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Investors have shown strong interest and enthusiasm in the initial public offering (IPO) of Vikram Solar Ltd, as bidding is in its final day. By Day 3, the issue had garnered 4.57 subscriptions, indicating healthy demand across various investor categories.
Investors are closely tracking the Vikram Solar IPO as market buzz grows around its entry into the renewable energy sector.
The Vikram Solar IPO Subscription Status reveals strong interest from both retail and institutional investors. As of Wednesday evening (Day 2), the IPO had received bids for 4.53 crore shares out of the offered 20.70 crore shares, resulting in an overall subscription of 4.56x.
Non-Institutional Investors (NII) - Over-subscribed 13.01 times, indicating strong demand from HNWI.
Retail Individual Investors (RIIs) - Subscribed 3.47 times, indicating strong participation from small investors.
Qualified Institutional Buyers (QIBs) - under-subscribed at just 11%; however, their activity is often delayed until the last day.
Vikram Solar’s Rs. 2,079 crore IPO comprises a fresh issue of Rs. 1,500 crore and an Offer for Sale (OFS) of 1.74 crore shares worth Rs. 579.37 crore at the upper price band. The price range has been set between Rs. 315 and Rs. 332 per share.
Market watchers are analyzing the Vikram Solar GMP to predict possible listing gains. Funds from the fresh issue will be directed towards capital expenditure in its subsidiary VSL Green Power Pvt. Ltd., focusing on Phase I and II projects.
Applications are in lots of 45 shares each, requiring a minimum retail investment of Rs. 14,175. For NII investors, the minimum investment is 14 lots, valued at Rs. 2,09,160. To invest Rs. 10,00,980, an NII investor must bid for at least 67 lots.
With its innovative solar solutions, Vikram Solar continues to strengthen its presence in the clean energy market. The grey market premium (GMP) for Vikram Solar is Rs. 42 today, which means a likely listing price of Rs. 374 per share (12.65% over the issue price of Rs. 332).
Although the GMP has decreased substantially from Rs. 69 on August 12 to Rs. 42 today, analysts are pointing out that the GMP is solid and it shows expectations of an initial positive trading debut.
The highly anticipated Vikram Solar IPO Listing Date is drawing attention from traders and long-term investors alike. Vikram Solar operates in a sector with immense growth potential. India’s solar power capacity is pegged at 750 GW, but only 116.25 GW has been installed so far, leaving over 84% untapped.
The company is competing against other competitors like Waaree Energies (P/E 45.79), Premier Energies (P/E 47.01), and Websol Energy (P/E 40.04). Vikram Solar has a competitive advantage being backward integrated as a manufacturer of solar cells and as a developer with a domestic distribution network.
Also Read: Patel Retail IPO Draws Strong Response, Subscribed 6.39 Times on Day 1
Allotment of shares: August 22, 2025
Refund initiation & Demat credit: August 25, 2025
Tentative listing date: August 26, 2025
Market experts believe that Vikram Solar offers long-term growth potential, given its strategic expansion, favorable industry tailwinds, and consistent demand for renewable energy. Whereas short-term investors may take advantage of the 12% GMP listing gain, long-term investors may also benefit from the accelerated pace of solar adoption in India.
