Vikram Solar shares jump 13% after muted debut; what should investors do?

Shares of Vikram Solar made a subdued debut on bourses on Tuesday, August 26. On the BSE, the shares listed at ₹340, a premium of 2.4% against the IPO issue price of ₹332. Similarly, on the NSE, the stock listed at a premium of ₹338 or 1.81% against the IPO price.

Ahead of its listing, shares of Vikram Solar were quoting a premium of 11% in the grey market, an unofficial ecosystem where shares start trading before the allotment in the IPO and continue till the listing day. Most investors track the GMP to get an idea of the listing price.

The ₹2,079-crore IPO, which was open for subscription from August 19 to August 21, received solid demand across all investor categories and was subscribed 54.63 times at close.

Qualified institutional buyers (QIBs) led the bidding with 142.79 times subscription, followed by non-institutional investors (NIIs) at 50.90 times. Retail investors subscribed 7.65 times their allotted quota.

What analysts say

While the company has built a strong market position, it remains dependent on its top 10 customers and vulnerable to fluctuations in raw material prices. In addition, with its business largely reliant on solar PV modules, any slowdown in demand could meaningfully impact revenue and profitability, said Shivani Nyati of Swastika Investmart.

Nyati added that the company's future growth will hinge on the successful establishment of a new manufacturing facility in Tamil Nadu through its subsidiary.

All about Vikram Solar's IPO

Kolkata-based Vikram Solar sold its shares in a fixed price band between ₹315 and ₹332 per share.

The IPO included a fresh issue of 4.52 crore shares worth ₹1,500 crore and an offer for sale component of 1.75 crore shares aggregating to ₹579.37 crore by its promoter Gyanesh Chaudhary, Vikram Capital Management and Anil Chaudhary.

Proceeds from the fresh issue will be used towards partial funding of capital expenditure for the Phase-I and phase-II project. However, proceeds from the selling shareholders will go to them only.

Currently, promoters own 77.64% stake in the company, and the remaining 22.36% shares are held by public including Plutus Wealth Management's Arpit Khandelwal.

Company overview

Vikram Solar is a solar photovoltaic module manufacturer with over 17 years of experience. To meet rising demand, Vikram Solar is expanding its solar PV module manufacturing capacity to 15.50 GW by FY26 and 20.50 GW by FY27 through greenfield and brownfield projects. The company is also entering solar cell production with two units totaling 12 GW in Tamil Nadu by FY27.

Additionally, it plans to launch a greenfield battery energy storage system (BESS) project with an initial 1.00 GWh capacity, expandable to 5.00 GWh by FY27, marking a strategic move into energy storage to boost growth and profitability.

As of March 31, 2025, it had an executable order book of 10.34 GW, providing visibility for capability utilisation and revenue growth.

On the financial front, revenue rose steadily from ₹2,073 crore in FY23 to ₹3,423 crore in FY25, driven by higher realisations, capacity ramp-up and order execution.

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