New Delhi, Aug 26 (HS): Shares of solar photovoltaic module maker Vikram Solar listed with a modest uptick on the stock exchanges today, before gathering steam on the back of sustained buying interest.

The company had priced its IPO shares at ₹332 apiece. On debut, the stock opened at ₹340 on the BSE and ₹338 on the NSE, translating into a marginal 2% listing gain for investors. Post-listing, however, demand picked up steadily, pushing the stock to ₹353 around 10:15 am, delivering investors a 6.33% return within the first hour of trade.

Vikram Solar’s ₹2,079.37 crore IPO, which was open between August 19 and 21, witnessed overwhelming investor response. The issue was subscribed 56.42 times overall, led by strong institutional demand. The QIB portion was oversubscribed 145.10 times, while non-institutional investors bid 52.87 times the reserved quota. The retail investor portion saw nearly 8 times subscription.

The offer comprised a fresh issue of shares worth ₹1,500 crore and a secondary offer for sale (OFS) of 1.74 crore equity shares of face value ₹10 each. Proceeds from the fresh issue will be deployed towards Phase 1 and Phase 2 project capex plans as well as general corporate purposes.

Financially, the company has been on a growth trajectory. According to its prospectus disclosures, Vikram Solar’s net profit jumped from ₹14.49 crore in FY23 to ₹79.72 crore in FY24, further soaring to ₹139.83 crore in FY25. Its revenue expanded at a CAGR of over 28%, reaching ₹3,459.53 crore in FY25. Debt levels showed fluctuation, rising from ₹737.79 crore in FY23 to ₹808.33 crore in FY24, but later declining significantly to ₹230.67 crore by FY25-end, indicating a stronger balance sheet.

With the company’s robust fundamentals, strong IPO subscription, and steady demand on listing day, Vikram Solar’s market debut signals cautious optimism among investors eyeing the renewable energy space.

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Hindusthan Samachar / Jun Sarkar