Vikram Solar ends with 54.63 times subscription

The initial public offer of Vikram Solar received bids for 2,47,81,57,965 shares as against 4,53,61,650 shares on offer. The issue was subscribed 54.63 times. The Qualified Institutional Buyers (QIBs) category was subscribed 142.79 times. The Non-Institutional Investors (NIIs) category was subscribed 50.90 times. The Retail Individual Investors (RIIs) category was subscribed 7.65 times. The issue opened for bidding on 19 August 2025 and it closed on 21 August 2025. The price band of the IPO is fixed between Rs 315 and 332 per share. Of the net proceeds from the fresh issue, about Rs 769.73 crore will be used to part funding of capital expenditure through investment in VSL Green Power (a WoS of the company) for the Phase I Project; Rs 595.208 crore for funding capital expenditure through investment in VSL Green Power (a WoS of the company) for the Phase II Project and balance for general corporate purposes. Vikram Solar is one of India’s largest pure-play solar PV module manufacturers with 17+ years of experience and an ALMM-enlisted capacity of 2.85 GW as of June 2025. It operates two manufacturing facilities in West Bengal and Tamil Nadu with 4.5 GW installed capacity, which is being expanded to 15.5 GW by FY26 and 20.5 GW by FY27, alongside backward integration into solar cells (12 GW planned) and battery energy storage (5 GWh planned). The company has shipped over 7.12 GW modules globally, supplied to 39 countries, and had an order book of 10.34 GW as of March 31, 2025, including marquee projects from NTPC, NLC, GIPCL, Adani Green, and AMPIN Energy. Ahead of the IPO, Vikram Solar on Monday, 18 August 2025, raised Rs 620.81 crore from anchor investors. The board allotted 1.86 crore shares at Rs 332 each to 43 anchor investors. The firm reported a consolidated net profit of Rs 139.83 crore and sales of Rs 3,423.45 crore for the twelve months ended on 31 March 2025.