Vikram Solar IPO Closes Today

New Delhi, August 21, 2025: The initial public offering (IPO) of Vikram Solar Limited, a prominent solar PV module manufacturer, is set to conclude today, August 21, 2025. The three-day public issue, which opened on August 19, has been met with a varied response from different investor categories.

Subscription Status and Issue Details

As of the second day of bidding, the IPO had been subscribed 4.56 times in total. The portion designated for Non-Institutional Investors (NIIs) saw a strong subscription of 13.01 times, while the retail individual investors (RIIs) portion was subscribed 3.47 times. The Qualified Institutional Buyers (QIBs) segment, however, only saw 11% subscription.

The IPO consists of a fresh issue of shares valued at ₹1,500 crore and an offer for sale (OFS) of ₹579 crore. The price band has been established at ₹315 to ₹332 per share, with a lot size of 45 shares. The total issue size is ₹2,079 crore. The shares are expected to be listed on both the BSE and NSE on August 26, 2025.

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Grey Market Premium (GMP) and Analyst Views

The grey market premium (GMP) for Vikram Solar IPO was reported at ₹42 as of August 21, 2025. This indicates a potential listing price of ₹374, which represents a gain of approximately 12.65% over the upper end of the IPO price band. It is noted that the GMP has fluctuated in recent days but is currently trending upward.

Regarding whether to subscribe, analysts have provided mixed reviews. Some brokerage firms, such as Geojit Securities and SBI Securities, have given a “Subscribe” rating, recommending the IPO for long-term investment. This recommendation is based on the company’s position as a key beneficiary of India’s green energy push, its aggressive capacity expansion plans, and improving financial performance.

However, a steep valuation has also been highlighted as a concern. At the upper price band, the company is valued at a P/E of approximately 86x (FY25), which is considerably higher than the industry average. Risks such as significant reliance on imported raw materials and customer concentration were also pointed out.

In conclusion, the decision to subscribe to the IPO should be made after careful consideration of all factors, including the company’s strong growth potential balanced against its high valuation and associated risks.