Kolkata, 20 August, 2025 :
Vikrant Solar Limited, one of India’s leading solar photovoltaic (PV) module manufacturers, is set to launch its Initial Public Offering (IPO) on August 19, 2025. The issue will close on August 21, 2025. The company has fixed the price band at ₹315–₹332 per equity share.
The IPO comprises a fresh issue worth ₹1,500 crore and an offer for sale (OFS) of 1.74 crore shares by the promoter group. Funds raised will be deployed towards investment in its subsidiary VSL Green Power Pvt. Ltd., capacity expansion, debt reduction, and general corporate purposes.
Founded in 2009, Vikrant Solar has established itself among India’s largest PV manufacturers with a module capacity of 4.5 GW and cell capacity of 2.85 GW as of March 2025. The company operates two advanced manufacturing facilities in West Bengal and Tamil Nadu, catering to both domestic and international demand.
Its client portfolio includes marquee names such as Neyveli Lignite Corporation, NTPC, ACME Solar, Adani Green Energy, JSW Energy, AMPIN Energy Transition, First Solar India, and ReNew Power, positioning the company as a trusted partner in India’s renewable energy ecosystem.
Vikrant Solar has demonstrated strong financial performance. Revenue climbed 36.34% year-on-year, from ₹2,510.99 crore in FY24 to ₹3,423.45 crore in FY25. Net profit surged 75.41%, rising from ₹79.72 crore to ₹139.83 crore over the same period.
The IPO will be conducted via the book-building route, with 50% of the net offer reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for Retail Investors (RIIs), in line with SEBI norms.
The issue is being managed by JM Financial, Tulam Wealth Management, UBS Securities India, Equirus Capital, and Investec India as book-running lead managers, while MUFG Investor Services India Pvt. Ltd. will act as registrar.
