The listing of Vikram Solar IPO was weaker than expected. The shares listed at ₹338 on the NSE and ₹340 on the BSE, providing investors with a profit of only 1.8–2.4%. Whereas, the grey market premium was showing up to ₹367. The company's ₹2,079 crore public offer was oversubscribed 143 times by investors.
Vikram Solar IPO listing: Solar panel manufacturer Vikram Solar's IPO listed on the stock market on August 26, 2025, at a weak premium. Shares opened at ₹338 on the NSE and ₹340 on the BSE, only 1.8–2.4% higher than the issue price of ₹332. This listing was significantly lower than the grey market premium (₹367). The company's ₹2,079 crore IPO received a b response from investors and was subscribed nearly 143 times. Despite this, due to market weakness and high estimated expectations, a significant profit could not be achieved on listing.
At what price were the shares listed?
On the National Stock Exchange, Vikram Solar shares listed at ₹338 per share. This was just ₹6, or about 1.8 percent, higher than the issue price of ₹332. On the BSE, the company's shares opened at ₹340 per share. This is ₹8 or 2.4 percent higher than the issue price. This means that investors did not get as much benefit on listing as expected.
Weaker performance than grey market expectations
Before the IPO, there was tremendous enthusiasm for Vikram Solar shares in the grey market. The grey market premium, or GMP, had reached ₹35. Accordingly, the company's shares were trading at ₹367. This was about 11.14 percent higher than the issue price. But the actual listing showed a much weaker performance than the grey market expectations.
₹2,079 crore issue became investors' choice
Vikram Solar's public offer was of ₹2,079 crore. This issue was open for investors from August 20 to August 22. According to NSE data, this public offer was oversubscribed approximately 143 times. Significant interest was seen from qualified institutional investors. At the same time, non-institutional investors and retail investors also bid enthusiastically. In this way, the company's IPO proved to be excellent in terms of subscription.
Company's business
Vikram Solar is one of the leading companies in the solar energy sector in India. The company manufactures solar modules and photovoltaic products. In addition, the company also undertakes the designing, engineering, and installation of solar power projects. The company's business is spread across India as well as in international markets. The demand for renewable energy has increased rapidly in the last few years and Vikram Solar has benefited from this.
In fiscal year 2025, Vikram Solar's performance remained stable. The company's income witnessed good growth. However, increasing competition and the cost of raw materials put pressure on profits. Despite this, the company recorded stable profits. This is the reason why investors' confidence remained in the company and record subscription was seen in the IPO.
Use of funds raised
The funds raised from the IPO will be used by the company in its expansion plans. Especially, there is a plan to increase the production capacity of solar modules and invest in new projects. In addition, some of the funds will also be used to meet working capital requirements and for general corporate purposes.
