Vikram Solar fixes Rs 315-332 price band for IPO. Check GMP, key dates, other details

Solar photo-voltaic company Vikram Solar has fixed a price band of Rs 315-322 for its upcoming initial public offering (IPO), which will open for bidding next week, on August 19.

The issue comprises a fresh component aggregating up to Rs 1,500 crore and an offer for sale component, which will include the selling shareholders offloading 17,450,882 shares in the company.

At the upper range of the price band, the selling shareholders’ portion aggregates to Rs 579.36 crore, taking the total IPO size to Rs 2,079.36 crore. Investors can place bids for a minimum of 45 equity shares and in multiples of 45 thereafter.

Gyanesh Chaudhary, Vikram Capital Management Private Limited, and Anil Chaudhary are the selling shareholders in the issue.

The floor price for the issue has been set at 31.50 times the face value of the equity shares, while the cap price stands at 33.20 times the face value.

Based on diluted EPS for FY25, the price-to-earnings ratio at the lower end of the price band (floor price) works out to 68.48 times, and at the upper end (cap price) it is 72.17 times. This compares with the average industry peer group P/E ratio of 44.28 times for FY25.

Vikram Solar GMP

The shares of Vikram Solar are trading at a premium of Rs 65-70 in the grey market, translating into a GMP of 19.6%.

Vikram Solar IPO key dates

The Vikram Solar IPO is scheduled to open for subscription on August 19, and will close on August 21. The allotment of shares is expected to take place on August 22, with the listing date set for August 26.

Vikram Solar IPO book running lead managers

The book running lead managers for the issue are JM Financial Limited, Nuvama Wealth Management Limited, UBS Securities India Private Limited, Equirus Capital Private Limited, and PhillipCapital (India) Private Limited. The registrar to the offer is MUFG Intime India Private Limited, formerly known as Link Intime India Private Limited.

About Vikram Solar

As of March 31, 2025, Vikram Solar stands as one of India’s largest solar photovoltaic (PV) module manufacturers in terms of operational capacity, with over 17 years of industry experience. It has an installed manufacturing capacity of 4.50 GW for solar PV modules and an enlisted capacity of 2.85 GW as per the Ministry of New & Renewable Energy’s Approved List of Modules and Manufacturers (ALMM).

Established in 2009 with an initial capacity of 12.00 MW, the company has expanded to 4.50 GW as of the date of its Red Herring Prospectus. Its manufacturing facilities in Falta SEZ, Kolkata, and Oragadam, Chennai, are strategically located with access to ports, rail, and road networks, supporting both domestic and international operations.

To meet growing demand, the company is pursuing greenfield and brownfield expansion projects aimed at increasing capacity to 15.50 GW by FY26 and 20.50 GW by FY27.

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