# Everything you need to know about Vikram Solar IPO

**URL:** https://tradingqna.com/t/everything-you-need-to-know-about-vikram-solar-ipo/185494
**Category:** General
**Created:** [August 14, 2025, 11:51am UTC](https://tradingqna.com/t/everything-you-need-to-know-about-vikram-solar-ipo/185494 "2025-08-14T11:51:01Z")
**Posts on this page:** 1
**Page:** 1

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### Author: ![hafzee](https://tradingqna.com/user_avatar/tradingqna.com/hafzee/32/29110_2.png) [@hafzee](https://tradingqna.com/u/hafzee)
#### Post date: [August 14, 2025, 11:51am UTC](https://tradingqna.com/t/everything-you-need-to-know-about-vikram-solar-ipo/185494/1 "2025-08-14T11:51:01Z")

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### About

Incorporated in 2005, Vikram Solar is one of India’s largest solar photovoltaic (PV) module manufacturers with an installed capacity of 3.50 GW as of March 31, 2024. Backed by over 15 years of industry experience, the company provides high-efficiency PV modules, EPC, and O&M services to domestic and global markets. Its clients include National Thermal Power Corporation (NTPC), Neyveli Lignite Corporation, ACME, and Azure Power. With facilities in West Bengal and Tamil Nadu, Vikram Solar is recognised for innovation, Tier-1 BloombergNEF ranking, and extensive Approved List of Models and Manufacturers (ALMM) enlistment, positioning it as a trusted partner in India’s renewable energy transition.

### IPO schedule

| Issue open date | 2025-08-19 |
| --- | --- |
| Issue close date | 2025-08-21 |
| UPI mandate deadline | 2025-08-21 (5 PM) |
| Allotment finalization | 2025-08-22 |
| Refund initiation | 2025-08-25 |
| Share credit | 2025-08-25 |
| Listing date | 2025-08-26 |
| Mandate end date | 2025-09-05 |
| Lock-in end date for anchor investors (50%) | 2025-09-21 |
| Lock-in end date for anchor investors (remaining) | 2025-11-20 |

### Financials

| **Financial Year Ended** | **March 2023** | **March 2024** | **March 2025** |
| --- | --- | --- | --- |
| Total Assets | 2476.29 | 2585.5 | 2832.15 |
| Revenue | 2091.91 | 2523.96 | 3459.53 |
| Profit After Tax | 14.49 | 79.72 | 139.83 |

### Issue size

| **Funds Raised in the IPO** | **Amount** |
| --- | --- |
| Overall | ₹2079.37 crores |
| Fresh Issue | ₹1500 crores |
| Offer for sale | ₹579.37 crores |

### Utilisation of proceeds

| **Purpose** | **INR crores (%)** |
| --- | --- |
| Partial funding of capital expenditure for the Phase-I project | 793.36 (53%) |
| Funding of capital expenditure for the Phase-II project | 602.95 (40%) |
| General corporate purposes | 103.69 (7%) |

### Strengths

- One of India’s largest solar PV module manufacturers (3.50 GW capacity)
- Strong R&D and quality control systems
- High technical expertise in solar PV module manufacturing
- Established presence in domestic and international markets
- Strong brand recognition and loyal customer base
- Deep understanding of customer needs and focus on product quality

### Risks

- No long-term contracts with suppliers, making raw material availability uncertain.
- Some subsidiaries have reported losses in recent years, which could affect our reputation.
- Heavy reliance on Vikram Solar US Inc. for US sales — any disruption may impact business.
- Cost estimation errors or delays in EPC projects could harm finances and cash flow.

## Allotment Status for Vikram Solar

To check your allotment status - [click here](https://in.mpms.mufg.com/Initial_Offer/public-issues.html).