The Vikram Solar IPO is set to list on the BSE and NSE tomorrow, August 26, 2025, and market participants are keenly observing grey market premium (GMP) signals for insights into potential listing gains. The IPO, which was open for subscription from August 19 to August 21, saw an overwhelming response, being oversubscribed by 54.63 times.

Subscription Details

The public issue witnessed strong interest across all investor categories, with the retail category being subscribed 7.65 times, the Qualified Institutional Buyers (QIB) category 142.79 times, and the Non-Institutional Investors (NII) category 50.90 times. The IPO comprised a fresh issue of 4.52 crore shares, amounting to ₹1,500 crore, and an offer for sale of 1.75 crore shares, aggregating to ₹579.37 crore. The price band was fixed between ₹315 and ₹332 per share, with a minimum lot size of 45 shares.

Grey Market Premium (GMP) Analysis

As of August 24, 2025, multiple websites tracking the grey market premium (GMP) indicated a GMP of ₹41 for Vikram Solar IPO. This suggests a potential listing price of around ₹373 per share, which is approximately a 12.35% premium over the upper price band of ₹332. Another report on August 22, 2025, showed the GMP at ₹45, with an estimated listing price of ₹377, a 13.55% gain over the upper price band. However, it's important to note that GMP is not an official indicator, and actual listing gains may vary due to market volatility.

Financial Performance and Future Plans

For FY25, Vikram Solar reported revenue of ₹3,459.53 crore, a 37% year-on-year increase, and a net profit of ₹139.83 crore, a 75% year-on-year increase. The company intends to utilize the net proceeds from the fresh issue to partially fund capital expenditure for setting up an integrated facility in Tamil Nadu for producing 3,000 MW of solar cells and 3,000 MW of solar modules. They also intend to use it to support additional capital expenditure aimed at doubling the solar module production capacity and for general corporate purposes. Vikram is scaling its module manufacturing capacity from 4.5 GW to 15.5 GW by FY26 and further to 20.5 GW by FY27, including a 3 GW facility in the U.S. to localize its supply chain.

Allotment and Listing Details

The share allotment for the Vikram Solar IPO was finalized on August 22, 2025. Refunds have been initiated, and shares will be credited to eligible shareholders on August 25, 2025. Investors can check their allotment status through the registrar, MUFG Intime India Pvt. Ltd., or the BSE website.

Market Capitalization and Financial Ratios

Vikram Solar IPO is expected to list with a market capitalization of approximately ₹12,009 crore. Its return on equity will be around 11.3%, and the price-to-equity ratio is set at 85.9x. The earnings per share are estimated at ₹3.9.

Overall Sentiment

The strong subscription numbers reflect broad-based confidence in India's solar growth story and Vikram Solar's leadership.