Vikram Solar has listed today, slightly higher than the issue price band. Despite the mild listed price, the freshly-listed stock boosted gaining huge on the first trading day.
After a successful IPO, Vikram Solar had a robust trading session post-listing today on the Indian stock market. The stock listed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), representing a critical milestone for the company and the Indian solar energy industry. The shares listed at a reasonable premium to the issue price, indicating consistent investor demand in anticipation of growth in the renewable energy segment. The IPO raised about Rs 2,079 crore and was subscribed 54.63 times, representing firm institutional and retail investor demand.
The shares were listed at Rs 338 on NSE and Rs 340 on BSE, premiums of 1.81% and 2.4% respectively above the issue price of Rs 332 per share. Even with a good subscription, listing gains were comparatively subdued compared to grey market expectations, which had predicted over a 10% premium. Although the first trading day saw the shares close at 356.40 i.e. 7.34%, after touching the intraday high of 381.65.
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Experts who have been keen on the IPO rate Vikram Solar favourably placed for growth in the future. Indian solar power industry is expected to grow rapidly driven by policies of the government and growing demand for clean energy, believes Akhilesh Desai of Ajcon Global Services. Vikram Solar's high revenue and profit growth coupled with its strong manufacturing capacity and distribution network form a strong foundation. But short-term investors may look to take profits at listing gains, whereas those with a greater risk appetite and longer investment horizon can benefit from long-term sector growth.
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The financial improvement of the company is impressive. Vikram Solar registered a net profit jump from loss in FY2022 to profit of Rs 139.83 crore in FY2025, with EBITDA margin enhancing from 8.98% to 14.37%. Its order book also reflects strength, increasing from Rs 278 crore to above Rs 1,000 crore, providing good visibility for future revenues. Analysts point out that despite risks like raw material price fluctuations and customer concentration, the company's strategic direction on advanced manufacturing and R&D, along with its leadership in the market, provide comfort for positive outlook.
Vikram Solar's IPO proceeds are primarily set aside for enhancing manufacturing capacities and debt repayment, in line with its expansionary ambitions. The investment world sees this IPO as a prime opportunity to invest in India's energy transition, considering Vikram Solar's established credentials and operational superiority in making solar photovoltaic modules. The listing ceremony was a significant occasion indicating confidence in the solar industry path in India.
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In summary, Vikram Solar’s IPO listing has drawn strong investor participation and has been welcomed by market experts as a step forward for renewable energy investments in India. While immediate listing gains were modest, the company’s long-term growth prospects appear promising amid national clean energy goals and its improving financial health.
