Vikram Solar makes a muted D-St debut, shares list at 2% premium over IPO price

Shares of Vikram Solar listed at a premium of 2.4% on the BSE on Tuesday, debuting at Rs 340 against the issue price of Rs 332. On the NSE, the stock opened at Rs 338, marking a 1.8% premium.

The IPO of Vikram Solar, which opened on August 19 and closed on August 21, received an overwhelming response with 56.42 times subscription. Qualified Institutional Buyers (QIBs) led the demand at 145.10 times, while Non-Institutional Investors (NIIs) subscribed 52.87 times and the retail portion 7.98 times.

Also Read: Vikram Solar shares zoom 9% after a muted D-Street debut


Ahead of the issue, the company raised Rs 621 crore from anchor investors on August 18.

Founded in 2005, Vikram Solar is among India’s largest solar photovoltaic (PV) module manufacturers, catering to clients such as NTPC, Adani Green, JSW Energy, and ACME. Its portfolio includes high-efficiency PERC, TOPCon, and HJT modules, serving both domestic and international markets.

For FY25, revenue rose 37% to Rs 3,459 crore, while profit after tax surged 75% to Rs 139.8 crore. Post-IPO, the company’s market capitalization is estimated at Rs 12,009 crore.

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