Vikram Solar's Rs 2,079-cr IPO to open on Aug 19; fixes price at Rs 315-332

New Delhi: Solar module maker Vikram Solar on Wednesday fixed a price band of Rs 315 to Rs 332 per share for its upcoming Rs 2,079 crore initial public offering (IPO).

The Kolkata-based firm's maiden public issue would open for subscription on August 19 and conclude on August 21, it announced.

The IPO will include fresh issues of equities worth up to Rs 1,500 crore and an offer for sale (OFS) of over 1.74 crore shares valued at around Rs 579.37 crore at the upper end of the price band, by its promoters. This aggregates the issue size to Rs 2,079.37 crore.

Of the fresh issuance, the company plans to use the proceeds for funding capital expenditure for investment in its wholly owned subsidiary, VSL Green Power Private Ltd, for both Phase I and Phase II of the project.

Vikram Solar commenced its manufacturing operations in 2009 with an installed solar PV module manufacturing capacity of 12 MW, grown to 4.50 GW installed capacity as of the date.

According to a CRISIL report, the company holds one of the largest capacities among non-captive manufacturers on the Ministry of New & Renewable Energy's approved list of module manufacturers, with 2.85 GW listed as of June 2025.

Vikram Solar has two solar PV module manufacturing facilities located in West Bengal and Tamil Nadu, and a solar cell manufacturing facility with two units, in Gangaikondan, Tamil Nadu. It has established a pan-India presence, serving 19 states and two union territories.

The company's key domestic customers include prominent government entities, such as NTPC, Neyveli Lignite Corporation, and Gujarat Industries Power Company and large private independent power producers (IPPs), like ACME Cleantech Solutions Adani Green Energy, Azure Power India, JSW Energy and Rays Power Infra, among others.

In terms of financials, Vikram Solar's revenue from operations increased by 36 per cent to Rs 3,423 crore in fiscal 2025 from Rs 2,511 crore in the preceding fiscal. Similarly, profit after tax rose 75 per cent to Rs 140 crore in fiscal 2025 from Rs 80 crore in fiscal 2024.

JM Financial, Nuvama Wealth Management, UBS Securities, Equirus Capital and PhillipCapital are book-running lead managers, while Link Intime India is the registrar for the IPO.