Vikram Solar IPO GMP Insights and Listing Price Prediction Explained

Vikram Solar, an upcoming Indian company operating in the solar energy sector, is coming with its awaited IPO. As the clean energy market thrives, such an offer is a chance to know a company with more than twenty years of expertise and a considerable market share. Read the blog for the latest insights on Vikram Solar’s Grey Market Premium (GMP), price trends, and other developments during the listing period.

Company Overview

Vikram Solar is an established name in the solar energy field in India. It is the major manufacturer of solar photovoltaic (PV) modules and is also engaged in supplying engineering, procurement, and construction (EPC) solutions. 

The company has garnered a solid reputation for making high-quality, long-lasting solar products over the span of 20 years. 

The company is located in Kolkata, and it is a supplier of goods that are in demand both in the local market and abroad. They are making a significant contribution towards the promotion of clean energy and sustainable development in India.

Sectoral Analysis

One of the contributors to the rapid growth of the renewable energy sector, particularly solar energy, is the series of global and national pledges to sustainable development and lowering CO2 emissions. The Indian market is a primary driver of the trend, where, among other things, the country’s clean energy usage is driven by ambitious capacity targets and government incentives.

The deployment of solar energy has been greatly encouraged by technological progress and cost decrements, making the energy source more attractive to investors. 

There are still some issues left to be solved, like the volatility of the prices of the raw materials, different kinds of regulations, and the increasing competition. Continuous policy endorsement, together with heightened ecological consciousness, is favourable to the sector.

Vikram Solar can also gain from these market dynamics as it is committed to expanding its presence in the market.

IPO basics

The following are the key details and specifications of the Vikram Solar IPO for prospective investors.

If you are keen to track the history of the stock and also its listing, ensure to have a screener to give you all the information. 

Particulars	Description
Total issue size	₹2079.37 crores
Price band	₹315 – ₹332
Fresh Issue	₹1500 crores
Offer for sale	₹579.37 crores
Lot size	45 Shares

Important Dates and Events Related to the IPO

The Vikram Solar Initial Public Offering (IPO) key dates and events have been given below for easy reference of the subscription and listing process by investors.

 

Particulars	Description
Offer opening date	19 August 2025
Offer closing date	21 August 2025
Allotment finalisation date	22 August 2025
Refund Initiation date	25 August 2025
Expected listing date	26 August 2025
Listed at	NSE & BSE

Objectives of the IPO

The primary objectives of Vikram Solar’s IPO focus on raising funds to support key expansion projects and general corporate purposes, as outlined below.

Particulars	INR crores (%)
Funding for Phase-I Project	793.36 (53%)
Funding of capital expenditure for the Phase-II Project	602.95 (40%)
Corporate Purposes	103.69 (7%)

 

Financial highlights and valuation metrics

The table below depicts the financial performance and various valuation metrics of Vikram Solar for the last three financial years.

Particulars	FY 2024	FY 2023	FY 2022
Restated Profit for the Year	797.18	144.91	-629.40
Weighted Avg. No. of Equity Shares (Basic)	258.83	258.83	258.83
Weighted Avg. No. of Equity Shares (Diluted)	258.83	258.83	258.83
Basic Earnings per Share (₹)	3.08	0.56	-2.43
Diluted Earnings per Share (₹)	3.08	0.56	-2.43
Net Worth	4,454.17	3,651.95	3,512.87
Return on Net Worth (%)	17.90%	3.97%	-17.92%
Net Asset Value per Share (Basic & Diluted)	17.21	14.11	13.57
EBITDA	3,985.79	1,861.78	586.76
EBITDA Margin (%)	15.87%	8.98%	3.39%

What is Grey Market Premium (GMP)?

Grey Market Premium (GMP) refers to the additional amount that buyers in the unregulated market are willing to pay over the price band decided by the IPO or the expected issue price, before the shares are officially listed on the stock exchanges. Basically, it is a measure of how much early investors are inclined to hold the newly issued shares.

A high GMP is usually indicative of strong market confidence and expectations of good profits on the listing day, whereas a low or negative GMP may point to a cautious or weak demand for the issue. 

By tracking GMP trends from recent IPOs, investors can gauge the prevailing market sentiment and gain valuable insights for making prudent decisions during the subscription period. GMP acts as a preview of IPO performance.

Latest Vikram Solar IPO GMP Today

The Grey Market Premium (GMP) for Vikram Solar IPO is currently about ₹48 per share as of 20 August 2025. This number has come down from the past peaks, thus indicating changing market dynamics since the IPO’s release.

Some of the reasons that are affecting GMP for Vikram Solar currently are:

• Investor Demand: The IPO has been a major draw for the investors, with the subscription ratio going beyond 1.57 times on the second day. This wide engagement has led to the support of the GMP, showing that both institutional and retail investors’ trust is present.
• Sector Performance: Being part of the green energy sector, Vikram Solar is riding the wave of the good times that the industry is experiencing. The transition to clean energy sources worldwide and the subsidies given by the government for solar power have been the main reasons why investors have been getting giddy about the sector in question.
• Market Sentiment: The reduction of GMP from its peak values is an indication that investors are taking a more guarded stance as the day of the listing gets nearer. Anyway, the sustenance of an upbeat GMP implies that the expectation of attaining a decent listing premium is still dominant. 
• Company Fundamentals: The announcement of manufacturing capacity expansion, along with production of solar cells for electric vehicle batteries made by Vikram Solar, has led to the improvement of its growth narrative, and as a result, there has been a positive influence on the GMP.
• Institutional Backing: The commitment of anchor investors, who injected a massive amount of money before the public offer, is like a breath of fresh air that keeps the confidence of the market alive.

Price Trends and Market Sentiment around Vikram Solar IPO

The Vikram Solar IPO was priced from ₹315 to ₹332 per share. At present, the Grey Market Premium (GMP) is about ₹48, which means the expected listing price is around₹386. That is to say that compared with the upper price band, the listing profit might be about 15%. The GMP is no longer as high as before, which indicates changing market dynamics and investor caution with fewer days till the listing date.

As a result of positive investor sentiment, the subscription levels touched about 1.57 times on the second day, and this is strong demand from both retail and institutional investors. Before the IPO, anchor investors in the institution sector made a commitment of approximately₹621 crore, which in turn added market trust and credibility.

Peer Analysis

It is important to look at what the competitors are doing in order to understand the financial performance and market position of Vikram Solar.

Name	Total Income (in ₹ million)	Face Value (₹ per share)	EPS ( Basic) (₹ per share)	EPS  (Diluted) (₹ per share)	RONW (%)	Net Worth (in ₹ million) for fiscal year 2024	Net Asset Value per share (₹ per share) for fiscal year 2024
Vikram Solar	25,239.62	10	3.08	3.08	17.90	4,454.17	17.21
Premier Energies Limited	31,713.11	1	6.93	5.48	35.06	6,598.85	15.63
Websol Energy System Limited	268.10	10	(29.99)	(29.99)	(112.29)	1,077.20	26.70

 

Strength and weakness

Vikram Solar is a company that deals in renewable energy, which is a very lively and fast-growing market. This gives the company advantages but also puts it in a difficult position. The company’s strengths and weaknesses are mentioned below:

Strengths

• The company is geared up well to take full advantage of the rising demand for the supply of renewable energy, which is driven by the focus both at the global and local levels on the sustainability of the environment.
• The company is not only building but also increasing its production capacity and is ready to support the future growth of the enterprise with a long-term plan based on technology-driven solar cell production.
• Strong institutional backing lends credibility and confidence in the company’s market prospects.
• Vikram Solar benefits from supportive government policies and incentives aimed at promoting solar energy adoption.

Weaknesses 

• The company remains exposed to fluctuations in raw material prices, which can affect production costs and profitability.
• The expansion process needs a lot of money, and this is a risk of either the project or finance getting delayed due to a lack of funds.
• Competition is a major challenge in the solar industry, which might eventually force down the prices and thus, the company’s profits.
• Vikram Solar’s revenue streams are somewhat concentrated, with reliance on a limited set of key markets and clients, potentially limiting diversification.

Conclusion

Understanding a Vikram Solar IPO can be a move to invest in the rising renewable energy sector that has great potential due to conducive market situations and government initiatives. While their ambitious expansion gives the room for sector growth, the company still faces some challenges, however, the clean energy industry being competitive and dynamic, the challenges encountered will not be barriers to their growth anymore.