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Investors in the highly anticipated Vikram Solar IPO will find out their allotment status today. The public issue of the company, which was concluded on August 21, received tremendous investment demand and was subscribed to 56.42 times overall. Nevertheless, the grey market premium (GMP) has dropped to around 13-15% indicating secondary market cautiousness.
The basis of share allotment is being finalized today, and successful applicants will be able to check their status through the registrar, MUFG Intime India Pvt. Ltd. The stock is scheduled to debut on both the NSE and BSE on August 26. The lead book-running manager for the IPO was JM Financial.
The latest Vikram Solar IPO Subscription Status shows strong demand from retail investors. The company raised Rs 2,080 crore via the IPO. This comprised a fresh issue of 4.52 crore equity shares worth Rs 1,500 crore, along with an offer for sale (OFS) of 1.75 crore shares aggregating to Rs 580 crore.
Vikram Solar fixed the price band of Rs 315 and Rs 332 per share, with a lot size of 45 shares, meaning a minimum investment of Rs 14,175 is required to apply for shares as a retailer. The minimum bid for small NIIs was 14 lots (630 shares), costing approximately Rs2 lakh, while large NIIs had to invest a minimum of 67 lots (3,015 shares), or Rs10 lakh.
The issue received strong demand across investor categories. The QIB portion was the strongest at 145.10 times, while NIIs subscribed 52.87 times. The retail segment was subscribed to 7.98 times, indicating strong individual demand.
Experts predict a positive Vikram Solar GMP ahead of the listing date. Vikram Solar is a prominent manufacturer of high-efficiency solar photovoltaic (PV) modules. In addition to manufacturing, it offers a related engineering, procurement, and construction (EPC) service for solar projects, as well as operations and maintenance (O&M) services to optimize energy yield.
The company has a strong global reputation for being a Tier-1 PV module manufacturer first designated by BloombergNEF in 2014. It has been consistently recognized since. Most recently, in May of 2025, it was awarded the EUPD Top Brand PV Seal, which helped to reaffirm its international credibility.
Also Read: Vikram Solar IPO Day 3: Issue Subscribed 4.57x; GMP Points to 12% Listing Gain
Despite good investor demand, analysts are cautious. Deven Choksey Research rated the IPO as 'Neutral', giving due consideration to the lower margins and returns compared to peers due to limited backward integration.
Vikram Solar continues to expand its footprint in the renewable energy sector. The analysts also acknowledged the CAGR of 28.5% for revenues and 62.6% for EBITDA, based on domestic demand growth and improved capacity utilization. Traders are eagerly anticipating the Vikram Solar IPO Listing Date to make strategic investment decisions.
With allotment results out today, all eyes are on August 26, when Vikram Solar makes its stock market debut. Despite the 56.42x oversubscription, the cooling GMP near 13-15% suggests investors are cautious about listing gains. The company’s strong market position in the renewable energy sector, however, continues to draw long-term interest.
