New Delhi: Solar module manufacturer Vikram Solar on Wednesday announced a price band of Rs 315-332 per share for its upcoming Rs 2,079-crore initial public offering (IPO). The Kolkata-headquartered company said its maiden public issue will open for subscription on August 19 and close on August 21.
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The IPO will comprise a fresh equity issue worth up to Rs 1,500 crore and an offer for sale (OFS) of more than 1.74 crore shares by its promoters, valued at around Rs 579.37 crore at the upper end of the price band. Together, this will take the total issue size to Rs 2,079.37 crore.
From the fresh issue proceeds, Vikram Solar plans to allocate funds towards capital expenditure for investment in its wholly owned subsidiary, VSL Green Power Private Ltd, covering both Phase I and Phase II of the project.
Founded in 2009, Vikram Solar began manufacturing with an installed solar PV module capacity of 12 MW, which has since expanded to 4.50 GW as of the present date. According to a CRISIL report, it is among the largest non-captive manufacturers on the Ministry of New & Renewable Energy’s approved list of module manufacturers, with 2.85 GW listed under the Approved List of Models and Manufacturers (ALMM) as of June 2025.
The company operates two solar PV module manufacturing facilities — in West Bengal and Tamil Nadu — along with a solar cell manufacturing facility comprising two units in Gangaikondan, Tamil Nadu. It has established a nationwide footprint, catering to 19 states and two union territories.
Vikram Solar’s domestic clientele includes major government entities such as NTPC, Neyveli Lignite Corporation, and Gujarat Industries Power Company, as well as large private independent power producers (IPPs) like ACME Cleantech Solutions, Adani Green Energy, Azure Power India, JSW Energy, and Rays Power Infra.
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In FY25, revenue from operations rose 36 percent to Rs 3,423 crore, compared with Rs 2,511 crore in FY24. Profit after tax increased 75 percent to Rs 140 crore in FY25, from Rs 80 crore the previous fiscal.
The book-running lead managers for the IPO are JM Financial, Nuvama Wealth Management, UBS Securities, Equirus Capital, and PhillipCapital, while Link Intime India has been appointed as the registrar.
