New Delhi: Shares of Vikram Solar made a lukewarm debut on Tuesday, August 26. The stock listed at Rs 340 on the BSE, a 2.4 percent premium over its issue price of Rs 332, while it opened on the NSE at Rs 338, up 1.81 percent.
This came after the stock was trading at an 11 percent premium in the grey market, where investors often gauge listing expectations.
The company’s Rs 2,079-crore IPO, open from August 19–21, received a robust response with an overall subscription of 54.63 times. Interest was led by QIBs (142.79x), followed by NIIs (50.90x) and retail investors (7.65x).
IPO Structure & Shareholding
The IPO comprised a fresh issue of 4.52 crore shares worth Rs 1,500 crore and an offer for sale of 1.75 crore shares (Rs 579.37 crore) by promoter Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary. Proceeds from the fresh issue will fund Phase I & II expansion projects, while funds from the OFS go to the selling shareholders. Post-listing, promoters hold a 77.64 percent stake, with the balance 22.36 percent owned by public investors, including Plutus Wealth Management’s Arpit Khandelwal.
Gaurav Garg, Analyst at Lemonn Markets Desk, highlights the long-term opportunity in Vikram Solar despite short-term market swings. “We believe that while near-term volatility cannot be ruled out, Vikram Solar’s strategic positioning in the renewable energy ecosystem, coupled with the government’s emphasis on domestic manufacturing under the ‘Atmanirbhar Bharat’ initiative, makes it a compelling long-term play on India’s clean energy transition,” he said.
Headquartered in Kolkata, Vikram Solar has over 17 years of experience in solar photovoltaic module manufacturing. To meet rising demand, it plans to expand its PV module capacity to 15.5 GW by FY26 and 20.5 GW by FY27 through new and existing facilities. The company is also foraying into solar cell production (12 GW capacity in Tamil Nadu by FY27) and has announced a battery energy storage project (initial 1 GWh, scalable to 5 GWh by FY27).
As of March 31, 2025, Vikram Solar’s order book stood at 10.34 GW, ensuring healthy revenue visibility. Financially, revenues rose from Rs 2,073 crore in FY23 to Rs 3,423 crore in FY25, driven by higher realizations, new capacity additions, and strong order execution.