New Delhi, 26 August (Kiran News). Shares of solar photovoltaic module manufacturer Vikram Solar made a modest entry into the stock market today. The company had issued its shares at ₹332 per share through its IPO. On the first day of trading, the stock was listed at ₹340 on the BSE and ₹338 on the NSE, giving IPO investors a listing gain of just 2 percent. However, as buying picked up after the listing, the stock gained further momentum. After the first hour of trading, at 10:15 am, Vikram Solar shares were trading at ₹353, giving IPO investors a return of 6.33 percent so far.
Vikram Solar’s IPO, worth ₹2,079.37 crore, was open for subscription from 19 to 21 August and received an enthusiastic response from investors, being oversubscribed 56.42 times overall. The portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 145.10 times, while the Non-Institutional Investors (NII) segment saw 52.87 times subscription. The retail investors’ portion was subscribed 7.98 times. Under this IPO, new shares worth ₹1,500 crore were issued. Additionally, 1,74,50,882 shares with a face value of ₹10 each were sold through the offer-for-sale window. The funds raised from the fresh issue will be used for capital expenditure in the company’s Phase-1 and Phase-2 projects and other general corporate purposes.
According to the company’s prospectus, Vikram Solar’s financial health has strengthened consistently. The company reported a net profit of ₹14.49 crore in the financial year 2022-23, which increased to ₹79.72 crore in 2023-24, and jumped further to ₹139.83 crore in 2024-25. During this period, revenue grew at a compound annual growth rate (CAGR) of over 28 percent, reaching ₹3,459.53 crore. The company’s debt stood at ₹737.79 crore at the end of FY 2022-23, which increased to ₹808.33 crore by the end of FY 2023-24, but fell sharply to ₹230.67 crore by the end of FY 2024-25.
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