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Vikram Solar, a solar module maker, has set a price band of INR 315 to INR 332 per share for its upcoming INR 2,079 crore Initial Public Offering (IPO). The IPO, which will open for subscription on August 19, will include a fresh issue of up to INR 1,500 crore to fund capital expenditure for its subsidiary, VSL Green Power Private Ltd. The remaining amount will be an offer for sale by promoters. This public issue, which reflects Vikram Solar's strong financial performance and growing capacity, is aimed at strengthening the company's position in India's renewable energy sector.
Vikram Solar, a solar module maker, recently announced it has fixed a price band for its upcoming Initial Public Offering (IPO). The Kolkata-based firm's public issue will open for subscription on August 19 and will close on August 21. The IPO aims to raise INR 2,079 crore. Advertisement
The price band has been set at INR 315 to INR 332 per share. The IPO is a combination of a fresh issue of equity shares worth up to INR 1,500 crore and an offer for sale (OFS) of over 1.74 crore shares, valued at around INR 579.37 crore at the upper end of the price band, by its promoters. The company plans to use the proceeds from the fresh issuance to fund capital expenditure for its wholly-owned subsidiary, VSL Green Power Private Ltd, for both Phase I and Phase II of its projects.
Vikram Solar, which began its manufacturing operations in 2009 with an installed solar PV module manufacturing capacity of 12 MW, has grown to 4.50 GW of installed capacity as of today. According to a CRISIL report, the company holds one of the largest capacities among non-captive manufacturers on the Ministry of New & Renewable Energy's approved list, with 2.85 GW listed as of June 2025.
In terms of financials, Vikram Solar's revenue from operations increased by 36 percent to INR 3,423 crore in fiscal year 2025, up from INR 2,511 crore in the previous fiscal. Similarly, its profit after tax rose by 75 percent to INR 140 crore in fiscal year 2025, from INR 80 crore in fiscal year 2024. The company has a pan-India presence, serving 19 states and two union territories. Its key domestic customers include government entities like NTPC and large private independent power producers (IPPs), such as Adani Green Energy and JSW Energy. This strong customer base and financial performance are key factors in the company's decision to go public.
Source- PTI
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