New Delhi, Aug 26 (HS): Solar photovoltaic module manufacturer Vikram Solar Ltd. made a modest entry on the stock exchanges Tuesday, with its shares listing slightly above the issue price but later gaining momentum on sustained buying interest.
The stock, priced at ₹332 in the IPO, debuted at ₹340 on the BSE and ₹338 on the NSE, giving investors just about a 2% listing gain. However, strong post-listing demand pushed the scrip higher, and it closed the day at ₹356.40, delivering a 7.35% gain over the issue price.
The company’s ₹2,079.37-crore IPO, open for subscription between August 19–21, had attracted robust demand, with an overall subscription of 56.42 times. The Qualified Institutional Buyers (QIB) category was subscribed 145.10 times, the Non-Institutional Investors (NII) portion 52.87 times, while the retail quota drew 7.98 times subscription.
The issue included a fresh equity sale worth ₹1,500 crore and an Offer for Sale (OFS) of 1.74 crore equity shares (face value ₹10 each). The company plans to use the IPO proceeds for capex requirements of its Phase 1 and Phase 2 projects, as well as for general corporate purposes.
Financially, Vikram Solar has exhibited sharp growth in recent years. Net profit jumped from ₹14.49 crore in FY23 to ₹79.72 crore in FY24, and further to ₹139.83 crore in FY25. Revenue expanded at a healthy 28% CAGR, reaching ₹3,459.53 crore in FY25. The company’s debt, meanwhile, has fluctuated — rising from ₹737.79 crore in FY23 to ₹808.33 crore in FY24, before declining significantly to ₹230.67 crore by FY25-end.
Despite only a marginal listing premium, strong fundamentals and investor appetite helped the stock sustain gains through the trading session, rewarding IPO investors with decent first-day returns.
---------------
Hindusthan Samachar / Jun Sarkar
