Vikram Solar IPO – Review
Vikram Solar Limited, one of the largest solar module manufacturers (by capacity) in India, is planning to raise ₹ 2079 Crore through an IPO.
[Fresh Issue ₹ 1500 Cr + OFS ₹ 579 Cr]
Vikram Solar ipo share price is ₹ 315 – ₹ 332 per share
Vikram Solar: History
The Company was originally incorporated as International Leather Clothiers Private Limited, a private limited company under the Companies Act, 1956.
The Company was converted into a public limited company and its name was changed to Vikram Solar Limited under a fresh certificate of incorporation issued by the RoC on August 22, 2017.
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Vikram Solar: Business
Vikram Solar Limited is an Indian company based in Kolkata.
The company’s primary business focus is manufacturing solar Photovoltaic (PV) modules, as well as carrying out engineering, procurement, and construction (EPC) services & operations, and maintenance of solar power plants.
With 3.50 GW of installed manufacturing capacity for solar PV modules as of the date of this Draft Red Herring Prospectus (DRHP), it is one of the largest enlisted capacities among pureplay non-captive manufacturers in the Ministry of New & Renewable Energy’s Approved List of Module Manufacturers (ALMM).
The Company’s portfolio of solar energy products consists of the following high-efficiency solar PV modules,
- P-type monocrystalline silicon-based Passivated Emitter and Rear Contact (PERC) modules;
- N-type monocrystalline silicon-based Tunnel Oxide Passivated Contact (TOPCon) modules; and
- N-type monocrystalline silicon-based heterojunction technology (HJT) modules
To meet growing demand, the company is currently undertaking significant greenfield and brownfield expansion plans, which are expected to increase its installed manufacturing capacity to 10.50 GW by FY 2026 and 15.50 GW by FY 2027.
Manufacturing Facilities
The Company’s manufacturing facilities are strategically located at Falta SEZ in Kolkata (West Bengal, India) and Oragadam in Chennai (Tamil Nadu, India) with access to ports, rail, and roads, helping it to facilitate both domestic and international operations.
Client List
Vikram Solar’s key domestic clients include National Thermal Power Corporation (NTPC), Neyveli Lignite Corporation Limited, and Gujarat Industries Power Company Limited (GIPCL).
Large private Independent Power Producers (IPPs), such as ACME Cleantech Solutions Pvt. Ltd, Ampin Energy Transition Private Limited, Azure Power India Private Limited, JSW Energy Limited, First Energy 7 Private Limited, and Rays Power Infra Private Limited, among others.
Distributor Network
As of the date of this DRHP, the company has established a pan-India presence, serving 23 states and 3 union territories (UTs), through an extensive distributor network of 41 authorized distributors, 64 dealers, and 67 system integrators.
Strategies Ahead
- Maintain domestic market position through strategic expansion of solar PV module manufacturing and backward integration into solar cell manufacturing
- Focus on developing new and innovative products and services
- Strengthen domestic presence through a dedicated retail network and distribution model
- Become a significant global player in the international solar PV module market
- Diversify the supply chain
Company Promoters
- Gyanesh Chaudhary,
- Gyanesh Chaudhary Family Trust,
- Vikram Capital Management Private Limited
Refer to Vikram Solar IPO DRHP for detailed information.
IPO Details
Vikram Solar IPO date = 19 to 21 August 2025
Minimum Amount = INR 14,940
Minimum Bid = 45 Shares
Face Value (FV) = INR 10
Listing On = NSE, BSE
Book Running Lead Manager
JM Financial
Nuvama Wealth Management
UBS Securities (I) Pvt Ltd
Equirus Capital Pvt Ltd
Phillip Capital (I) Pvt Ltd
Financials
CONCLUSION
FinBlab recommends ‘SUBSCRIBE‘ ratings on Vikram Solar IPO
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