Here’s the deal—Vikram Solar, a rising star in India’s solar energy game, just wrapped up its IPO in late August 2025. Tickets were priced at ₹315–₹332, and the buzz was real—anchor investors plowed in ₹621 crore. When the stock finally hit the exchanges on August 26, it debuted with a modest 2 % premium but climbed further to about 7–8 % by the day’s end. Let’s unpack what’s going on and why this matters.
Background & IPO Buzz
So, what’s the hype all about? Vikram Solar isn’t some fledgling startup—it’s grown from a 12 MW operation back in 2009 to a massive 4.5 GW solar PV module producer today, according to The Economic Times. It’s got manufacturing hubs in West Bengal and Tamil Nadu, and it’s even exported modules to 39 countries.
Before the IPO, big-name institutions like Goldman Sachs, Morgan Stanley, and HSBC hopped in—injecting ₹621 crore as anchor investors. The Economic Times.
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IPO Structure & Offer Details
Here’s how it went down: The IPO ran from August 19 to 21, 2025, with the price band set at ₹315–₹332 per share, as per Business Standard. It included a fresh issue worth ₹1,500 crore plus an offer-for-sale (OFS) of about ₹579 crore, Business Standard.
Quota breakdown? QIBs (institutionals) got ~50%, retail investors ~35%, and NIIs ~15% mintOutlook Money.
The allocation happened on August 22, followed by refunds and demat credit on August 25 mint.
Subscription Fever & Grey Market Hype
Did investors warm up to it? You bet. On Day 1, bids were 1.52×, and by Day 2, they soared to 4.56.× The Economic Times+1. That’s like a sprint—people were clearly eager. In the grey market, the shares were trading at a 14–18 % premium before listing day. The Economic Times+2The Economic Times+2.
Listing Day & Market Debut
When the stock finally hit the exchanges on August 26, it listed at ₹340 on BSE (+2.4%) and ₹338 on NSE (+1.8%)—a soft yet solid debut, The Economic Times
By day’s end, though? It climbed to about ₹357.50 on NSE (+7.7%) and ₹356.45 on BSE (+7.4%) mint. So, what looked like a gentle step turned into a nice boost by the close.
Financial Health & Growth Trajectory
Here’s where things get impressive. For FY25, the company posted ₹3,459 crore in revenue and ₹139.8 crore in net profit, up from ₹2,524 crore and ₹79.7 crore in FY24 mintBusiness Today.
That growth translates to a mind-boggling PAT CAGR of over 210%, while revenue climbed around 28–229% annually, according to Business Today Mint. EBITDA more than doubled over three years, too, according to Outlook Money.
Add to that an order book worth over 10,340 MW—more than double its manufacturing capacity—thanks to booming demand mint+1. The company’s expanding manufacturing capacity (15.5 GW by FY26, 20.5 GW by FY27), cell production plans, and even a U.S. facility in the works give plenty of tailwinds mint+1.
Sweet Spot or Risky Play?
Look, valuations are high—P/E is around 85×–86× and EV/EBITDA close to 25× Business Todaymint+1. For comparison, peers like Waaree, Premier Energies, and Websol sit around 40–47× mint.
There are some risks: heavy reliance on solar PV modules (98% of revenue) and a handful of clients contributing 77–88% of business mint+1.
Still, Morgan Stanley et al., and analysts from Anand Rathi to SBI and Geojit, have largely said: subscribe for the long term Business Todaymint+1—think strong fundamentals, expansion plans, and solar’s momentum—not short-term flip.
Why It Matters
Let me break it down: Vikram Solar’s IPO isn’t just about raising money—it’s a snapshot of India’s renewable future. It’s like a sunrise—slow at first, but poised to blaze brightly. If solar is the future, Vikram’s trying to be one of its shining stars.
Summary Snap‑back:
- IPO price: ₹315–₹332 (Aug 19–21)
- Fresh issue + OFS = total ₹2,079 crore
- Subscribed ~4.5×; GMP signaled 14–18% surge
- Listed Aug 26 @ ~2% premium, ended day @ ~7–8% above IPO price
- Strong FY25 performance; aggressive expansion ahead
- Valuation is high, but long-term potential looks solid—especially if solar demand stays sunny.
Disclaimer: This article is for informational purposes only—not financial advice. Always chat with a certified advisor before making any investment moves.