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Vikram Solar IPO Oversubscribed 54.6 Times Ahead of Market Debut

Vikram Solar’s initial public offering (IPO) closed with massive investor demand, oversubscribed 54.63 times by the end of bidding on August 21, 2025. Against 45 million shares on offer, the issue received bids for 2.47 billion shares.

The IPO was priced in the range of Rs315–Rs332 per share, with a face value of Rs10. Qualified institutional buyers (QIBs) drove the momentum with subscriptions at 142.9 times, followed by non-institutional investors at 50.9 times, and retail investors at 7.65 times. The employee quota was also oversubscribed 4.84 times. Shares are scheduled to be listed on both BSE and NSE on August 26, 2025.

The offering included a fresh issue worth Rs15 billion and an offer for sale of 17.45 million shares by promoters. Ahead of the IPO, Vikram Solar raised Rs6.21 billion from 43 anchor investors by allotting 18.7 million shares at Rs332 each.

Funds from the IPO will be directed toward capital expenditure, mainly to support its subsidiary VSL Green Power. Around Rs7.93 billion will go into partially funding an integrated solar cell and module manufacturing facility.

This IPO comes amid a surge of renewable sector listings, with peers like Emmvee Photovoltaic and Juniper Green Energy also filing for large offerings.