The buzz is strong — Vikram Solar is reportedly preparing for an IPO, with the expected price band hovering around ₹400–₹420 per share. As one of India’s leading solar energy companies, Vikram Solar’s listing marks an important milestone in its corporate journey. But for investors in the unlisted market, the story has already been playing out — full of swings, opportunities, and now, important lessons.
Let’s explore Vikram Solar’s business model, financial traction, and price movement in the unlisted space — and what investors can expect from the IPO.
Vikram Solar is a tier-1 solar PV module manufacturer, engaged in:
Solar Panel Manufacturing: Specialises in high-efficiency mono PERC and bifacial panels.
EPC Projects: Executes large-scale solar projects for government and industrial clients.
Operations & Maintenance (O&M): Offers asset lifecycle management services.
Government agencies (e.g., NTPC, SECI)
Private solar developers
Export to international markets (Europe, USA, Africa)
With India targeting 500 GW of renewable energy by 2030, Vikram Solar is well-positioned to benefit from structural growth.
As per their Draft Red Herring Prospectus (DRHP):
Order Book: Stood at 8,214.63 Megawatt (MW)
Module manufacturing capacity: Over 3 GW (expandable)
The order book includes both domestic and international EPC and module supply contracts.
Capacity expansion and PLI (Production Linked Incentive) support could further boost margins and revenue visibility.
Early 2024 lows: ~₹150–₹180 range
Mid-2024: Climbed to ₹250–₹320 as solar sector gained momentum
Late 2024: Sharp rally to ₹465 in anticipation of IPO
2025 June: Trading around ₹475 in the unlisted market
Investors who bought around ₹150 in early 2024 are now sitting on 3x returns.
However, as the IPO price is expected around ₹400–₹420, those entering now are exposed to listing-day risk.
Early buyers (₹150–₹200): Saw 2.5x–3x appreciation
Mid-stage buyers (₹300–₹350): Still likely to benefit from listing gains
Late entrants (₹450–₹475): Need a strong listing (₹500+) to make profits
Hence, IPO performance will critically affect short-term gains for recent investors.
Assuming IPO pricing at ₹410:
Market Cap could be ~₹13000 crore
Valuation may look stretched if profitability doesn’t justify the premium
Listing gains will depend on: market sentiment + renewable sector tailwinds + valuation comfort
If the stock lists below IPO price, recent investors could see mark-to-market losses. If it lists at ₹500+, those buying around ₹475 may make marginal gains.
IPO gains are not guaranteed — recent pre-IPO buyers need +15% listing premium to make meaningful profit
If listing is flat or negative, lock-in of 6 months (for pre-IPO investors) may cause illiquidity
Evaluate based on long-term fundamentals, not hype alone
Vikram Solar’s IPO is a key milestone for the renewable energy space — but for unlisted investors, it’s also a story of timing, valuation, and discipline.
1. Those who entered early saw strong gains.
2. Those buying at the top are exposed to IPO-day volatility.
Lesson: In the unlisted market, understanding business quality and timing your entry can be the difference between compounding and disappointment.
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