Vikram Solar sets IPO price band at Rs 315-332, 14% below unlisted valuation

Since early June, Vikram Solar’s unlisted share price has seen a steep correction, sliding from Rs 475 to Rs 385 per share

Vikram Solar Ltd sets its IPO price band nearly 14 percent lower below its prevailing unlisted market valuation. The Kolkata-based photovoltaic module manufacturer has fixed the price band at Rs 315-332 per share, lower than the current unlisted market price of Rs 385 per share.

At the upper end of this range, Vikram Solar’s market capitalisation would stand at around Rs 14,190 crore.

Since early June, Vikram Solar’s unlisted share price has seen a steep correction, sliding from Rs 475 to Rs 385 per share, following a similar trend triggered when HDB Finance announced its IPO price band below unlisted market levels.

This strategy is not unprecedented — companies such as Tata Technologies, AGS Transact, UTI Asset Management Co Ltd, and PB Fintech have also priced their IPOs below grey market valuations in the past.

Investor attention is now shifting towards upcoming issues from Tata Capital and the National Stock Exchange (NSE), where unlisted stock prices have surged sharply. Tata Capital’s unlisted shares have doubled from Rs 500 in December 2023 to Rs 1,075 by early June 2025, while NSE’s unlisted price has also doubled from Rs 1,200 to Rs 2,400 over the same period. Meanwhile both stocks since early June saw corrections over 20 percent each.

The Vikram Solar IPO opens on August 19 and closes on August 21, with the anchor book opening on August 18. Share allotment is scheduled for August 22, and listing on the stock exchanges is set for August 26.