Kolkata – Shares of Vikram Solar made their market debut today on the Bombay Stock Exchange (BSE), listing at ₹340 apiece, which marks a 2.4% premium over the Initial Public Offering (IPO) issue price of ₹332.
Muted Debut Despite Strong Demand
Despite enthusiastic participation in the IPO, which saw a robust subscription of over 54 times, Vikram Solar’s listing gains fell short of the double-digit premium anticipated by some market observers based on grey market movements. On the National Stock Exchange (NSE), the stock debuted at ₹338, translating to a 1.8% premium.
IPO Details and Company Profile
The ₹2,079-crore IPO included a fresh issue worth ₹1,500 crore and an offer-for-sale of ₹579.37 crore. The bidding window ran from August 19 to 21, drawing substantial demand from Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Investors, with the QIB category alone subscribed over 140 times.
Founded in 2005 and headquartered in Kolkata, Vikram Solar is one of India’s leading solar photovoltaic (PV) module manufacturers, boasting an extensive client list including NTPC, Adani Green, JSW Energy, and ACME. The company currently operates two PV module manufacturing facilities and recorded a revenue growth of 37% to ₹3,459 crore in FY25, with profit after tax rising 75% to ₹139.8 crore.
Market Sentiment and Future Prospects
Industry analysts characterized the listing as “muted,” reflecting cautious market sentiment despite the company’s impressive financial growth and ambitious expansion plans, including scaling up manufacturing capacities and entering the energy storage sector. Short-term investors may look to book profits after listing, while long-term investors with a higher risk appetite might consider holding the stock in view of the sector’s growth potential.
Following today’s listing, Vikram Solar’s market capitalization stands at approximately ₹12,837 crore.
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