IPO Reviews 2025

Here’s a comprehensive review of the Vikram Solar IPO, based on the latest information as of August 15, 2025:

IPO Overview & Timeline

• Opening & Closing Dates: The IPO subscription window runs from August 19 to August 21, 2025. (mint)
  
  

• Listing Date: Shares are expected to debut on the BSE and NSE on August 26, 2025. (mint, Zerodha)
  
  

• Allotment & Refunds: Share allotment is likely to be finalized on August 22, refunds initiated on August 25, and shares credited the same day. (mint, Zerodha)
  
  

Price Band & Issue Size

• Price Band: ₹315 to ₹332 per share. (mint)
  
  

• Issue Size: A total raise of ₹2,079.37 crore, comprising a fresh issue of 4.52 crore shares (₹1,500 cr) and an Offer for Sale (OFS) of 1.75 crore shares (₹579.37 cr). (mint, Business Standard)
  
  

• Lot Size: Retail investors can bid for a minimum of 45 shares (costing ₹14,175 at ₹315 or ₹14,940 at ₹332) and up to 13 lots. (mint, India Today)
  
  

Grey Market Premium (GMP) & Estimated Listing Gain

• GMP Insights:

  • Earlier reports pegged the GMP at around ₹70, pointing to a ~21% listing gain from ₹332 to approximately ₹402/share. (mint)

  • Later data suggests a GMP exceeding 19%, reinforcing strong expected demand. (Moneycontrol)

  • Another source cites GMP at ₹66, indicating a potential listing price near ₹398 (approx. 20% gain). (India Today)
    
    

• Takeaway: Estimates consistently suggest the IPO could list with a ~20% premium over the upper price band.
  
  

Company Background & Financials

• Business Profile:

  • One of India's largest solar photovoltaic (PV) module manufacturers, with 4.5 GW annual capacity as of March 2024. (mint, Wikipedia)

  • Offers a full spectrum of renewable services—modules, EPC, and O&M. (mint, Angel One)

  • Produces advanced module technologies: PERC, N-type, and HJT, marketed under Suryava, Paradea, and Hypersol brands. (mint)
    
    

• Financial Performance:

  • FY 2024-25: Revenue of ₹3,459.53 crore and net profit of ₹139.83 crore.

  • Year-over-Year: Revenue grew from ₹2,523.96 crore (FY 2023-24), net profit rose from ₹79.72 crore. (mint)

  • The fresh issue proceeds aim to support expansion towards 15.5 GW capacity by FY26 and 20.5 GW by FY27. (mint)
    
    

Strengths & Risks

• Key Strengths:

  • Vertically integrated operations—module manufacturing, EPC, O&M.
    
    

  • Strong brand reputation and established order book. (Angel One, Zerodha)
    
    

  • Advanced product portfolio and technology leadership with Tier-1 certifications. (Zerodha, mint)
    
    

• Potential Risks (from Zerodha’s analysis):
  
  

  • Dependence on raw material availability without long-term supplier contracts.

  • Loss-making subsidiaries and reliance on Vikram Solar US Inc. for exports to the U.S.

  • Execution risks in scaling capacity and EPC project delivery. (Zerodha)

Summary Snapshot  + Category Details

Price Band

₹315 – ₹332

Issue Size

₹2,079.37 crore total; Fresh ₹1,500 cr + OFS ₹579.37 cr

Timeline

Subscription: Aug 19–21; Listing: Aug 26; Allotment: Aug 22

GMP / Listing Expectation

~₹66–70; ~20% listing gain suggested

Core Strengths

Capacity scaling, technology, diversified offerings

Risks

Supply chain, affiliate reliance, execution challenges

Final Thoughts & Investor Perspective

The Vikram Solar IPO emerges as a compelling opportunity, offering growth exposure in the fast-expanding renewable energy sector. With strong fundamentals, expansion plans aligned with India’s solar ambitions, and positive grey market indicators, the IPO potentially offers attractive listing gains.

Nevertheless, investors should weigh risks associated with execution, global exposure, and supply dependencies. Consulting with financial advisors and reviewing valuation metrics compared to peers (like Waaree Energies, Premier Energies, etc.) may offer additional perspective. (mint)