Vikram Solar IPO Draws Strong Investor Demand, Listing Scheduled for August 26

The Vikram Solar IPO, worth INR 2,079.37 crore, has drawn massive investor interest, setting the stage for its listing on Tuesday, August 26, 2025.

The basis of allotment for the INR 2,079.37 crore Vikram Solar IPO will be finalised today, August 22, 2025. The issue, which was open for bidding between August 19 and August 21, witnessed an overwhelming response, recording a total subscription of 54.63 times.

The IPO comprised a fresh issue of INR 1,500 crore and an offer for sale (OFS) of INR 579.37 crore, with a price band fixed at INR 315–INR 332 per share. The issue was managed by JM Financial, Nuvama Wealth Management, UBS Securities India, Equirus Capital, and PhillipCapital, while MUFG Intime India (Link Intime) acted as the registrar.

Investor participation was led by Qualified Institutional Buyers (QIBs), who subscribed 142.79 times their quota, followed by Non-Institutional Investors (NIIs) at 50.90 times. The Retail Individual Investors (RIIs) category was subscribed 7.65 times, while employees saw a subscription of 4.84 times.

The company plans to utilise the proceeds from the fresh issue to fund capital expenditure in its wholly owned subsidiary VSL Green Power Pvt. Ltd., located in Tamil Nadu. The funds will be directed towards establishing an integrated facility with a capacity of 3,000 MW of solar cells and 3,000 MW of solar modules. Additional proceeds will be used to expand module manufacturing capacity, support general corporate purposes, and strengthen growth initiatives.

As per reports, the grey market premium (GMP) for Vikram Solar IPO stood at INR 45 on August 22, signaling an estimated listing price of INR 377 per share, reflecting a 13.55 percent premium over the upper end of the price band.