Vikram Solar IPO

About the company

Incorporated in December 2005, Vikram Solar Limited is one of India’s largest solar photovoltaic (PV) module manufacturers with over 17 years of industry experience. As of FY25, it has an installed manufacturing capacity of 4.50 GW and an ALMM-listed capacity of 2.85 GW. The company began operations in 2009 with 12 MW capacity and now operates two manufacturing facilities at Falta SEZ, West Bengal, and Oragadam, Tamil Nadu, strategically located near ports and major transport networks to cater to both domestic and international markets. It operates through three key business divisions: domestic PV module sales, exports, and EPC & O&M services. The company offers high-efficiency PV modules in three main technologies – p-type mono PERC, N-type, and heterojunction (HJT) – with both bifacial and monofacial options. Wattage ratings range from 395 Wp to 735 Wp, with efficiencies up to 23.66%. Products undergo advanced reliability testing and are backed by 12-year product warranties and 27–30-year performance warranties. In FY25, Vikram Solar derived 97.24% of its revenue from domestic sales, backed by an order book of 10,340.82 MW (~2.3× its annual capacity). The company is undertaking significant capacity expansion, targeting 15.50 GW PV module capacity by FY26 and 20.50 GW by FY27. It is also backward integrating into solar cell manufacturing with two upcoming facilities of 3 GW and 9 GW capacity in Gangaikondan, Tamil Nadu, by FY27, and diversifying into battery energy storage systems (BESS) with an initial 1 GWh plant expandable to 5 GWh by FY27. The company has a wide customer base spanning 19 Indian states and 2 union territories, with 83 authorised distributors and over 250 dealers, with strong penetration in high-demand regions such as Gujarat, Rajasthan, and Uttar Pradesh. Its domestic clientele includes leading government entities such as NTPC, NLC, and GIPCL, along with major private independent power producers such as Adani Green, Azure, JSW Energy, and ACME. Internationally, the company has supplied products to customers in 39 countries, including the US, Canada, the UK, Germany, and the UAE, with marquee clients such as PureSky Development Inc. and Sundog Solar LLC. The global solar PV capacity reached about 2.2 TW in 2024 and is projected to exceed 7 TW by 2030, growing at an approx 10% CAGR, with solar expected to contribute around 65% of new renewable capacity additions. India, the third-largest solar market, had ~116 GW installed by June 2025, accounting for 48% of its total power capacity. Renewable capacity (excluding large hydro) is expected to grow at 15.9-16.5% CAGR to 360-370 GW by 2030, including 150-170 GW of new solar capacity plus a potential 45-50 GW from green hydrogen demand. Rooftop solar stood at 17.02 GW in March 2025, with 28-30 GW more expected by 2030, due to policy incentives, cost declines, and strong government tendering. Vikram Solar, with its 4.50 GW current capacity and aggressive expansion plan to 20.50 GW by FY27, is well-positioned to meet rising demand. Its integrated backwards expansion into solar cell manufacturing and entry into battery energy storage systems will allow it to capture a larger share of the value chain. Now, Vikram Solar Ltd is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹1,500 crore and an offer for sale of ₹579.37 crore. The total issue size of the IPO is ₹2,079.37 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   19 Aug 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   21 Aug 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   22 Aug 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   25 Aug 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   25 Aug 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   26 Aug 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.