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BILKULONLINE | Ahmedabad | 15 August 2025
Vikram Solar Limited, one of India’s leading solar photovoltaic (PV) module manufacturers, has announced that its maiden Initial Public Offering (IPO) will open for subscription on Tuesday, August 19, 2025, and close on Thursday, August 21, 2025. The company has fixed a price band of Rs 315 to Rs 332 per equity share with a face value of Rs 10 each. Investors can bid for a minimum of 45 equity shares and in multiples thereof.
The IPO comprises a fresh issue of shares worth Rs 1,500 crore and an offer for sale (OFS) of 1,74,50,882 equity shares by promoter and promoter group selling shareholders. A portion of the issue will also be reserved for eligible employees.
Proceeds from the fresh issue will be primarily used for capital expenditure through Vikram Solar’s wholly owned subsidiary, VSL Green Power Private Limited, with Rs 769.73 crore earmarked for Phase-I and Rs 595.21 crore for Phase-II projects, apart from general corporate purposes.
Speaking at the media interaction in Ahmedabad, Gyanesh Chaudhary, Chairman and Managing Director, Vikram Solar, said:
“This IPO marks a milestone in our journey from a 12 MW facility in 2009 to becoming one of the largest solar module manufacturers in India with 4.5 GW installed capacity. The funds raised will strengthen our green energy projects and accelerate our growth in India’s renewable energy sector.”
Krishna Kumar Maskara, CEO, Vikram Solar, added, “India’s energy transition story is at a pivotal moment, and we are proud to play a leading role. Our strong order book, diversified client base and continued innovation ensure we are well-positioned to capture the growing demand for clean energy solutions.”
Financial performance: Vikram Solar reported revenues of Rs 3,423.45 crore in FY25, a 36.34% rise from Rs 2,510.99 crore in FY24, driven by higher domestic module sales. Profit after tax surged 75.41% to Rs 139.83 crore in FY25 from Rs 79.72 crore in FY24.
The company’s key customers include NTPC, Neyveli Lignite Corporation, Gujarat Industries Power Company, Adani Green Energy, ACME Cleantech Solutions, AMPIN Energy Transition, Azure Power, JSW Energy and Rays Power Infra, among others.
On the IPO process, Vijay Agrawal, Managing Director, Equirus Capital Pvt Ltd, said:
“The Vikram Solar IPO has been structured to attract a wide spectrum of investors. We expect strong participation from institutional as well as retail investors, given the company’s robust fundamentals and leadership in the solar manufacturing sector.”
Book-running lead managers to the issue are JM Financial Limited, Nuvama Wealth Management Limited, UBS Securities India Pvt Ltd, Equirus Capital Pvt Ltd, and PhillipCapital (India) Pvt Ltd. MUFG Intime India Pvt Ltd will act as the registrar.
The offer is being made through the book-building process: not more than 50% will be available for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and at least 35% for retail individual investors.
Rajan Jindal, CFO, Vikram Solar, said, “Our focus remains on disciplined growth, capital efficiency and shareholder value creation. With strong financial performance and expansion plans, we are confident that this IPO will further strengthen our market positioning.”
Disclaimer: This report is for informational purposes only and should not be considered investment advice.
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