Solar module manufacturer Vikram Solar’s initial public offering (IPO) was oversubscribed 54.63 times at the end of the bidding window on August 21, 2025.

The price band was set at ₹315 (~$3.6) to ₹332 (~$3.6) per equity share with a face value of ₹10 (~$0.11). The IPO saw bids for 2.47 billion shares, exceeding the 45 million shares on offer.

Qualified institutional buyers led the demand, with a subscription rate of 142.9, followed by non-institutional investors at 50.9 and retail individual investors at 7.65. The employees’ portion was oversubscribed by 4.84 times.

The shares will likely be listed on BSE and NSE on August 26, 2025.

In June 2025, Vikram Solar received approval from the Securities and Exchange Board of India to proceed with its IPO.

The IPO consisted of a fresh issue of equity shares worth up to ₹15 billion (~$176.25 million) and an offer for sale of up to 17.45 million equity shares by the promoter and promoter group selling shareholders. The face value of each equity share is ₹10 (~$0.11).

Ahead of the IPO, Vikram Solar raised ₹6.21 billion (~$71.32 million) from anchor investors. The company allotted 18.7 million shares at ₹ 332 (~$3.81) apiece to 43 anchor investors.

The proceeds from the fresh issue will be utilized for capital expenditure through investment in Vikram Solar’s wholly owned subsidiary, VSL Green Power. Of the total amount, ₹7.93 billion (~$92.42 million) will be deployed for partial funding of an integrated solar cell and module manufacturing facility.

In 2025, five companies in the solar sector filed papers with the market regulators to raise funds through the IPO route.

In July 2025, Bengaluru-based solar cell and module manufacturer Emmvee Photovoltaic Power filed a draft red herring prospectus (DRHP) with the SEBI to raise ₹30 billion (~$350.12 million) through an IPO.

In June 2025, independent renewable energy producer Juniper Green Energy filed papers to raise over ₹30 billion (~$349 million) through an IPO.