Vikram Solar IPO Date, Allotment Status, and Listing Price

Vikram Solar, a leading Indian solar photovoltaic (PV) module manufacturer, launched its highly anticipated IPO in August 2025. The IPO opened for public bidding from August 19 to August 21, with a price band set between ₹315 and ₹332 per share. 

Investors could apply for lots of 45 shares, making the minimum investment approximately ₹14,940. The issue comprised a fresh issue worth ₹1,500 crore and an offer-for-sale (OFS) of ₹579.37 crore, bringing the total issue size approximately to ₹2,079.37 crore.

Before the public offering, Vikram Solar secured significant backing from anchor investors, raising approximately ₹621 crore. Notable institutional participants included Goldman Sachs Fund, Morgan Stanley India Investment Fund and more. This early commitment signalled robust institutional confidence and bolstered market sentiment.

Vikram Solar Company Overview and IPO Valuation

Vikram Solar is renowned for its high-efficiency solar PV modules and has augmented its capabilities with EPC and O&M services. As of FY25, it had an installation capacity of 4.5 GW and an impressive order book of over 10,340 MW. 

The company is executing ambitious expansion plans, including backwards integration into solar cell manufacturing and diversified global reach by setting up a facility in the United States by FY27.

The IPO valuation, set at the upper limit of ₹332, indicates an EV/EBITDA multiple of 25x and an EV/Sales multiple of approximately 3.2x, both of which are reasonable when compared to competitors. Analysts suggested that improving margins and strong market positioning justify the valuation.

What Happened During the Vikram Solar IPO Dates

The response to Vikram Solar's IPO was extraordinary. On Day 2 of bidding, the issue was oversubscribed by 4.56 times, fueled by robust demand from retail and non-institutional investors.

It surged further to 6.17 times by Day 3, with retail subscriptions reaching 4.05 times and non-institutional investors (NIIs) overwhelming their quota with 17.64 times subscription.

By the final day, the subscription surged to 54.63 times, making it one of the most subscribed IPOs of the year.

Breaking down the investor categories:

• Qualified Institutional Buyers (QIBs) were oversubscribed by ~142.79 times.

• Non-Institutional Investors (NIIs) subscribed 50.90 times.

• Retail Individual Investors (RIIs) subscribed 7.65 times.

• Employee reserved quota saw 4.84 times the demand.

This massive oversubscription highlighted investor appetite not only for IPO gains but also for India's renewable energy growth story.

Vikram Solar IPO Allotment Status 2025: How to Check

The basis of allotment was finalised on August 22, 2025, giving investors their first view of whether their applications were successful. Investors can check their allocation status across the registrar's portal, the NSE website, and the BSE website.

Those who didn't receive shares began receiving refunds on August 25, when the allotted shares were also credited to successful applicants' accounts, just in time for the listing scheduled the next day.

Vikram Solar IPO GMP Before Listing

In unregulated pre-listing markets, the grey market premium (GMP) serves as an informal gauge of investor sentiment. Vikram Solar's GMP was approximately ₹57–58, or 17% above the upper price band, just ahead of the IPO launch. It implied a tentative listing price around ₹389–390.

After subscription, GMP settled within ₹38.5–45, indicating expected listing prices between ₹370 to ₹377, resulting in an approximate 12–14% potential listing gain.

Note: GMP is unofficial and can vary daily. Investors should not rely solely on GMP when making investment decisions.

When Is Vikram Solar's IPO Listing Date?

Vikram Solar shares are scheduled to debut on the BSE and NSE on August 26, 2025. This date marks the culmination of a well-executed IPO journey, from anchor investments to bidding, allotment, and allotment credits. 

We widely anticipate a robust listing pop, driven by the superb subscriptions and GMP signals.

Strategic Takeaways for Investors

Vikram Solar's IPO navigation presents a textbook example of demand-driven and investor-friendly execution:

• Strong anchor backing from top-tier institutional names.

• Extremely high subscriber interest across categories.

• Favourable GMP indicating listing strength.

• Robust company fundamentals with forward-looking expansion.

• Smooth allotment process delivering timely share credits.

Compared to other renewable IPOs such as Waaree Energies and Inox Green Energy, Vikram Solar's extensive manufacturing capabilities and export presence provide it with a competitive advantage, despite ongoing industry risks.

Frequently Asked Questions

1. When Was the Vikram Solar IPO Subscription Period?

The Vikram Solar IPO was open for subscription from August 19 to August 21, 2025, offering shares in a price band of ₹315–₹332 per share.

2. What Is Vikram Solar's IPO Listing Date and Expected Premium?

Vikram Solar shares are set to list on August 26, 2025, on both NSE and BSE. Pre-listing grey market premium (GMP) hovered around ₹41–₹45, implying a potential 12–13% listing gain, with estimated listing prices in the ₹373–₹377 range.

3. How Many Times Was the Vikram Solar IPO Subscribed?

Vikram Solar's IPO received an overwhelming response, with subscriptions of 54.6 times overall by the final day of bidding.

4. Is Vikram Solar IPO a Good Buy for Long-Term Investors?

With strong fundamentals and renewable energy tailwinds, long-term investors find Vikram Solar attractive, though they must monitor risks such as raw material costs and industry competition.

Conclusion

In conclusion, Vikram Solar's IPO is notable for its significance in the energy sector, remarkable demand, and seamless procedural implementation.

With a listing set for August 26, 2025, the company is poised for a strong debut driven by fundamentals and global investor interest in renewable energy.

Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.