Sunita SomvanshiVikram Solar made its market debut today with shares listing at ₹340 on the BSE, a 2.4% premium over the issue price of ₹332. The solar manufacturer’s stock showed some spark after a cautious start, climbing to ₹366.95 on the BSE by mid-day trading—a gain of about 10.5% from its issue price.
The modest listing came as a surprise to many investors who had rushed to subscribe to the IPO, which was oversubscribed 54.63 times overall. Qualified institutional buyers showed exceptional interest with 142.79 times subscription, while non-institutional investors piled in at 50.90 times. Retail investors were more measured at 7.65 times, with employee portion seeing about 5.10 times subscription.
“While near-term listing gains look promising, the sustainability of performance will depend on execution discipline, margin expansion, and supportive policy frameworks,” said Gaurav Garg from Lemonn Markets.
The ₹2,079.37 crore IPO included a fresh issue of ₹1,500 crore and an offer for sale component of ₹579.37 crore. Just days before listing, the company had secured ₹620.81 crore from anchor investors on August 18, with half under 30-day lock-in and half under 90-day lock-in.
Vikram Solar plans to use the proceeds primarily for manufacturing expansion through its Phase-I and Phase-II projects, along with general corporate purposes. The company has an order book of 10.34 GW as of March 31, 2025, signaling strong demand for its products.
The solar manufacturer’s financial performance has been brightening, with FY25 revenue from operations reaching ₹3,423.45 crore, up 37% year-over-year. Net profit jumped 75% to ₹139.83 crore in the same period.
With manufacturing facilities in Falta SEZ (West Bengal) and Oragadam (Tamil Nadu), Vikram Solar produces a range of solar modules including PERC, TOPCon, and HJT technologies in both bifacial and monofacial configurations. The company counts major power players like NTPC, Neyveli Lignite Corporation, Gujarat Industries Power, and ACME Cleantech among its clients.
Incorporated in 2005, Vikram Solar commenced module manufacturing in 2009. The company has positioned itself to benefit from India’s renewable energy growth.
Market watchers noted the company’s current P/E ratio of approximately 72 times appears stretched compared to the industry average of around 44 times, which might explain the tepid listing despite strong subscription numbers.
“We believe that while near-term volatility cannot be ruled out, it makes it a compelling long-term play on India’s clean energy transition,” said Gaurav Garg from Lemonn Markets.
Master Capital Services suggested a different perspective: “Long-term investors with a 3-5 year horizon may benefit from India’s expanding solar growth story.”
By mid-morning trading, Vikram Solar’s market capitalization was about ₹13,150 crore as buyers stepped in after the initial listing.
Vikram Solar listed at ₹340 on the BSE, a 2.4% premium over its ₹332 issue price, after an IPO that was subscribed 54.63 times. The ₹2,079.37 crore issue included a fresh issue and an offer for sale, with proceeds earmarked for manufacturing expansion and corporate purposes. The company reported FY25 revenue of ₹3,423.45 crore and net profit of ₹139.83 crore, with an order book of 10.34 GW. Trading moved higher intraday, with market capitalisation reaching about ₹13,150 crore during mid-morning trading.
