Vikram Solar rises on debut

Shares of Vikram Solar were currently trading at Rs 363.35 at 10:25 IST on the BSE, representing a premium of 9.44% compared with the issue price of Rs 332.

The scrip was listed at Rs 340, exhibiting a premium of 2.41% to the issue price.

So far, the stock has hit a high of Rs 371.25 and a low of Rs 334.05 On the BSE, over 47.29 lakh shares of the company were traded in the counter so far.

The initial public offer of Vikram Solar was subscribed 54.63 times. The issue opened for bidding on 19 August 2025 and it closed on 21 August 2025. The price band of the IPO is fixed between Rs 315 and 332 per share.

The IPO comprised an offer for sale (OFS) of 17,450,882 equity shares and a fresh issue of equity shares, aggregating to Rs 1,500 crore. The OFS included a sale by the promoter-shareholders: 6,000,000 equity shares by Gyanesh Chaudhary, 9,950,882 equity shares by Anil Chaudhary, and 1,500,000 equity shares by Vikram Capital Management, a promoter group company. On the post-issue expanded equity, Anil Chaudhary held 0%, Gyanesh Chaudhary held 2.84%, and Vikram Capital held 30.91%.

Of the net proceeds from the fresh issue, about Rs 769.73 crore was used for part funding of capital expenditure through investment in VSL Green Power (a WoS of the company) for the Phase I Project; Rs 595.208 crore for funding capital expenditure through investment in VSL Green Power (a WoS of the company) for the Phase II Project; and the balance for general corporate purposes.

Vikram Solar is one of India?s largest pure-play solar PV module manufacturers with 17+ years of experience and an ALMM-enlisted capacity of 2.85 GW as of June 2025. It operates two manufacturing facilities in West Bengal and Tamil Nadu with 4.5 GW installed capacity, which is being expanded to 15.5 GW by FY26 and 20.5 GW by FY27, alongside backward integration into solar cells (12 GW planned) and battery energy storage (5 GWh planned).

The company has shipped over 7.12 GW of modules globally, supplied to 39 countries, and had an order book of 10.34 GW as of March 31, 2025, including marquee projects from NTPC, NLC, GIPCL, Adani Green, and AMPIN Energy.

Ahead of the IPO, Vikram Solar on Monday, 18 August 2025, raised Rs 620.81 crore from anchor investors. The board allotted 1.86 crore shares at Rs 332 each to 43 anchor investors.

The firm reported a consolidated net profit of Rs 139.83 crore and sales of Rs 3,423.45 crore for the twelve months ended on 31 March 2025.

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