Vikram Solar IPO Overview

Company Overview: Incorporated in 2005, Vikram Solar Limited is among India’s largest solar photovoltaic (PV) module manufacturers, with an installed capacity of 3.50 GW as of March 31, 2024. The company operates across three key verticals:

• Solar PV Module Manufacturing: Produces high-efficiency solar modules, including PERC, TOPCon, and HJT technologies in bifacial and monofacial variants.

• Engineering, Procurement & Construction (EPC): Provides end-to-end EPC solutions for solar power projects.

• Operations & Maintenance (O&M): Offers long-term services to enhance performance and durability of installations.

Its manufacturing facilities are located at Falta SEZ (West Bengal) and Oragadam (Tamil Nadu), with a strong pan-India presence across 23 states and 3 union territories through an extensive network of distributors, dealers, and system integrators.

The company’s client base includes leading government entities like NTPC, Neyveli Lignite Corporation, and Gujarat Industries Power Company, as well as private independent power producers such as ACME Cleantech Solutions. Internationally, Vikram Solar has a strong presence in the U.S. market through its subsidiary.

Objects of the Issue:

1. Funding capital expenditure for Phase-I Project – ₹769.73 crore

2. Funding capital expenditure for Phase-II Project – ₹595.21 crore

3. General corporate purposes

Strengths:

• Market Leadership: One of India’s largest PV module manufacturers with 3.50 GW installed capacity.

• Diversified Offerings: Strong product portfolio including advanced PERC, TOPCon, and HJT technologies.

• Established Client Base: Long-standing relationships with reputed government and private sector clients.

• Strong R&D and Quality Systems: Focus on innovation, technical expertise, and Tier-1 BloombergNEF ranking.

• Extensive Distribution Network: Wide domestic reach with 41 authorized distributors, 64 dealers, and 67 system integrators.

• Global Presence: Significant footprint in both domestic and international markets, particularly the U.S.

Risks:

• Supplier Dependence: Lack of long-term raw material contracts could impact cost stability and supply chain.

• Subsidiary Performance: Losses reported by some subsidiaries may adversely affect consolidated performance.

• Geographic Concentration Risk: Heavy reliance on U.S. subsidiary for overseas sales exposes the business to regional uncertainties.

• Execution Risks: Any delays or cost overruns in EPC projects may affect profitability and cash flows.

• Competitive Industry: The solar PV industry is highly competitive, with pressure on pricing and margins.

Vikram Solar IPO: Key Details

• IPO Dates: 19 to 21 Aug 2025

• Price Band: ₹315 to ₹332 per share

• Lot Size: 45 Shares

• Total Issue Size: 2,079.37 Cr

• Fresh Issue: 1,500.00 Cr

• Offer for Sale: ₹579.37 Cr

• Retail Quota: 35%

• GMP: 15% (only for information)

Allotment Link

DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matters published here are purely for educational and information purposes only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial advisor before making any actual investment decisions, based on the information published here. Any reader making decisions based on any information published here does so entirely at their own risk. Investors should bear in mind that any investment in the stock market is subject to unpredictable market-related risks. The author has no plans to invest in this offer and also the author does not recommend investing in any offer published on this website.