The much-awaited Vikram Solar IPO has generated massive investor interest, with the issue subscribed 54.63 times during its August 19–21, 2025 bidding window. The IPO consisted of a fresh issue of 4.52 crore shares worth ₹1,500 crore and an offer for sale (OFS) of 1.75 crore shares amounting to ₹579.37 crore.
Subscription & Allotment
Against the total offer of 4.53 crore shares, investors placed bids for over 247 crore shares, underscoring strong demand. The IPO allotment was completed on August 22, 2025, and the listing is set for August 26, 2025 on both BSE and NSE.
Vikram Solar IPO GMP Trend
In the unlisted market, shares of Vikram Solar are trading at ₹373 apiece, compared with the IPO upper band of ₹332. This implies a GMP (grey market premium) of ₹41, or about 12.35% listing gain expectations.
How to Check IPO Allotment
1. Through Registrar (MUFG Intime India Pvt. Ltd.)
- Visit the IPO allotment page on the registrar’s website
- Select Vikram Solar Limited from the list
- Enter PAN, Application No., or DP/Client ID
- Fill captcha and submit to view allotment
2. Through BSE Website
- Go to the BSE IPO allotment page
- Select Equity as issue type and choose Vikram Solar Limited
- Enter PAN or Application No. and click Search
Key Details of the Issue
- Price Band: ₹315–₹332 per share
- Lot Size: 45 shares (₹14,940 minimum investment at upper band)
- Anchor Investment: ₹620.81 crore raised from anchor investors on August 18
- Use of Proceeds: Funding Phase-I (₹769.73 crore) & Phase-II (₹595.21 crore) projects and general corporate purposes
Company Performance
For FY25, Vikram Solar posted revenues of ₹3,459.53 crore (up 37% YoY) and a net profit of ₹139.83 crore (up 75% YoY). Post-listing, promoters’ shareholding will fall from 77.64% to 63.11%, reflecting a diversified investor base.
Outlook
With a market capitalization of around ₹12,000 crore at the issue price, Vikram Solar is positioning itself as a key player in India’s clean energy transition, supported by rising demand for high-efficiency solar modules. The strong oversubscription and healthy GMP point toward a positive listing debut.