Vikram Solar IPO Day 2: Is this the right time to invest?
A new opportunity has come up for investors in the stock market, named Vikram Solar IPO. This IPO opened on 19 August 2025 and will remain open for investors till 21 August 2025. Vikram Solar, one of the largest solar photovoltaic module makers in India, has declared its IPO price band at ₹315 to ₹332 per share. This IPO is going to be listed on NSE and BSE, and its size has been kept at ₹2,079.37 crore. Out of this, ₹1,500 crore will be raised through fresh issue and ₹579.37 crore through offer for sale.
Looking at the demand and grey market premium of this IPO, the question for investors is whether to apply for the Vikram Solar IPO or not.
Vikram Solar IPO GMP and Market Buzz
According to market observers, Vikram Solar IPO GMP (grey market premium) is currently running at ₹54. This is a positive indicator, as it means that on the day of listing, the shares can be listed at a premium of around 16% to their upper price band. This is an attractive signal for investors, but always remember that GMP is quite volatile and can change according to market sentiment.
Vikram Solar IPO Subscription Status
The IPO attracted a lot of investors on the very first day of opening. By the end of Day 1, the overall issue was subscribed 1.52 times. The quota of retail investors was booked 1.37 times, and the Non-Institutional Investors (NII) segment was subscribed 3.84 times, while the QIB portion was filled only 0.02 times so far. This clearly shows that retail and HNI investors have shown strong interest in the IPO.
Vikram Solar IPO Important Details
The Vikram Solar IPO date is from 19 August to 21 August 2025. Its price band has been fixed at ₹315 to ₹332, and one lot will consist of 45 shares. IPO allotment is expected on 22 August, while the Vikram Solar IPO listing date is likely to be 25 August 2025.
The registrar of this IPO is MUFG Intime India Private Limited, and lead managers include JM Financial, Nuvama Wealth, UBS Securities India, Equirus Capital, and Philip Capital India.
Vikram Solar IPO Review: Apply or Wait?
Shivani Nyati of Swastika Investmart has given a “Subscribe” rating to the IPO. He says that Vikram Solar is one of the largest solar photovoltaic module manufacturers in India whose growth track record is strong. But the valuation seems a bit high. Investors can park funds to gain short-term listing, and it can be an attractive play for the long-term as well.
Anshul Jain of Lakshmishree Investment also gave a strong recommendation to the IPO. He highlighted that Vikram Solar’s module capacity is currently 4.5 GW, and the company is planning to expand to 15.5 GW. In FY25, the company’s revenue grew 37% YoY to ₹3,459.5 crore, and net profit jumped 75% to ₹139.8 crore. The ₹1,500 crore raised from the IPO will be used for new plants and facilities, which will improve margins and self-reliance in the long term.
Vikram Solar IPO Fundamentals and Growth Potential
The company has a strong client base, which includes big names like NTPC and Adani. The company’s order book of 10.3 GW is also a positive factor. The government’s policies to promote solar manufacturing and India’s clean energy targets make future growth stronger for the company.
Financially, as of 31 March 2025, the company’s ROE was 16.55%, the EBITDA margin was 14.35%, and the PAT margin was slightly above 4%. Market capitalization is ₹12,009.01 crore, and price-to-book value is approximately 8.50x. This clearly shows that the valuation is high, but the sectoral growth and positioning of the company are strong.
Vikram Solar IPO Risk Factors
Every IPO comes with some risks. The biggest challenge for Vikram Solar is the high capex requirement and client concentration. If dependency on one or two big clients increases, the risk for the company increases. Global supply chain disruptions are also a challenge for the solar manufacturing industry.
Gaurav Goel of Fynocrat Technologies says that Vikram Solar’s growth story is strong, but the valuation still seems expensive. If there is a market correction or there is a delay in execution, there can also be a downside risk for investors.
Final Verdict: Should I apply for the Vikram Solar IPO?
The overall response to the Vikram Solar IPO has been positive so far. A grey market premium, strong fundamentals, and government support make it a promising IPO. But valuation is high, and sector-specific risks are also present. This IPO can be a good option for short-term listing gains, while long-term investors should take a decision based on their risk appetite and financial goals.
Disclaimer:
This article is for informational purposes only. This is not an investment advice. Investors should take decisions only after consulting their financial advisor.
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