Vikram Solar is all set to list its initial public offering on the BSE and the NSE on Tuesday, August 26, 2025 and the offering’s grey market price has remained firm ahead of its debut in the market which indicates expectations of healthy gains for investors.
Vikram Solar IPO: Key Details
The initial public offering (IPO) allotment was finalised on August 22, 2025 and for those who have been allocated shares, the crediting of shares to their demat accounts will take place on Monday, August 25, 2025.
The refunds will also be process today itself, in all likelihood for all those who have not yet received their shares.
The solar module maker firm launched its IPO for subscription from Tuesday, August 19 to Thursday, August 21.
The offer received a healthy response by the conclusion of the bidding period, especially from Qualified Institutional Buyers (QIBs)who subscribed 142.79 times, followed by non-institutional investors (NIIs) at 50.90 times subscription. Retail investors showed a subscription rate of 7.65 times. Notably, on the third day of the IPO, Vikram Solar IPO subscription status stood at 54.63 times, according to NSE data.
The Vikram Solar IPO comprises of a fresh issue of 4.52 crore shares valued at Rs 1,500 crore, along with an offer for sale comprising 1.75 crore shares totaling Rs 579.37 crore from promoters Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary.
The funds raised from the new issue will be used to partially fund the capital expenditures for both Phase-I and Phase-II of the project. On the other hand, the proceeds from the selling shareholders will be retained by them.
JM Financial Ltd serves as the book-running lead manager, while MUFG Intime India Pvt. Ltd functions as the registrar for the issue.
Vikram Solar IPO: Latest GMP
Vikram Solar IPO last GMP is Rs 41, which was last updated on August 25, 2025 11:30 AM, according to market watchers.
Considering the upper end of the price band of the IPO as well as the current premium in the grey market, the estimated listing price was indicated to be Rs 373, 12.35% higher than the IPO price of Rs 332.