Vikram Solar IPO Final Day: Rs 2,000 crore issue subscribed over 54 times
Published on 22/08/2025 12:54 PM
Vikram Solar IPO Final Day: Vikram Solar IPO Final Day: Solar module manufacturer Vikram Solar’s Rs 2,079-crore initial public offering (IPO) booked 54.63 times on the last day of the bidding process, Thursday, August 21.The IPO saw bids for 2,47,81,57,740 shares against 4,53,61,650 shares on offer, according to NSE data.The non-institutional investors’ segment was subscribed 50.9 times, while the Retail Individual Investors (RIIs) quota drew 7.65 times bids. The Qualified Institutional Buyers (QIBs) category witnessed the highest demand with 142.79 times subscription.
Ahead of the IPO opening, Vikram Solar raised Rs 621 crore from anchor investors on Monday. The issue, priced in the band of Rs 315–332 per share, will close on Thursday.
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The IPO consists of a fresh issue of equity shares worth up to Rs 1,500 crore and an offer for sale (OFS) of over 1.74 crore shares, valued at about Rs 579.37 crore at the upper price band. Proceeds from the fresh issue will primarily be used to fund capital expenditure for its wholly owned subsidiary VSL Green Power Pvt. Ltd., covering both Phase I and Phase II of the project.
JM Financial, Nuvama Wealth Management, UBS Securities, Equirus Capital, and PhillipCapital are the book-running lead managers for the offer, while
Founded in 2009 with an initial solar PV module capacity of 12 MW, Vikram Solar has expanded to 4.5 GW of installed capacity. The company operates two PV module manufacturing facilities in West Bengal and Tamil Nadu, along with a solar cell manufacturing unit in Gangaikondan, Tamil Nadu.
Its client portfolio includes leading government entities such as NTPC, Neyveli Lignite Corporation, and Gujarat Industries Power Company, as well as large private IPPs like Adani Green Energy, ACME Cleantech Solutions, Azure Power India, JSW Energy, and Rays Power Infra.
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