Vikram Solar IPO

Vikram Solar is one of India’s largest module manufacturers, in terms of operational capacity, with 3.5 GW of installed manufacturing capacity for solar PV modules, producing mono PERC, bifacial & monofacial and smart and polycrystalline PV modules across our factories located at Falta SEZ, Kolkata, West Bengal and at Oragadam in Chennai, Tamil Nadu. Both of these factories are strategically located with access to ports, rail and roads helping facilitate both domestic as well as international operations.

The company plans to raise funds worth Rs 2000 crore via IPO. The IPO consists of a fresh issue of up to Rs.1,500 crore and an Offer-for-Sale (OFS) of up to 5,000,000 equity shares by the selling shareholders. The company may consider a pre-IPO placement worth Rs.300 crores, which would diminish the original issue size.

OFS comprises selling upto 3.62 million shares by Anil Chaudhary, upto 2.58 lakh shares by Girish Kumar Madhogaria, upto 1.27 lakh by Pushpa Madhogaria, upto 1 million shares by Vikram India Ltd.

The proceeds from the issue will be used for

  • Worth Rs.1,238.80 crore funding capital expenditure for setting up 2000 megawatts integrated solar cell and solar module manufacturing facility at Tamil Nadu through its wholly owned arm VSL Green Power Pvt Ltd
  • General corporate purpose

Opening Date

To be announced

Closing Date

To be announced

Price Band

To be announced

Issue Size

To be announced

Face Value

To be announced

Market Lot

To be announced

Listing at NSE, BSE

IPO Open Date To be announced
IPO Close Date To be announced
Allotment Date To be announced
Initiation Of Refunds To be announced
Credit Of Shares To
Demat Account
To be announced
IPO Listing Date To be announced
UPI Mandate Expiry Date To be announced

IPO Financials

Particulars 2019 2020 2021
Revenue From Operation 16,101.38 16,396.83 20.168.36
EBITDA 1945.02 1621.82 1828.16
Contribution Margin
Profit After Tax (PAT) 16,276.02 16,619.74 20,312.94
EPS 1.48 0.86 1.55
ROE 0.99% 1.20% 0.78%

How to apply in IPO via UPI on Dynami

A simple and smartest way to Apply in IPO online via Religare Dynami Mobile App

Why should you invest in the Vikas Solar IPO?

Below are your top 3 reasons:

  • Vikram Solar has built strong engineering capabilities in producing high-efficiency PV modules in the last 12 years in the solar PV module technologies business.
  • The company has established a strong brand recall. Vikram Solar has extended its global footprint by opening offices in the United States of America and China.
  • Vikram Solar supplies PV solar modules to 32 countries across the world. Their primary domestic clients are National Thermal Power Corporation Limited (NTPC), West Bengal State Electricity Distribution Company Limited, Solar Energy Corporation of India, West Bengal Power Development Corporation Limited, Hindustan Petroleum Corporation Limited, Keventer Agro Limited, etc.

Know before investing

Strengths Risks
Ability to provide EPC and O&M services as a supplemental value add to our solar PV module manufacturing business Significant amount of revenue is derived from only one product and therefore its continued success is necessary for business
track record of being an early adopter in technology with manufacturing facilities based on global best practices Changes in the price of wafers, solar PV cells and other raw materials due to changes in demand or other factors could adversely affect the manufacturing of solar PV modules
Robust financial performance backed by an experienced management team with an excellent track record Unable to benefit from the government policies like PLI scheme and various other policies

How to apply for Vikram Solar IPO ?

Retail investors need to apply for the IPO using UPI


  • Link your bank account to a UPI ID.
  • Register your UPI id with your Demat account.
  • Subscribe for Vikram Solar IPO and approve the payment on your UPI ID.

Demat Account

  • If you are an existing Dynami user, Pre-Apply Now!
  • If you’re a new investor, open demat account for free with our Dynami App and begin your investment journey.

How to open a Demat & Trading Account?

Demat & Trading Account
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Frequently asked questions

  • An IPO also known as initial pulic offering or stock launch is a process when a private company sale its shares to public for the first time. Learn more about IPO at our knowledge centre.

  • Vikram Solar IPO constitutes Rs 15,000 million in fresh issues and Rs 5000 million in offer for sale equities.

  • A lot size is the minimum number of shares that an investor has to bid for. A lot size differs for each IPO and is fixed by the company.

  • IPO Price Band is the price range within which investors can bid for the shares. The minimum price is called the floor price and the maximum price is called the cap price.

  • Issue size is the total value of an IPO. It is calculated by multiplying the number of shares offered by the company by the issue price per share.

  • You will receive an email on your registered email id if the IPO shares are allotted to you. Alternatively, you can also visit the registrar of the company’s official website and provide the details as asked in the allotment status section of the website.

  • IPOs, as such, do not have any taxes. You are taxed only when you decide to sell the IPO shares. Any monetary profit you make while selling the IPO shares is referred to as 'capital gains'.

    Capital gains tax is charged depending on how long you held the shares for. If you owned the shares for less than 12 months, it is considered as short-term capital gains and if it is over 12 months, it is referred as long-term capital gains.

    Tax on short-term capital gains is 15%. It is 10% for equity gains in the long run (over 12 months). Do remember that you are taxed if the equity proceeds exceed Rs 1 lakh.