IPO Overview: Vikram Solar Hopeful for a Favourable Listing

Vikram Solar's highly anticipated Initial Public Offering (IPO) is now heading toward its decisive allotment and listing phase, garnering widespread interest among investors and market observers alike. The IPO had opened for subscription on August 19, 2025, and closed on August 21, 2025, at a grand subscription number, reflecting robust investor sentiment in one of India's top solar photovoltaic (PV) module manufacturers.

Oversubscription and Grey Market Premium

The Vikram Solar IPO was oversubscribed by an impressive 56.42 times overall, evidencing strong demand across retail, non-institutional, and institutional investor segments. A subscription level this high indicates the overall market confidence in Vikram Solar's growth possibilities in the face of India's ambitious renewable energy and solar power capacity increase push.

Prior to allotment, Vikram Solar's shares had exchanged hands at a grey market premium (GMP) ranging between ₹37 and ₹39 over the higher price band of ₹332 per share. The premium reflects high aftermarket demand, with analysts estimating the listing price to be around ₹369–₹371, reflecting a good potential appreciation for early investors.

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Allotment and Refund Dates

Investors wait with bated breath for the IPO allotment, which is to be completed on August 22, 2025. The allotment is carried out by MUFG Intime India Pvt. Ltd., registrar to the issue. After allotment, refund to unsuccessful or partly successful applicants shall be affected without delay, enabling timely credit to the accounts of investors.

Investors may view their allotment status on the official registrar website, as well as on the NSE and BSE websites, by providing their PAN, application number, or demat details.

Listing Details and Market Debut

Vikram Solar shares will list on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on August 26, 2025. With strong subscription and good GMP, the listing day is likely to see high trading activity and premium over the issue price of IPO.

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Expert Views on Vikram Solar IPO

• Market analysts and brokerage companies have overwhelmingly supported Vikram Solar's IPO with positive expectations, although others are guarded in terms of valuation.
• Geojit Investments scored the IPO as a "Subscribe" in the long run, pointing towards the firm's robust order book of more than 10 GW, increased margins, lower debt, and aggressive capacity growth plans. With its valuation at 25x EV/EBITDA at the higher price band, they consider it fairly priced against industry peers.
• Anand Rathi Research recognises the high price-to-earnings multiple of approximately 85.8 but highlighted the firm's growth prospects, government policy favouring it, and technology upgradation. They advised subscribing for long-term investors with an eye on the future trend in the renewable industry.
• Deven Choksey Research has been more neutral, highlighting difficulties such as dependence on imported raw materials and the absence of backward integration affecting margins over peers.

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The Vikram Solar IPO's coming public listing and allotment is a turning point for investors looking for exposure to India's fast-expanding solar energy industry. With top-heavy subscription numbers and a robust grey market premium, hopes run high for a strong market listing.

Summing Up

Although valuation is at the higher end, analysts feel that the firm's robust fundamentals, supported by government policies for renewable energy and a well-defined roadmap for growth, place it in a potential long-term investment zone. As the IPO moves toward allotment completion and listing, investors must remain updated on allotment news and market trends to profit from this potential opportunity.