Solar panel maker Vikram Solar IPO to open on August 19

Vikram Solar IPO

Kolkata-based photovoltaic modules manufacturer Vikram Solar will hit Dalal Street with its maiden public issue next week on August 19, with the public subscription open till August 21.

The IPO anchor book for institutional investors will be launched on August 18, a day before the IPO opens for public.

The company will finalise its IPO share allotment by August 22, and the shares will be available for trading on the bourses effective August 26, as per the red herring prospectus (RHP) filed with the Registrar of Companies on August 12, 2025.

Vikram Solar's IPO consists of fresh issuance of equity shares worth Rs 1,500 crore and an offer-for-sale of 1.7 crore shares by promoters.

There has been no change in the fresh issue size, as the company has not conducted the proposed pre-IPO round worth Rs 300 crore. "We had proposed to make a pre-IPO placement in the Draft Red Herring Prospectus filed by us, but no such pre-IPO placement has been undertaken by our company between the date of the Draft Red Herring Prospectus and the date of this Red Herring Prospectus," it said.

The company had filed draft papers for its IPO with Sebi in September 2024, and which was approved by the market regulator in May this year.

Vikram Solar has 4.50 GW of solar PV module manufacturing capacity spread over two facilities in Kolkata and Chennai, and plans to spend Rs 769.7 crore of fresh issue proceeds in phase one to set up an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility in Tirunelveli, Tamil Nadu via VSL Green Power, its subsidiary.

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Rs 595.2 crore will be used through the subsidiary for the Phase-II expansion, involving doubling of solar module manufacturing facility. The remainder of the IPO funds will be utilised for general corporate purposes.

As a part of its greenfield and brownfield expansion plans, the company is expected to increase installed manufacturing capacity to up to 15.50 GW by FY26 and up to 20.50 GW by FY27. Vikram Solar said in its draft document, "...we are strategically backward integrating into the solar value chain by establishing a 3.00 GW solar cell manufacturing facility with two units - 3.00 GW
and 9.00 GW - in Gangaikondan, Tamil Nadu by FY27."

Currently, promoters own 77.64 percent stake in the company, and the remainder 22.36 percent shares are held by public including Plutus Wealth Management's Arpit Khandelwal.

The financial performance of the company has been strong in recent years. It recorded a profit of Rs 139.8 crore in fiscal 2025, marking a 75.4 percent increase from Rs 79.7 crore in the previous year. Revenue during the same period rose by 36.3 percent to Rs 3,423.5 crore.

The merchant bankers handling the Vikram Solar IPO are JM Financial, Nuvama Wealth Management, UBS Securities India, Equirus Capital, and PhillipCapital (India).