Vikram Solar IPO 2025: Price Band, GMP, Subscription, Allotment & Listing Details.

 

Introduction

India renewable energy revolution ke beech Vikram Solar ek badi company ban kar saamne aayi hai. Solar manufacturing aur EPC (Engineering, Procurement & Construction) segment me isne apna strong footprint banaya hai. Ab company apna IPO (Initial Public Offering) le kar aa rahi hai, jiska investors ko kaafi wait tha.

Is blog me hum detail me discuss karenge – Vikram Solar IPO details, price band, subscription status, GMP (Grey Market Premium), listing expectations, company ke financials, strengths & risks.

IPO Details (Key Highlights)

  • IPO Size: Total ₹2,079.37 crore ka issue hoga

    • Fresh Issue: ₹1,500 crore

    • Offer for Sale (OFS): ₹579.37 crore

  • Price Band: ₹315 – ₹332 per share

  • Lot Size: Minimum lot 45 shares ka hoga. Matlab, retail investor ko minimum investment ~₹14,940 karni hogi.

  • IPO Dates:

    • Open: 19 August 2025

    • Close: 21 August 2025

  • Allotment & Listing:

    • Allotment: 22 August 2025

    • Refunds: 25 August 2025

    • Listing: 26 August 2025 (NSE & BSE dono par)

      Anchor Investors & Market Response

      IPO se pehle hi Vikram Solar ne ₹621 crore raise kiya anchor investors se. Isme bade global investors shamil the jaise Goldman Sachs, Morgan Stanley India Fund, HSBC, BNP Paribas, ICICI Prudential Life Insurance, Kotak MF, Nippon India MF etc.

      Anchor investors ki participation ek positive signal hai kyunki ye dikhaata hai ki bade institutional players ko company ke future growth pe vishwas hai.

      Subscription Status

      Day 1 (19 August 2025)

      • Overall Subscription: 1.52x

      • Retail: 1.36x

      • Non-Institutional Investors (NII): 3.8x+

      • QIB (Qualified Institutional Buyers): ~2% bids

      Day 2 (20 August 2025)

      • Overall Subscription: 2.19x

      • Retail: ~1.9x

      • NII: 5.6x+

      • QIB: ~4% bids

      Yeh data dikhata hai ki retail aur HNI investors kaafi interested hain, lekin QIB participation comparatively kam tha.

      Grey Market Premium (GMP)

      Grey market premium IPO ke listing gain ka ek proxy hota hai.

      • Launch se pehle GMP ₹57-58 tha (17% gain expect).

      • Day 1 ke baad GMP ₹54 tak aa gaya (16% gain).

      • Day 2 par GMP ₹48 tha (approx 14% listing gain expectation).

      Iska matlab hai ki market listing ke waqt ₹380–390 tak ke price ki expectation kar raha hai, jo issue price se 14–17% zyada hai.

      Company Overview

      • Business: Vikram Solar solar PV modules ka leading manufacturer hai. Company ke paas 4.5 GW ki installed capacity hai.

      • Expansion Plans:

        • FY26 tak capacity 15.5 GW aur FY27 tak 20.5 GW karne ka target.

        • Tamil Nadu me 12 GW solar cell manufacturing plant.

        • Battery Energy Storage System (BESS) – 1 GWh initial capacity, jo FY27 tak 5 GWh tak scale hogi.

      • Clients: NTPC, Adani Green, NLC, GIPCL jaisi large companies company ke major clients hain.

      Financial Performance

      • Revenue & Profit: FY25 me revenue aur profit dono me strong growth hui hai.

      • Margins: EBITDA margin ~14–14.4% tak improve hua.

      • PAT (Profit After Tax): FY25 me ~₹139 crore.

      • Debt Reduction: FY24 me debt ~₹854 crore tha jo FY25 me girkar ₹272 crore ho gaya. Yeh ek strong positive sign hai.

      Valuation

      • Upper price band (₹332) par company ka P/E ratio ~86x hai.

      • Peer companies average P/E ~38x hai.

      • P/B ratio ~4.4x hai.

      Iska matlab valuation thoda zyada hai, jo ek risk factor ho sakta hai.

      Strengths

      ✔ Strong order book (~10.34 GW as of March 2025)
      ✔ Government policies (PLI scheme, ALMM, DCR) ka strong support
      ✔ Large scale manufacturing aur backward integration
      ✔ Diversified product portfolio – PERC, N-Type, HJT modules
      ✔ Debt level reduce hua hai

      Risks

      ⚠ Valuation kaafi high hai (P/E 86x)
      ⚠ Customer concentration risk – top 5 clients se ~77% revenue aata hai
      ⚠ Global solar supply chain me price volatility
      ⚠ Expansion plans ka timely execute na ho paana

      Quick SEO Table

      DetailInfo
      IPO Size₹2,079 crore
      Price Band₹315 – ₹332
      Lot Size45 shares (~₹14,940)
      Dates19–21 Aug 2025
      Allotment22 Aug 2025
      Listing26 Aug 2025
      GMP₹48–58 (14–17% gain)
      Capacity4.5 GW → 20.5 GW by FY27
      Order Book~10.34 GW
      PAT FY25₹139 crore

      Conclusion

      Vikram Solar IPO ek strong opportunity hai un investors ke liye jo renewable energy aur solar growth story par long-term bet lagana chahte hain.

      • Short-term me GMP ke basis par ~14–17% listing gain possible hai.

      • Long-term me capacity expansion, backward integration aur BESS entry company ke liye positive hai.

      • Lekin valuation thoda stretch hai, isliye cautious approach lena chahiye.

      👉 Recommendation:

      • Short term listing gain ke liye Apply karna sahi lagta hai.

      • Long term investors ko company ke execution aur margins pe nazar rakhni hogi.

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