Vikram Solar gets Listed in Domestic Bourses

Vikram Solar’s IPO was a book-built issue worth ₹2,079.37 crore, consisting of a fresh issue of 4.52 crore shares (₹1,500.00 crore) and an offer for sale of 1.75 crore shares (₹579.37 crore).

• IPO Timeline: Opened on August 19, 2025, closed on August 21, 2025, allotment finalized on August 22, 2025, and listing took place today, August 26, 2025, on the BSE and NSE.

• Pricing: Price band of ₹315–₹332 per share; issue price at ₹332. Lot size was 45 shares, requiring a minimum retail investment of ₹14,175. For sNII, minimum investment stood at ₹2,09,160 (630 shares), and for bNII, ₹10,00,980 (3,015 shares).

• Post-IPO P/E: 85.88.

Subscription Status

• Anchor Investors: 1.00× (1,86,99,120 shares; ₹620.81 Cr)

• QIB (Ex Anchor): 145.10× (₹60,052.72 Cr)

• Non-Institutional Investors: 52.87× (₹16,412.45 Cr)

  • bNII: 59.58×

  • sNII: 39.46×

• Retail Investors: 7.98× (₹5,780.37 Cr)

• Employees: 5.10×

• Overall Subscription:56.42× (₹82,296.51 Cr)

JM Financial Ltd. acted as book-running lead manager; MUFG Intime India Pvt. Ltd. served as registrar.

Neutral Market View

Our platform maintained a neutral rating, viewing Vikram Solar as a turnaround legacy play with potential, but with slower-than-expected performance. Unlisted market prices ranged between ₹180 and ₹485 in the past 18 months.

Legal Development – Fraud Case Filed

On August 26, 2025, the Matunga Police, following a court directive, registered a criminal case of fraud and criminal conspiracy against Vikram Solar (VSL) and Vikram Capital Management Pvt Ltd (VCMPL) along with 11 directors.

The complaint, filed by Nilang Navneet Shah, a director at Mumbai-based Seklink Technologies and Realty Pvt Ltd, alleges he was defrauded under the pretext of a solar module export deal to a US-based buyer, Kopia Power Devco.