Vikram Solar IPO: New IPO opens with price band of Rs 315 to Rs 332

News Topical, Digital Desk : Vikram Solar IPO: Kolkata-based solar photovoltaic module maker Vikram Solar has fixed the price band for its initial public offering (IPO) at ₹315 to ₹332 per share. Its IPO will open on August 19 and close on August 21, while anchor book bidding will start from August 18.

The IPO will offer shares with a face value of ₹10. Investors can bid in lots of a minimum of 45 shares, with a minimum investment size of ₹14,940. At the upper price band, the market value of the company will be around ₹14,190 crore.

Vikram Solar's share price in the unofficial market has declined since the beginning of June, from ₹475 to ₹385 per share. Hence, the IPO is priced around 14% below the market price. 

What are the details of the IPO The IPO comprises a fresh issue of 4.52 crore shares, valued at around ₹1,500 crore, and an offer for sale of 1.75 crore shares (valued at around ₹579.37 crore) by the promoters. The promoters are: Gyanesh Chaudhary, Vikram Capital Management and Anil Chaudhary. In total, the company is looking to raise around ₹2,079.37 crore through the IPO. The funds raised from the fresh issue will be used to partially finance capital expenditure for the company's phase-1 and phase-2 projects, while the proceeds from the offer for sale will go to the selling shareholders. Currently, the promoters hold a 77.64% stake in the company, while the remaining 22.36% is held by the public, including Arpit Khandelwal of Plutus Wealth Management. At a pre-IPO event, Vikram Solar said that it will go ahead with its plan to set up a 3 gigawatt (GW) solar module infrastructure facility in Colorado, United States. This decision has been taken despite some regulatory challenges from the Donald Trump administration, which may impact clean energy companies. The company's Chief Financial Officer (CFO) Ranjan Jindal clarified that the plan to expand in the US is still intact and has not been canceled. Vikram Solar has established 4.5 GW of solar PV module production capacity so far with 16 years of experience. It has handled an order book of 10,340.8 MW as on 31 March 2025. In the financial year 2025, the company has reported a net profit of ₹139.83 crore and earnings of ₹3,459.53 crore, while in 2024-25 its net profit was ₹79.72 crore and earnings were ₹2,523.96 crore. The book running lead managers of this IPO are JM Financial, Nuvama Wealth Management, Equirus Capital, UBS Securities India and Phillip Capital India, while MUFG Intime India is its registrar. Vikram Solar's IPO allotment will be decided on August 22 and the shares will be listed on BSE and NSE on August 26. This IPO provides a significant opportunity to invest in India's solar industry, especially as the company has announced global expansion and production capacity expansion.

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