Shares of solar photovoltaic (PV) module manufacturer Vikram Solar will debut on Indian stock exchanges today, with grey market trends hinting at potential double-digit listing gains. The company’s ₹2,079 crore initial public offering (IPO), which concluded last week, saw overwhelming investor demand and was subscribed nearly 55 times across categories.
Grey Market Premium Points to Positive Start
In the grey market, where unlisted shares trade informally ahead of listing, Vikram Solar’s stock was exchanging hands at about ₹373 per share. This suggests a grey market premium (GMP) of ₹41, or 12.35 percent, over the IPO price of ₹332 per share.
If these levels hold, investors who were allotted shares during the IPO could see returns of more than 12 percent at the opening bell. Market analysts, however, caution against relying solely on GMP trends. Since grey market activity is unregulated and speculative, actual listing performance will depend on investor demand and broader market conditions once trading begins.
IPO Structure and Proceeds Utilization
The IPO comprised two parts: a fresh issue of 45.2 million equity shares worth up to ₹1,500 crore, and an offer for sale (OFS) of 17.5 million shares by promoters Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary, amounting to ₹579.37 crore.
The shares were offered at a price band of ₹315–₹332, with a minimum application size of 45 shares. The subscription window was open from August 19 to August 21, 2025. The allotment was finalized on August 22, and the issue price was fixed at the upper band of ₹332 per share.
JM Financial, Nuvama Wealth Management, UBS Securities India, Equirus Capital, and PhillipCapital (India) acted as book-running lead managers, while MUFG Intime India was the registrar to the issue.
Proceeds from the fresh issue will primarily fund capital expenditure for the company’s Phase-I and Phase-II projects, while a portion will be set aside for general corporate purposes. Funds raised through the OFS will go to the selling shareholders after deductions for related expenses and applicable taxes.
Company Background and Expansion Plans
With over 17 years in the solar energy sector, Vikram Solar is a well-established manufacturer of PV modules. The company operates two major facilities: one in the Falta Special Economic Zone near Kolkata and another in Oragadam, Chennai. Together, these provide a combined installed manufacturing capacity of 4.50 GW.
The company is listed on the Ministry of New & Renewable Energy’s Approved List of Modules and Manufacturers (ALMM), which enhances its eligibility for government-backed renewable energy projects.
Looking ahead, Vikram Solar plans to scale its capacity significantly. Expansion targets include raising installed capacity to 15.50 GW by fiscal 2026 and to 20.50 GW by fiscal 2027. This growth strategy positions the company to capitalize on rising domestic demand and export opportunities in solar energy.
Broader Market Context
The listing of Vikram Solar also reflects broader momentum in India’s renewable energy sector. With the government aiming to achieve 500 GW of non-fossil fuel power capacity by 2030, domestic solar manufacturers are expected to play a pivotal role. Investors have shown heightened interest in clean energy companies, as global capital increasingly shifts toward sustainable technologies.
Market watchers believe Vikram Solar’s expansion plans align well with these policy priorities. A successful listing could not only provide capital for growth but also serve as a signal of investor confidence in India’s renewable energy manufacturing ecosystem.
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