India’s renewable energy sector received a major boost this week with Vikram Solar Limited kicking off its Initial Public Offering (IPO). The company, one of the country’s leading solar PV module manufacturers, raised ₹621 crore from anchor investors on Monday, August 18, 2025. The IPO officially opened for public subscription on Tuesday, August 19, and will remain available until Thursday, August 21.
With strong institutional backing, a healthy grey market premium (GMP), and a solid business outlook, the IPO has already attracted the attention of investors and analysts alike.
Vikram Solar IPO Strong Start with Anchor Investors
Before the IPO opened to the public, Vikram Solar successfully secured ₹621 crore from marquee anchor investors, setting a positive tone for the issue. Global financial powerhouses such as Goldman Sachs Fund, Morgan Stanley India Investment Fund, BNP Paribas, HSBC, Citigroup, and ICICI Prudential Life were among the major participants.
The participation was not limited to foreign institutions. Several top domestic mutual funds also showed confidence in the offering. Names like UTI Mutual Fund, Franklin Templeton MF, Kotak Mahindra MF, Nippon India MF, and Edelweiss MF were allotted shares. This strong institutional presence suggests that investors see significant growth potential in Vikram Solar’s business model and future prospects.
The IPO is structured to raise around ₹2,079 crore, which includes a fresh issue of ₹1,500 crore and an Offer for Sale (OFS) of ₹579 crore. The price band has been fixed at ₹315–₹332 per share, with a minimum application lot size of 45 shares.
Vikram Solar IPO Grey Market Premium Signals Strong Listing Gains
Investor sentiment in the grey market has been highly favorable. On the eve of the IPO launch (August 18), the Grey Market Premium (GMP) stood at around 17%, implying a potential listing price of ₹389–₹390 per share.
On Day 1 of the IPO (August 19), reports indicated a further surge in GMP, fluctuating between 16–18%. While the Economic Times reported a 16% premium, other market trackers highlighted an 18% premium. This indicates high expectations of listing gains, driven by investor optimism around the renewable energy sector and Vikram Solar’s position in it.
Market experts note that the IPO has the right balance of scale, financial strength, and industry tailwinds, which are key factors in driving this enthusiasm.
Subscription Status and Key Dates Vikram Solar IPO
Despite the strong anchor investor turnout and attractive GMP, subscription on Day 1 remained modest. Early reports from Economic Times suggested only a 2% subscription rate. However, Live Mint presented a more optimistic picture, showing an overall 22% subscription, with the retail investor portion at 26% and Non-Institutional Investors (NII) at 42%. The Qualified Institutional Buyer (QIB) category, however, was yet to see major participation on the first day.
The IPO timeline includes several important milestones:
- Allotment Finalization: Friday, August 22, 2025
- Refunds & Share Credit: Monday, August 25, 2025
- Listing on Stock Exchanges: Tuesday, August 26, 2025, on both BSE and NSE
This structured timeline gives investors clarity about when they can expect allotments, refunds, and listing.
Analyst Outlook: Long-Term Potential
Vikram Solar enjoys a leading position in India’s renewable energy landscape, supported by government policy tailwinds, an expanding order book, and strong integration across its value chain. Analysts believe that these factors give the company a competitive edge in both domestic and export markets.
Brokerage firms have offered mixed but largely positive recommendations. Analysts at Swastika Investmart have tagged the IPO with a “subscribe” rating for long-term investors, highlighting the company’s growth prospects in the renewable sector. Similarly, experts at Lakshmishree Investment noted Vikram Solar’s scale, exports, and backward integration as strengths, while cautioning investors to weigh risks such as execution challenges and market volatility.
Conclusion
The Vikram Solar IPO comes at a time when India’s renewable energy sector is expanding rapidly, supported by government initiatives and increasing global demand for solar solutions. With robust anchor participation, positive grey market signals, and a clear roadmap to listing, the IPO presents an attractive opportunity for investors.
However, like all equity investments, risks remain. Market conditions, execution challenges, and policy shifts could influence future performance. For investors seeking exposure to India’s renewable growth story, Vikram Solar’s IPO appears to be a promising bet—but one that should be approached with careful consideration of both opportunities and risks.
F.A.Q.
– What is the size of the Vikram Solar IPO?
The IPO aims to raise around ₹2,079 crore, which includes a fresh issue of ₹1,500 crore and an Offer for Sale (OFS) of ₹579 crore.
– What is the price band and lot size for the IPO?
The price band is set at ₹315–₹332 per share, with a minimum lot size of 45 shares.
– When will the Vikram Solar IPO open and close?
The IPO opens on Tuesday, August 19, 2025, and closes on Thursday, August 21, 2025.
– What is the Grey Market Premium (GMP) for the Vikram Solar IPO?
As of August 19, 2025, the GMP stood between 16–18%, suggesting a potential listing price of around ₹389–₹390 per share.
– When will Vikram Solar shares be listed on the stock exchanges?
Shares are expected to be listed on the BSE and NSE on Tuesday, August 26, 2025, after allotment and refund processes are completed.
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