Vikram Solar IPO: 2.01x Subscribed with ₹56 GMP 📈
Apply Before August 21 for a Potential 16% Listing Gain
IPO Overview 🌞
The Vikram Solar IPO, launched on August 19, 2025, is open for subscription until August 21, 2025, with a tentative listing on August 26, 2025. This ₹2,079.37 crore book-built issue includes a ₹1,500 crore fresh issue and a ₹579.37 crore offer for sale (OFS). Priced between ₹315 and ₹332, the minimum lot size is 45 shares, costing ₹14,940 at the upper band. As one of India’s leading photovoltaic (PV) module manufacturers, Vikram Solar plans to use IPO proceeds to expand its facilities in West Bengal and Tamil Nadu. The company secured ₹621 crore from anchor investors on August 18, 2025, bolstering price discovery.
Subscription Status 📊
By the end of Day 1, the IPO was subscribed 1.51–1.57x, with strong demand from Non-Institutional Investors (NIIs) at 3.83–3.99x and steady retail interest at 1.36–1.43x. Qualified Institutional Buyers (QIBs) showed minimal participation at 0.02x, a common trend as institutional bids often surge on the final day. Day 2 and Day 3 updates are critical for investors, as QIB traction could push overall subscription higher.
Subscription Breakdown
NII: 3.83–3.99x 🚀
Retail: 1.36–1.43x 🙌
QIB: 0.02x ⏳
Overall: 1.51–1.57x 📈
Grey Market Premium (GMP) Insights 💸
The Grey Market Premium (GMP) for Vikram Solar’s IPO was ₹54–₹56 on August 19, suggesting a potential listing gain of around 16% over the upper price band of ₹332. On August 20, GMP softened to ₹50, reflecting normal mid-window fluctuations. While GMP indicates a positive debut, it’s unofficial and subject to rapid changes, so investors should monitor updates before the August 21 deadline.
GMP Trend
| Date | GMP | Est. Listing Gain |
|---|---|---|
| August 19 | ₹54–₹56 | ~16% |
| August 20 | ₹50 | ~15% |
Timeline and Key Dates 🕒
August 19
IPO Opens 📅
August 21
IPO Closes 🔒
August 22
Allotment 🧾
August 25
Refunds/Demat 💳
August 26
Listing on BSE/NSE 🎉
Case Study: Tracxn Technologies 📉
Tracxn Technologies’ IPO, with a 2.01x subscription, listed at a 16.69% gain but later traded below its listing price. This case highlights that while Vikram Solar’s current GMP suggests a ~16% listing pop, long-term performance depends on execution and solar sector trends. Investors should balance short-term gain potential with the company’s growth strategy.
Should You Apply? 🤔
With strong NII demand, steady retail interest, and a promising GMP, the Vikram Solar IPO appears attractive for listing gains. However, QIB participation, expected to rise on the final day, and market sentiment will shape the outcome. The company’s expansion plans and India’s solar sector growth are positive, but GMP fluctuations warrant caution. Monitor Day 2 subscription data and GMP trends before applying by August 21.
Frequently Asked Questions ❓
What is the Vikram Solar IPO price band?
The price band is ₹315–₹332 per share, with a minimum lot size of 45 shares (₹14,940 at the upper band).
When does the IPO close?
The IPO closes on August 21, 2025.
What is the Grey Market Premium (GMP)?
The GMP was ₹54–₹56 on August 19, indicating a ~16% listing gain, and ₹50 on August 20. It’s unofficial and can change rapidly.
When is the listing date?
The tentative listing date is August 26, 2025, on BSE and NSE.
Should I apply for the IPO?
The IPO shows strong NII and retail demand with a promising GMP, but monitor Day 2 subscription and market trends before deciding by August 21.
