Vikram Solar
Book Building issueMainboardBSE₹2,079 Cr issue
+2.41%
Listing gain over issue price
Issue size
₹2,079 Cr
1 lot at cut-off
₹14,940
Lot size
45shares
Open
19 Aug 2025
Close
21 Aug 2025
Allotment
22 Aug 2025
Listing
26 Aug 2025
Listing performance
Issue price
₹332
Listed at
₹340
Listing-day close
₹356.45
Latest price
₹127.98
Close on 23 Oct 2026
Listing gain
+2.41%
Return since issue
-61.45%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Aug 2025 – 21 Aug 2025
- Listing date
- 26 Aug 2025
- Face value
- ₹1 per share
- Issue price
- ₹332 per share
- Lot size
- 45 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹2,079 Cr
- Market cap at offer price
- ₹12,009 Cr
- Promoter holding
- 77.64% → 63.11% pre-issue → post-issue
- ISIN
- INE078V01014
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- Biowonder, Unit No.1102, 11th Floor, 789, Anandapur Main Road, Eastern Metropolitan, Bypass, E.K.T, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,86,99,120 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 45 shares per lot, in multiples, at ₹332
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 45 | ₹14,940 |
| Retail (max) | 13 | 585 | ₹1,94,220 |
| S-HNI (min) | 14 | 630 | ₹2,09,160 |
| S-HNI (max) | 66 | 2,970 | ₹9,86,040 |
| B-HNI (min) | 67 | 3,015 | ₹10,00,980 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
1,86,99,120
Anchor portion
₹621 Cr
at ₹332 per share
Valuation and performance
Valuation at offer price
₹332 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.42 | 3.87 |
| P/E (×) | 75.11 | 85.79 |
| Price to book (×) | 8.46 | — |
| Market cap | — | ₹12,009 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 11.26%
- ROCE
- 24.49%
- Debt / equity
- 0.19
- PAT margin
- 4.08%
- EBITDA margin
- 14.37%
- NAV per share
- ₹39.24
- Price to book
- 8.46
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Vikram Solar
Vikram Solar Limited was originally incorporated as 'International Leather Clothiers Private Limited' in 2005 and subsequently changed its name to Vikram Solar Private Limited in 2008, converting to a public limited company in 2017. As of March 31, 2025, the company is one of India's largest solar PV module manufacturers with 4.50 GW of installed manufacturing capacity across facilities in West Bengal and Tamil Nadu. The company manufactures solar PV modules using different technologies including p-type monocrystalline silicon based PERC modules, n-type monocrystalline silicon modules, and n-type monocrystalline silicon based HJT modules. It derives 98.23% of operational revenue from solar PV module sales, with significant export presence across 39 countries. The company makes money by selling manufactured solar modules to solar project developers, engineering firms, independent power producers, and commercial/industrial clients.
Company Analysis
from RHPVikram Solar Limited is one of India's largest solar photovoltaic module manufacturers with over 17 years of experience, operating in the solar energy manufacturing industry.
Vikram Solar Limited was originally incorporated as 'International Leather Clothiers Private Limited' in 2005 and subsequently changed its name to Vikram Solar Private Limited in 2008, converting to a public limited company in 2017. As of March 31, 2025, the company is one of India's largest solar PV module manufacturers with 4.50 GW of installed manufacturing capacity across facilities in West Bengal and Tamil Nadu. The company manufactures solar PV modules using different technologies including p-type monocrystalline silicon based PERC modules, n-type monocrystalline silicon modules, and n-type monocrystalline silicon based HJT modules. It derives 98.23% of operational revenue from solar PV module sales, with significant export presence across 39 countries. The company makes money by selling manufactured solar modules to solar project developers, engineering firms, independent power producers, and commercial/industrial clients.
Solar PV module manufacturingRenewable energy
Objects of the Issue
- Partial funding of capital expenditure through investment in wholly owned Subsidiary VSL Green Power Private Limited for Phase-I Project (integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility) ₹7,697.30 million p.31
- Funding of capital expenditure through investment in wholly owned Subsidiary VSL Green Power Private Limited for Phase-II Project (expansion from 3,000 MW to 6,000 MW) ₹5,952.08 million p.31
- General Corporate Purposes p.31
- Partial funding of capital expenditure through investment in wholly owned subsidiary VSL Green Power Private Limited for Phase-I Project (3.00 GW solar cell and 3.00 GW solar module manufacturing facility in Tamil Nadu) p.75
- Funding of capital expenditure through investment in wholly owned subsidiary VSL Green Power Private Limited for Phase-II Project (expansion of module manufacturing from 3.00 GW to 6.00 GW) p.75
- Funding capex and capital expenditures ₹15,000.00 million p.108
- Partial funding of capital expenditure through investment in our wholly owned Subsidiary, VSL Green Power Private Limited, for setting up of an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility at plot no. A-5, A-6, A-7 & A-10, SIPCOT Industrial Complex, Gangaikondan, District Tirunelveli 627 352, Tamil Nadu (Phase-I Project) ₹7,697.30 million p.161
- Funding of capital expenditure through investment in our wholly owned Subsidiary, VSL Green Power Private Limited, for expanding the manufacturing capacity of the solar module manufacturing facility set up under the Phase-I Project from 3,000 MW to 6,000 MW at the Project Site (Phase-II Project) ₹5,952.08 million p.161
- General corporate purposes p.161
- Establish an integrated 3.00 GW solar cell and 3.00 GW solar module manufacturing facility in Tamil Nadu in Phase-I and expand the manufacturing capacity from 3.00 GW to 6.00 GW in Phase-II p.279
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹10 each aggregating up to ₹[●] million
- Fresh Issue
- Up to [●] Equity Shares aggregating up to ₹15,000.00 million
- Offer for Sale
- Up to 17,450,882 Equity Shares aggregating up to ₹[●] million
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares
- Face Value
- ₹10 each
Business Model
The company manufactures and sells solar photovoltaic modules. It earns revenue primarily through the sale of solar PV modules (98.23% of operational revenue in Fiscal 2025) to customers including solar project developers, engineering/procurement/construction contractors, independent power producers, commercial and industrial clients, residential installers, and distributors/wholesalers across India and internationally.
Business Segments
Manufactures solar photovoltaic modules using p-type monocrystalline silicon based PERC technology, n-type monocrystalline silicon technology, and n-type monocrystalline silicon based HJT technology with wattages ranging between 395Wp and 735Wp and efficiencies between 20.23% and 23.66%
Manufacturing and sale of solar photovoltaic modules for domestic and international markets
Provision of engineering, procurement, and construction services for solar power projects
Manufacturing and sale of solar photovoltaic (PV) modules with installed capacity of 4.50 GW as of June 30, 2025, with modules having wattages between 395Wp and 735Wp rating and efficiencies ranging between 20.23% and 23.66%
Manufacture of high-efficiency solar photovoltaic modules using N-type, Mono PERC, bifacial, and polycrystalline technologies for utility-scale, C&I, and rooftop applications
Strategic backward integration into solar cell manufacturing with planned facilities in Gangaikondan, Tamil Nadu
Strategic diversification into greenfield BESS projects to capitalize on growing demand for energy storage alongside renewable energy generation
Manufacture of high-efficiency solar PV modules using PERC, N-Type, and HJT technologies in various configurations (bifacial and monofacial) with wattages between 395Wp and 735Wp
Design, engineering, supply, installation and commissioning of solar power projects for customers; provides end-to-end solar energy solutions from concept to commissioning
Provides forward-integrated full life-cycle services including ongoing maintenance, repairs, preventive maintenance, performance monitoring, equipment upgrades, spare parts management and data management and reporting for solar projects
Manufacturing and sale of solar photovoltaic modules, cells, and accessories
Provision of design, engineering, supply, installation, commissioning, operation and maintenance services for solar power projects on turnkey basis
Manufacturing and sale of solar photovoltaic modules and systems
Engineering, procurement and construction (EPC) services for solar power plants and operation and maintenance services
SWOT Analysis
Strengths
- • Established position as one of India's largest solar PV module manufacturers with 17+ years of industry experience(p.30)
- • Significant installed manufacturing capacity making company one of largest pure-play module manufacturers(p.30)
- • Diverse product portfolio with multiple proprietary technologies and high efficiency ratings(p.43)
- • Strong financial performance with significant revenue growth and improved profitability(p.31)
- • Substantial order book indicating strong future demand visibility(p.31)
- • Improved debt position with significant reduction in leverage(p.31)
- • Favorable port proximity reduces transportation costs and enables faster supply chain(p.49)
- • Established N-Type module capabilities for future technology adaptation(p.49)
- • Strong order book of 10,340.82 MW representing 2.30x current capacity(p.60)
- • Marquee customer base including GIPCL, NTPC Renewable Energy, NLC India, and Adani Green Energy(p.60)
- • Cost advantages from India-based design and engineering team(p.77)
- • Established player in solar energy manufacturing with integrated operations(p.116)
- • Growing revenue and profitability trajectory(p.113)
- • Strong cash generation from operations(p.115)
- • Large pure-play module manufacturer with significant installed capacity(p.187)
- • Strategic backward integration into solar cell manufacturing with government incentive eligibility(p.187)
- • Strong R&D and quality control capabilities supporting high-efficiency products(p.187)
- • Tier-1 manufacturer status recognized by industry(p.187)
- • Extensive domestic distribution network providing pan-India market access(p.187)
- • Strong order book providing visibility on future growth(p.187)
- • Experienced promoter-led management team with track record(p.187)
- • One of India's largest pure-play solar PV module manufacturers by operational capacity(p.273)
- • Tier 1 manufacturer status with consistent global recognition(p.273)
- • Strategic port proximity enabling competitive logistics for exports(p.243)
- • Aggressive expansion plans to nearly triple module capacity(p.273)
- • Backward integration into solar cell manufacturing(p.273)
- • Diversification into battery energy storage systems(p.273)
- • Solid-state battery manufacturing capability in pipeline(p.269)
- • Industry-leading product warranty and certifications(p.269)
- • One of India's largest solar PV module manufacturers with significant operational capacity(p.282)
- • Strong track record of technological improvement and efficiency gains over 17 years(p.274)
- • Industry-recognized quality and reliability certifications(p.274)
- • Extensive domestic distribution network with significant growth(p.277)
- • Strong financial performance with growing order book and revenue(p.289)
- • Experienced management team with deep industry expertise(p.278)
- • Improved financial metrics and operational efficiency(p.276)
- • Strong R&D capabilities and accreditation(p.276)
- • Tier-1 PV Module Maker ranking with consistent recognition(p.331)
- • Multiple PVEL Top Performer certifications for module reliability(p.331)
- • Significant production capacity scaling and major contracts awarded(p.332)
- • Advanced technology development with n-type monocrystalline cells(p.332)
- • Strong financial position with improved profitability(p.389)
- • Dual manufacturing capacity with facilities in SEZ and Chennai(p.393)
- • Diversified business model across manufacturing, EPC, and O&M services(p.393)
- • Strong revenue growth trajectory(p.415)
- • Improved profitability and net profit margin expansion(p.415)
- • Significant government business concentration providing stability(p.431)
Weaknesses
- • Extreme dependency on single product category with 98.23% of operational revenue from solar PV modules(p.43)
- • Highly concentrated customer base with top 5 customers representing 77.50% of revenue(p.44)
- • Company and directors involved in multiple legal proceedings which could consume resources and affect operations(p.48)
- • Promoters and promoter group members have provided personal and corporate guarantees creating potential liability(p.49)
- • Significant reliance on imported raw materials from concentrated sourcing regions(p.45)
- • Heavy dependence on imported raw materials with 80.68% sourced from China and East Asia(p.49)
- • Concentrated supplier base with top 5 suppliers accounting for 44.98% of raw material costs(p.57)
- • Significant outstanding liabilities including safeguard duty and liquidated damages disputes(p.50)
- • Substantial outstanding borrowings of ₹20,239.01 million with restrictive covenants(p.59)
- • Limited experience in new battery energy storage systems market(p.72)
- • Critical reliance on Vikram Solar US Inc for U.S. market sales representing 0.96% of revenue(p.77)
- • Contingent liabilities of ₹2,577.72 million from VAT, GST, and safeguard duty disputes(p.61)
- • High dependence on few customers for revenue concentration(p.98)
- • Significant debt obligations and finance costs(p.113)
- • Promoter concentration with 77.64% ownership creates governance risk(p.103)
- • Corporate records relating to share transfers not fully traceable(p.72)
- • High inventory levels relative to operations(p.111)
- • High dependence on domestic market sales(p.187)
- • Significant debt obligation from IREDA project loan requiring promoter contribution contingent on IPO proceeds(p.163)
- • No confirmed orders or commitments for Phase-I project equipment(p.168)
- • Completion of Phase-I project dependent on receipt of multiple government approvals(p.176)
- • Significantly lower revenues compared to top competitors(p.269)
- • Lower profit margins than key competitors(p.269)
- • Export-dependent with high volatility in export performance(p.269)
- • Debt equity ratio reduced but still carried historical leverage burden(p.269)
- • Significantly smaller installed capacity than largest competitor(p.267)
- • Lower EBITDA margins than peer manufacturers(p.269)
- • Heavy dependence on a limited number of customers for majority of revenue(p.288)
- • Significant reduction in export revenues indicating market volatility(p.278)
- • Manufacturing capacity concentration at two locations(p.282)
- • Substantial execution risks on planned capacity expansions(p.291)
- • Dependence on limited raw material supplier base(p.307)
- • Substantial contingent liabilities from disputed receivables and safeguard duty(p.384)
- • High dependence on key customers for revenue concentration(p.327)
- • Significant reliance on working capital financing from multiple banks(p.336)
- • Recent executive leadership changes and CFO transitions(p.368)
- • High accumulated trade receivables and credit risk exposure(p.404)
- • Significant contingent liabilities related to tax disputes(p.421)
- • Customer disputes on EPC contracts with withheld amounts(p.435)
- • Pending safeguard duty dispute affecting working capital(p.435)
- • High interest-bearing debt burden(p.416)
- • Significant working capital requirements and cash conversion cycles(p.414)
- • Significant dependence on imported solar cells and raw materials from China and East Asia(p.458)
- • Heavy reliance on small number of key customers for majority of revenue(p.480)
- • Significant contingent liabilities from tax disputes and litigation claims(p.473)
- • Material litigation affecting financial position with uncertain outcomes(p.475)
- • Withholding of receivables by customers pending dispute resolution(p.475)
Opportunities
- • Expansion into integrated manufacturing with Phase-I and Phase-II projects adding significant capacity(p.44)
- • India's strong commitment to developing solar manufacturing capabilities and global supply chain positioning(p.30)
- • Growing market demand with significant growth in total order book quantity(p.31)
- • Government support through subsidies and economic incentives for solar energy and domestic production(p.35)
- • Projected solar capacity additions of 150-170 GW in India from Fiscals 2026-2030(p.65)
- • Phase-I Project for integrated 3 GW solar cell and 6 GW solar module manufacturing in Tamil Nadu(p.74)
- • PLI scheme incentives for cell-and-module integrated manufacturing over 5 years(p.62)
- • Government of Tamil Nadu incentives for electronic hardware manufacturing including capital subsidy and tax exemptions(p.63)
- • Expansion into C&I segment with 1.40 GW orders already secured(p.60)
- • Geographic expansion through pan-India distributor network and international presence in 39 countries(p.58)
- • Expansion of solar energy consumption in India driven by increased affluence(p.98)
- • Growth in renewable energy adoption and government support(p.98)
- • Capacity expansion and capex deployment initiatives(p.111)
- • Government PLI scheme providing manufacturing incentive for high-efficiency solar modules(p.164)
- • State government subsidies and tax exemptions for electronic hardware manufacturing in Tamil Nadu(p.164)
- • Mitigation of basic customs duty impact through backward integration(p.164)
- • Expansion of manufacturing capacity to meet growing domestic demand(p.187)
- • Strong government commitment to renewable energy targets providing market tailwind(p.211)
- • Rapid growth in Indian solar capacity with record additions in recent periods(p.217)
- • Massive projected solar capacity additions in India over next five years(p.221)
- • Strong government thrust through multiple policy schemes(p.219)
- • Rapid growth in rooftop solar segment with government backing(p.224)
- • Significant open access C&I solar segment growth opportunity(p.225)
- • Rising demand for N-type and advanced cell technologies(p.230)
- • Strong export opportunity given US tariffs on Southeast Asian competitors(p.241)
- • Large PLI manufacturing capacity allocation supporting expansion(p.233)
- • Growing battery energy storage systems market with government support(p.257)
- • Strong domestic solar market growth with government backing(p.277)
- • Backward integration into solar cell manufacturing for greater control(p.291)
- • Expansion of international presence with growing global solar demand(p.278)
- • International aversion to Chinese imports benefiting Indian manufacturers(p.295)
- • Growing renewable energy requirements and ALMM compliance mandates(p.292)
- • Emerging battery energy storage system market demand(p.294)
- • Rooftop solar segment growth through government schemes(p.294)
- • Untapped Commercial and Industrial segment market potential(p.297)
- • Expansion into renewable energy beyond solar with hybrid systems(p.330)
- • International market penetration with US module supply contract(p.331)
- • Growth in India's solar capacity through NTPC and government projects(p.332)
- • New investor capital infusion enhancing growth capacity(p.335)
- • Expansion into adjacent businesses including recycling and renewable services(p.341)
- • Expansion into new manufacturing capacity for solar modules(p.421)
- • Growing EPC and solar power plant operations business(p.415)
- • Government incentive schemes for solar manufacturing(p.421)
- • Export market diversification and international expansion(p.431)
- • Capital infusion through IPO to fund growth projects(p.436)
- • Strong growth in domestic solar energy demand with 25-27 GW additional projects expected(p.453)
- • Significant capacity expansion planned to 20.50 GW by Fiscal 2027(p.449)
- • Strategic backward integration into solar cell manufacturing(p.449)
- • Government incentives through PLI scheme for cell-module integrated manufacturing(p.455)
- • Diversification into energy storage systems (BESS) representing growing market opportunity(p.449)
- • Growing global solar capacity with 26% CAGR and 452 GW new installations in 2024(p.454)
Threats
- • Risk of reduced government subsidies and incentives affecting industry demand and pricing(p.35)
- • Volatility in raw material prices, particularly solar PV cells, impacting cost structure(p.47)
- • Risk of import duty changes and customs duties affecting raw material costs(p.47)
- • Technological obsolescence requiring continuous innovation and capital investment(p.35)
- • Project execution risks including delays, cost overruns, and regulatory approval uncertainties(p.45)
- • Technological obsolescence risk in high-tech solar sector with uncertain future technology dominance(p.49)
- • Export dependence with 96.60% of exports to U.S. exposed to policy changes and tariffs(p.52)
- • U.S. reciprocal tariffs of 25% on Indian imports effective August 2025 and additional 25% penalty tariff(p.57)
- • UFLPA compliance risks with module detention history at U.S. Customs(p.56)
- • Sharp decline in solar module prices down 43% YoY in March 2024 due to Chinese supply glut(p.66)
- • Reduced growth or elimination of government subsidies and economic incentives for solar energy(p.50)
- • Import duty restrictions on raw materials affecting cost competitiveness(p.49)
- • Intense competition from larger competitors with greater resources and vertical integration(p.65)
- • Uncertain implementation of new labor codes potentially increasing employee and labor costs(p.96)
- • Global macroeconomic uncertainty and potential recession reducing demand and credit availability(p.95)
- • Geopolitical instability impacting supply chains and commodity prices(p.98)
- • Slowdown in Indian economic growth affecting consumer demand(p.98)
- • Rising inflation eroding margins and pricing power constraints(p.98)
- • Rising interest rates constraining customer financing and demand(p.99)
- • Foreign exchange volatility impacting costs and returns(p.99)
- • Increased competition and regulatory changes in solar sector(p.100)
- • Foreign investment restrictions limiting access to global capital(p.100)
- • Risk of project implementation delays and cost overruns in Phase-I and Phase-II projects(p.41)
- • Variations in funding requirements and deployment of Net Proceeds may affect business(p.87)
- • Risk of project loan not being irrevocable and contingent on compliance with conditions(p.163)
- • Possibility of equipment cost overruns beyond contingency provisions(p.168)
- • Exposure to fluctuations in input costs and construction materials(p.162)
- • Global solar market competition and commodity price volatility(p.168)
- • Severe policy and regulatory uncertainty affecting market dynamics(p.270)
- • Extreme price pressure from global oversupply, particularly China(p.271)
- • Steep decline in module prices reducing profitability(p.218)
- • Rapid technological obsolescence requiring continuous R&D investment(p.271)
- • Heavy dependence on imported critical components and technology(p.271)
- • Increasing competition from global manufacturers entering India(p.271)
- • Geopolitical supply chain disruptions affecting critical materials(p.271)
- • Market demand variability due to inconsistent government tender schedules(p.271)
- • Rapid technological shifts in solar PV module manufacturing(p.283)
- • Export market dependence on US tariff and trade policies(p.297)
- • Recent imposition of reciprocal US tariffs on Indian imports(p.296)
- • Global competition from established manufacturers with larger capacity(p.317)
- • Supply chain risks from geopolitical tensions and concentration(p.297)
- • Regulatory changes and compliance requirements under ALMM(p.321)
- • Environmental regulation compliance with multiple pollution control acts(p.327)
- • Complex labour law compliance across multiple jurisdictions(p.327)
- • Dependency on specialized technicians from overseas for equipment installation(p.333)
- • Exposure to foreign exchange and international trade risks(p.329)
- • Regulatory changes in labour codes and social security implications(p.328)
- • Pending safeguard duty litigation creating revenue/cost uncertainty(p.435)
- • Foreign exchange volatility exposure from international operations(p.429)
- • Customer concentration risk in government business(p.431)
- • Interest rate risk on floating rate borrowings(p.429)
- • Raw material price volatility, particularly solar cells(p.429)
- • Regulatory and tax compliance risks with multiple authorities(p.421)
- • Substantial exposure to imported raw material costs and FX fluctuations(p.460)
- • Adverse impact from US trade policies and tariffs on exports and imports(p.459)
- • Heavy dependence on government policies and incentives for solar energy industry(p.458)
- • UFLPA compliance risks restricting US market access and module supply(p.485)
- • Volatile raw material costs affecting gross margins and competitiveness(p.459)
- • Regulatory uncertainty and complex tax litigation pending across multiple jurisdictions(p.458)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Gyanesh Chaudhary | Promoter | 5.15% | — |
| Gyanesh Chaudhary Family Trust | Promoter | 23.09% | — |
| Vikram Capital Management Private Limited | Promoter | 35.79% | — |
| Gyanesh Chaudhary | Individual Promoter | — | — |
| Vikram Capital Management Private Limited | Corporate Promoter | — | — |
| Vikram Capital Management Private Limited | Corporate Promoter | 35.79% | — |
| Gyanesh Chaudhary Family Trust | Promoter Group | 23.09% | — |
| Gyanesh Chaudhary | Individual Promoter | 5.15% | — |
| Gyanesh Chaudhary | Promoter | — | — |
| Vikram Capital Management Private Limited | Selling Shareholder | — | — |
| Anil Chaudhary | Selling Shareholder | — | — |
| Mr. Gyanesh Chaudhary | Promoter | — | — |
| Gyanesh Chaudhary | Individual Promoter | 5.15% | — |
| Vikram Capital Management Private Limited | Corporate Promoter | 35.79% | — |
| Gyanesh Chaudhary Family Trust | Promoter Trust | 23.09% | — |
| Vikram Capital Management Private Limited (formerly Monolink Trexim Private Limited) | Promoter | 42.93% | 35.79% |
| Gyanesh Chaudhary Family Trust | Promoter Group | 0.04% | 23.09% |
| Gyanesh Chaudhary | Promoter | 5.02% | 5.15% |
| Vikram Capital Management Private Limited | Selling Shareholder | — | — |
| Gyanesh Chaudhary | Selling Shareholder | — | — |
| Anil Chaudhary | Selling Shareholder | — | — |
Leadership
Gyanesh Chaudhary · Chairman and Managing Director
Ranjan Kumar Jindal · Chief Financial Officer
Sudipta Bhowal · Company Secretary and Compliance Officer
Krishna Kumar Maskara · Interim Chief Executive Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Vikram Solar IPO FAQs
What is the lot size of Vikram Solar IPO?
The minimum lot size of Vikram Solar IPO is 45 shares. One lot costs ₹14,940 at the cut-off price.
When does Vikram Solar IPO open and close?
Vikram Solar IPO opened for subscription on 19 Aug 2025 and closed on 21 Aug 2025.
What is the listing date of Vikram Solar IPO?
Vikram Solar IPO listed on 26 Aug 2025.