Manufacturing Facilities
Falta SEZ, Kolkata, West Bengal
Oragadam, Chennai, Tamil Nadu
📦 Distribution Network
Presence: Across 23 states & 3 union territories in India
Channel Partners:
41 Authorized Distributors
64 Dealers
67 System Integrators
👥 Customers
Government Clients:
National Thermal Power Corporation (NTPC)
Neyveli Lignite Corporation Limited
Gujarat Industries Power Company Limited
Private Independent Power Producers (IPPs):
ACME Cleantech Solutions Pvt. Ltd.
Others across domestic & international markets
👨💼 Workforce (As of March 31, 2025)
Permanent Employees: 1,612
Contractual Employees: 974
📊 Company Financials – Restated Consolidated
Particulars (₹ Cr)
FY 2025
FY 2024
FY 2023
Assets
2,832.15
2,585.50
2,476.29
Total Income
3,459.53
2,523.96
2,091.91
Profit After Tax (PAT)
139.83
79.72
14.49
EBITDA
492.01
398.58
186.18
Net Worth
1,241.99
445.42
365.20
Reserves & Surplus
932.60
192.16
113.07
Total Borrowings
230.67
808.33
737.79
📈 Growth Highlights (FY25 vs FY24):
Revenue ↑ 37%
PAT ↑ 75%
📌 Key Performance Indicators (KPI) – As of March 31, 2025
KPI
Value
ROE
16.57%
ROCE
24.49%
Debt/Equity
0.19
RoNW
11.26%
PAT Margin
4.08%
EBITDA Margin
14.37%
Price to Book Value
8.46
Market Capitalization
₹12,009.01 Cr
📊 Peer Comparison (EPS & P/E)
Metric
Pre IPO
Post IPO
EPS (₹)
4.42
3.87
P/E (x)
75.16
85.88
📌 Note: Pre IPO EPS is based on pre-issue shareholding and FY25 earnings. Post IPO EPS is based on post-issue shareholding & annualized FY25 earnings (as per RHP).
🎯 Objects of the Issue – Vikram Solar IPO
S.No.
Purpose
Expected Amount (₹ Cr)
1
Partial funding of capital expenditure for Phase-I Project
769.73
2
Funding of capital expenditure for Phase-II Project
595.21
3
General Corporate Purposes
Balance
🌞 Vikram Solar IPO Review & Subscription Status (2025)
📝 Vikram Solar IPO Review (by Dilip Davda)
Vikram Solar Ltd (VSL) is one of India’s largest solar photovoltaic (PV) module manufacturers in terms of operational capacity.
The company has shown consistent growth in revenue and profits over the reported financial periods.
However, the sharp rise in profits from FY24 onwards has raised eyebrows regarding sustainability.
At the current valuation, the IPO appears exorbitantly priced compared to its peers.
Concerns: Rising competition and the recent US tariff developments may impact the company’s long-term performance.
💡 Verdict: 👉 Only well-informed / cash-rich investors may consider moderate long-term exposure. 👉 Conservative investors may prefer to stay away.
Read the full detailed review before investing.
📊 Vikram Solar IPO Subscription Status (Day 3 – Final)
As of August 21, 2025, 5:04:43 PM (Day 3), the Vikram Solar IPO was subscribed 56.42 times overall.
