Vikram Solar IPO: GMP falls to 17% ahead of Tuesday launch. Check details

The grey market premium (GMP) on shares of IPO-bound Vikram Solar on Monday traded at 17%, or Rs 57–58 above the upper price band of Rs 332, ahead of the issue launch on Tuesday, August 19. The current GMP trend suggests an estimated listing price of Rs 389–390 for this solar photovoltaic company.

However, the GMP has declined from Sunday’s last recorded level of 20%, or Rs 66–68 per share.

Vikram Solar IPO timeline

The three-day issue, set to close on Thursday, August 21, is expected to debut on the exchanges on Tuesday, August 26. Share allotment for Vikram Solar IPO is likely to be finalised on Friday, August 22. This will be followed by refunds for non-allottees and the transfer of shares to the demat accounts of successful bidders on August 25.

About Vikram Solar IPO

Vikram Solar has set its IPO price band at Rs 315–332 per share. The offering includes a fresh issue of up to Rs 1,500 crore and an offer-for-sale component, with selling shareholders offloading 1.74 crore shares.

Gyanesh Chaudhary, Vikram Capital Management Private Limited, and Anil Chaudhary are the selling shareholders in the issue.

At the upper range of the price band, the selling shareholders’ portion aggregates to Rs 579.36 crore, taking the total IPO size to Rs 2,079.36 crore. Investors can place bids for a minimum of 45 equity shares and in multiples thereafter.

The floor price for the issue has been set at 31.50 times the face value of the equity shares, while the cap price stands at 33.20 times the face value. Based on diluted EPS for FY25, the price-to-earnings ratio at the lower end of the price band (floor price) works out to 68.48 times, and at the upper end (cap price) it is 72.17 times. This compares with the average industry peer group P/E ratio of 44.28 times for FY25.

Vikram Solar IPO book-running lead managers

The book running lead managers for the issue are JM Financial Limited, Nuvama Wealth Management Limited, UBS Securities India Private Limited, Equirus Capital Private Limited, and PhillipCapital (India) Private Limited. The registrar of the offer is MUFG Intime India Private Limited, formerly known as Link Intime India Private Limited.

About Vikram Solar

Vikram Solar stands as one of India’s largest solar photovoltaic (PV) module manufacturers in terms of operational capacity, with over 17 years of industry experience. It has an installed manufacturing capacity of 4.50 GW for solar PV modules and an enlisted capacity of 2.85 GW as per the Ministry of New & Renewable Energy’s Approved List of Modules and Manufacturers (ALMM), as of March 31, 2025.

Established in 2009 with an initial capacity of 12.00 MW, the company has expanded to 4.50 GW as of the date of its Red Herring Prospectus. Its manufacturing facilities in Falta SEZ, Kolkata, and Oragadam, Chennai are strategically located with access to ports, rail, and road networks, supporting both domestic and international operations.

To meet growing demand, the company is pursuing greenfield and brownfield expansion projects aimed at increasing capacity to 15.50 GW by FY26 and 20.50 GW by FY27.

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