Vikram Solar Share Price Today: Weak IPO Debut, 2.4% Listing — Key Takeaways for Investors

Shares of solar photovoltaic (PV) module manufacturer Vikram Solar made a decent debut on Dalal Street on Tuesday, August 26, 2025, following its initial public offering (IPO). On the BSE, shares listed at Rs 341 apiece, reflecting a premium of Rs 9, or 2.71%, over the issue price of Rs 332 per share.

Vikram Solar Share Price Today 
On the National Stock Exchange (NSE), the shares opened at Rs 338, marking a gain of Rs 6 or 1.81%.

Vikram Solar GMP Today
Prior to listing, Vikram Solar’s unlisted shares were trading at around Rs 369 per share, suggesting a grey market premium (GMP) of Rs 37, or 11.14% over the IPO price, according to market trackers. The last GMP, as per the Market Tracker website, was Rs 35, updated on August 26, 2025, at 09:29 AM.
With the IPO price band at Rs 332, the estimated listing price based on GMP was Rs 367, indicating an expected gain of 10.54% per share. The actual listing, however, came in below these expectations.

Vikram Solar IPO Details
The IPO included a fresh issue of 45.2 million shares, raising Rs 1,500 crore, and an offer for sale (OFS) of up to 17.5 million shares by promoters Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary, worth Rs 579.37 crore.

The public issue was open from August 19–21, 2025, with a price band of Rs 315–332 and a lot size of 45 shares. The IPO received an overwhelming response, oversubscribed nearly 55 times, led by Qualified Institutional Buyers (QIBs) who oversubscribed their portion by 142.79 times.

The basis of allotment was finalized on August 22, 2025, and the issue price was set at Rs 332 per share.

MUFG Intime India (formerly Link Intime India) served as the registrar, while JM Financial, Nuvama Wealth Management, UBS Securities India, Equirus Capital, and PhillipCapital (India) were the book-running lead managers.

Proceeds and Company Plans
Vikram Solar will utilize proceeds from the fresh issue to fund capital expenditure for its Phase-I and Phase-II projects. Funds from the OFS will go to the selling shareholders after deducting applicable taxes and expenses. Remaining funds are earmarked for general corporate purposes.

About Vikram Solar
Vikram Solar Limited is one of India’s largest solar PV module manufacturers, with over 17 years of industry experience and an installed capacity of 4.5 GW. Manufacturing facilities are located in Falta SEZ, Kolkata, and Oragadam, Chennai, strategically positioned with port, rail, and road connectivity to support domestic and international operations.