Mumbai, August 13, 2025 ( TGN ) : Vikram Solar Limited has fixed the price band of ₹315/- to ₹332/- per Equity Share of face value ₹10/- each for its maiden initial public offer.
The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Tuesday, August 19, 2025, for subscription and close on Thursday, August 21, 2025. Investors can bid for a minimum of 45 Equity Shares and in multiples of 45 Equity Shares thereafter.
The IPO is a mix of fresh issue of shares up to Rs 1,500 crore and an offer for sale up to 1,74,50,882 equity shares promoter and promoter group selling shareholders. The offer also includes a subscription reservation by eligible employees in the employee reservation portion.
The proceeds from the fresh issue to the extent of Rs 769.73 crore for partial funding of capital expenditure through investment in its wholly owned Subsidiary, VSL Green Power Private Limited for the Phase-I Project; Rs 595.21 crore for funding of capital expenditure through investment in its wholly owned Subsidiary, VSL Green Power Private Limited for the Phase-II Project; and general Corporate Purposes.
Vikram Solar Limited commenced its manufacturing operations in 2009 with an installed solar PV module manufacturing capacity of 12.00 MW, grown to 4.50 GW installed capacity, as of the date.
It is one of India’s largest solar photo-voltaic (“PV”) modules manufacturers in terms of operational capacity, with more than 17 years of experience in the industry, as of March 31, 2025. With 4.50 GW of installed manufacturing capacity for solar PV modules, it is one of the largest pure play module manufacturers in India and its enlisted capacity as per Ministry of New & Renewable Energy’s Approved List of Modules and Manufacturers (“ALMM”) is 2.85 GW as of June 30, 2025 (Source: CRISIL Report).
The company also featured in BloombergNEF as a Tier 1 manufacturer in the first quarter of CY 2014, and have been subsequently listed repeatedly with the latest inclusion in the first quarter of 2025. Furthermore, in May 2025 it also received the prestigious EUPD Top Brand PV Seal.
It has two solar PV module manufacturing facilities located in West Bengal and in Tamil Nadu and a solar cell manufacturing facility with two units, in Gangaikondan, Tamil Nadu. It has established a pan-India presence, serving 19 states and two union territories.
The company’s key domestic customers include prominent government entities, such as
National Thermal Power Corporation, Neyveli Lignite Corporation Limited and Gujarat Industries Power Company Limited, and large private independent power producers (“IPPs”), such as ACME Cleantech Solutions Pvt. Ltd., Adani Green Energy Limited, AMPIN Energy Transition Private Limited, Azure Power India Private Limited, JSW Energy Limited, First Energy 7 Private Limited and Rays Power Infra Private Limited, among others.
Vikram Solar’s revenue from operations increased by 36.34% from ₹2,510.99 crore in Fiscal 2024 to ₹3,423.45 crore in Fiscal 2025, primarily due to an increase in the volume of module sales in the domestic market. Profit after tax increased by 75.41% from ₹79.72 crore in Fiscal 2024 to ₹139.83 crore in Fiscal 2025.
JM Financial Limited, Nuvama Wealth Management Limited, UBS Securities India Private Limited, Equirus Capital Private Limited and PhillipCapital (India) Private Limited are the book-running lead managers, and MUFG Intime India Private Limited is the registrar of the issue.
The Offer is being made through the book-building process, wherein not more than 50% of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the net offer shall be available for allocation to non-institutional bidders, and not less than 35% of the net offer shall be available for allocation to retail individual bidders.
