Vikram Solar IPO to open on August 19th; Price band : Rs 315-332

Mumbai, August 13, 2025: Vikram Solar, the Kolkata-based solar photovoltaic module manufacturer, has announced the price band for its upcoming initial public offering (IPO), which opens on August 19. The price band has been set between ₹315 and ₹332 per share. Minimum bid lot size  for application is 45 shares. This amounts  to a minimum investment of ₹14,940 at the upper price band.

As per the offer document, Vikram Solar is offering shares with a face value of ₹10 per share. The IPO comprises a fresh issue of 4.52 crore shares aggregating ₹1,500 crore and an offer for sale of 1.75 crore shares worth ₹579.37 crore by its promoters, Gyanesh Chaudhary and Vikram Capital Management.

Vikram Solar Ltd. reported a strong financial performance with its revenue rising by 37% to ₹3,459.53 crore for the year ending March 31, 2025, compared to the previous year. Profit after tax (PAT) surged 75% to ₹139.83 crore. The company’s assets grew to ₹2,832.15 crore, and EBITDA increased to ₹492.01 crore. Notably, Vikram Solar’s net worth turned positive at ₹0.86 crore, improving from a negative position in earlier years.

At a pre-IPO investor event, Vikram Solar reaffirmed its continued commitment to setting up a 3-gigawatt solar module manufacturing plant in Colorado, USA. The plan had hit a roadblock following regulatory proposals under the earlier US administration, but has picked up pace after court orders diluted those measures.

Chief Financial Officer Ranjan Jindal confirmed that the project is still “on the cards,” indicating Vikram Solar’s determination to further strengthen its international presence despite geopolitical strife.

Book Running Lead Managers and Registrar Approved for Smooth IPO Execution

JM Financial, Nuvama Wealth Management, Equirus Capital, UBS Securities India, and Phillip Capital India are designated as book-running lead managers for the IPO, while MUFG Intime India Pvt. Ltd. will act as the registrar.

Kolkata-based Vikram Solar is a leading manufacturer of solar photovoltaic (PV) modules, operating a production facility with a capacity of 4.5 GW. As of March 31, 2025, the company has an order book exceeding 10,340 MW, solidifying its position as a major player in India’s solar energy industry.

Disclaimer : This content is only for informational purpose. It does not make any recommendation to act or invest.