Vikram Solar IPO allotment status Live: Step-by-step guide to check status, GMP hints 12% listing pop

Step 1

Go to the website of Link Intime India Private Ltd., the registrar for IPOs. Link: https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Step 2

In the dropdown menu, pick the IPO; the name will be displayed only if the allocation has been confirmed.

Step 3

Select one from the three options available to check the status: Application No, Demat Account, or PAN.

Step 4

Indicate whether you are using ASBA or non-ASBA for your type of application.

Step 5

Fill in the required details based on the option you selected in Step 3.

Step 6

Complete the captcha verification and then click on submit.

“At the upper price band of ₹332, Vikram Solar is valued at 25x EV/EBITDA (FY25), which is reasonable relative to peers. Despite a stretched P/E compared to peers, improving margins, reduced debt, and a strong order book support its growth outlook. Backed by policy tailwinds, aggressive expansion, backward integration, and entry into energy storage, the company is well-positioned to benefit from India’s renewable energy push. Hence, we recommend a ‘Subscribe’ rating on a long-term basis,” said Geojit Investments.

As of March 31, 2025, the company had an Order Book of 10,340.82 MW (which is 2.30 times of its total rated capacity as of FY 2025), of which 6,424.93 MW comprise projects/operations which are already under execution and 3,915.89 MW comprise projects which are yet to be executed.

The company’s manufacturing units are automated, utilizing equipment and technologies from Japan, Germany, United States, Switzerland and China. For example, the company deploys automation throughout the manufacturing process using SAP/BI based control algorithms to track product quality across the phases of assembly.

• 98% of FY25 revenue from solar PV modules; high dependency on a single product

line.

• Its top five customers contribute 77.5% of revenue in FY25.

"Company is strategically backward integrating into the solar value chain by establishing a solar cell manufacturing facility with two units, 3.00 GW and 9.00 GW, and aim to start a greenfield project for battery energy storage system with an initial capacity of 1.00 GWh in Tamil Nadu which is expandable to 5.00 GWh in Fiscal 2027.

 Company’s robust financial performance with a strong order book, providing clear visibility on future growth. Hence, we recommend “ Subscribe” to the issue," said Hem Securities.

The company is currently undertaking significant greenfield and brownfield expansion which is expected to increase its installed manufacturing capacity to up to 15.50 GW by FY 2026 and up to 20.50 GW by FY 2027. Furthermore, the company is strategically backward integrating into the solar value chain by establishing a solar cell manufacturing facility with 2 units, 3.00 GW and 9.00 GW, in Gangaikondan, Tamil Nadu by FY 2027. 

By Fiscal 2027, the company further intends to upgrade its solar PV module manufacturing capacity at the Falta (West Bengal) facility by an additional cumulative Total Rated Capacity of 2.00 GW and build a new facility in the United States with an additional solar PV module Total Rated Capacity of 3.00 GW. The new facility in the United States is expected to be developed by FY 2027 in association with US-based sustainability focused partners. As of date, these 2 projects are still at the planning stages.

India is actively developing its solar manufacturing capabilities, and in Fiscal 2025, India’s cumulative manufacturing capacity reached approximately 89.00 GW for solar module and approximately 25.00 GW for solar cell. India aims to build its presence across all stages of solar manufacturing over the next two to three years. India’s strong manufacturing capabilities and reputation as supplier of high-quality solar products contribute to strengthening its position as a global player.

• Maintain domestic market position through strategic expansion of solar PV module manufacturing and backward integration into solar cell manufacturing.

• Continued focus on developing new and innovative products and services.

• Expand the BESS manufacturing operations.

• Strengthen domestic presence through a dedicated retail network and distribution model.

The company was originally incorporated as ‘International Leather Clothiers Pvt. Ltd’ in December 2005 at West Bengal .The name was changed to ‘International Clothiers India Pvt. Ltd’ in May 10, 2006 and to ‘Vikram Solar Pvt. Ltd’ in September, 2008. Subsequently, the Company was converted to a public limited company, and the name was changed to ‘Vikram Solar Limited’ in August 2017.

The company has a significant client base and key domestic customers include prominent government entities, such as National Thermal Power Corporation, Neyveli Lignite Corporation and Gujarat Industries Power Co. Ltd, and large Pvt. independent power producers (“IPPs”), such as ACME Cleantech Solutions Pvt. Ltd., Adani Green Energy Ltd, AMPIN Energy Transition Pvt. Ltd, Azure Power India Pvt. Ltd, JSW Energy Ltd, First Energy 7 Pvt. Ltd and Rays Power Infra Pvt. Ltd, among others.

“To meet growing demand, Vikram Solar is currently undertaking significant greenfield and brownfield expansion plans, which are expected to increase installed solar PV module manufacturing capacity to up to 15.50 GW by FY26 and up to 20.50 GW by FY27. Strong order book provides it with a revenue visibility in the times to come. Vikram Solar's strategic decision to reduce its dependence on the EPC business and instead focus on direct sales has started paying rich dividends. We would recommend a “SUBSCRIBE” to the issue,” said AUM Capital.

Tentatively, Vikram Solar IPO basis of allotment of shares will be finalised on Friday, August 22 and the company will initiate refunds on Monday, August 25 while the shares will be credited to the demat account of allottees on the same day following refund. Vikram Solar share price is likely to be listed on BSE and NSE on Tuesday, August 26.

1. R&D focus with robust quality control systems
2. Strong technical proficiency in the solar PV module manufacturing
3. Strong presence in domestic and international markets

Vikram Solar IPO subscription status was 54.63 times on day 3. The retail portion was subscribed 7.65 times, and NII portion has been booked 50.90 times, Qualified Institutional Buyers (QIBs) portion received 142.79 times bids. The employee portion booked was 4.84 times.

Step 1

Go to the official NSE website to check the allotment status for Vikram Solar IPO - https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp

Step 2

You need to register using your PAN by clicking on the 'Click here to sign up' option on the NSE site.

Step 3

Input your username, password, and captcha code.

Step 4

Look for the IPO allotment status on the new page that appears.

Step 1

Go to the allotment section on the official BSE website – Vikram Solar IPO allotment status check online - https://www.bseindia.com/investors/appli_check.aspx

Step 2

In the 'Issue Type' dropdown, select 'Equity'.

Step 3

From the drop-down list under 'Issue Name', choose the IPO.

Step 4

Input your PAN or application number.

Step 5

Click on 'I am not a Robot' to verify your identity, then hit the 'Submit' button.

Step 1

Visit the website of Link Intime India Private Ltd., the IPO registrar. Link: https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Step 2

From the dropdown menu, select the IPO; the name will appear only if the allocation has been confirmed.

Step 3

Choose one of the three options to check the status: Application No, Demat Account, or PAN.

Step 4

Select whether you will use ASBA or non-ASBA for your application type.

Step 5

Input the required information based on the option you chose in Step 3.

Step 6

Complete the captcha verification, then click on submit.

Vikram Solar IPO GMP today is +45. This indicates Vikram Solar share price were trading at a premium of ₹45 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Vikram Solar share price was indicated at ₹377 apiece, which is 13.55% higher than the IPO price of ₹332.

According to the grey market trends from the past 12 sessions, the current IPO GMP is rising and is anticipated to result in a robust listing. The minimum GMP recorded is ₹0.00, while the maximum GMP reaches ₹69, as noted by experts.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.