India’s IPO Boom: ₹4,000 Crore Worth of Issues in August, Vikram Solar Shines Bright

The IPO Rush in India

The Indian stock market is thriving with new possibilities. Investors are witnessing one of the most active primary market phases in recent years, with multiple companies tapping into the capital markets to raise funds.Before August 2025 comes to an end, nearly four initial public offerings (IPOs) worth around ₹4,000 crore are set to hit Dalal Street.

Among these upcoming issues, one name has particularly captured attention—Vikram Solar Limited, a leading solar energy solutions provider.Its IPO, backed by strong anchor investor participation and a noticeable grey-market premium, has already become the talk of the town.

But Vikram Solar isn’t the only star of this show.Other mid-sized companies from healthcare, recycling, and manufacturing sectors are also lining up with offerings, indicating that investor appetite is not limited to one industry.

The IPO surge is a reflection of the strong momentum in India’s equity markets, high retail investor participation, and the government’s push toward renewable energy and infrastructure expansion.For investors, this month is about choices—whether to chase potential listing gains, bet on long-term growth sectors, or simply wait on the sidelines.

In this article, we’ll take a detailed look at the upcoming IPOs, dig deep into Vikram Solar’s business model, growth plans, risks, and valuations, and analyze what this means for India’s overall IPO landscape.

Upcoming IPOs Worth ₹4,000 Crore

With four new companies ready to go public, the market is preparing for a combined capital raise of nearly ₹4,000 crore.While Vikram Solar is the largest and most anticipated among them, the others also present interesting opportunities.

Key Highlights of the Four IPOs:

Anlon Healthcare – A mid-sized healthcare company expanding into diagnostic services. It seeks to leverage the post-pandemic demand for preventive healthcare and modern labs.
Jain Resource Recycling – Positioned in the recycling and sustainability space, this company aims to cash in on India’s growing push toward circular economy practices.
Jinkushal Industries – A specialty manufacturing firm with niche expertise in engineering products. Its IPO reflects the momentum in India’s manufacturing sector as global firms diversify supply chains.
Sunshine Pictures – Representing the entertainment and media industry, this company’s listing shows how content production and OTT tie-ups are driving new growth opportunities.

Collectively, these IPOs highlight the diversity of India’s business ecosystem.From healthcare to renewable energy, manufacturing to entertainment, the companies are targeting different investor groups.

This comes on top of other ongoing IPOs such as Shreeji Shipping Global, Gem Aromatics, and Patel Retail, which together are raising about ₹3,200 crore. The latter half of 2025 is poised to be one of the most active IPO periods in recent years.

For investors, this presents a challenge: where to allocate limited capital.Should one bet on the proven demand for renewable energy, or diversify into upcoming industries like recycling and specialty manufacturing?The choices are plenty, but due diligence is more important than ever.

Vikram Solar IPO: The Big Highlight

Among all upcoming issues, the spotlight is firmly on Vikram Solar Limited.A leader in solar module manufacturing, the company has been a key contributor to India’s renewable energy transition.

IPO Details:

Issue Size: Around ₹2,079 crore
Fresh Issue: ₹1,500 crore
Offer-for-Sale (OFS): ₹579 crore
Price Band: ₹315–₹332 per share
Lot Size: 45 shares (minimum investment ~₹15,000)
Subscription Dates: August 19–21, 2025

The IPO is structured in a way that allows both new capital infusion (fresh issue) and partial exits for existing investors (OFS).The fresh funds will be used primarily for expanding manufacturing capacity, while the OFS gives early backers a chance to book profits.

What makes this IPO unique is the strong pre-IPO anchor book.Vikram Solar successfully raised over ₹621 crore from marquee institutional investors before the issue opened to the public.This included participation from heavyweight global funds like Goldman Sachs and Morgan Stanley, as well as domestic giants such as ICICI Prudential and Kotak Mahindra Mutual Fund.

Such anchor interest usually builds confidence in the broader market, signaling that the company has institutional backing and long-term credibility.

Grey Market Premium and Subscription Trends

When a big IPO launches, investors focus on two key indicators: grey market premium (GMP) and subscription rates, which reflect market sentiment before listing.

Grey Market Premium (GMP):

For Vikram Solar, the GMP has been consistently positive.Reports suggest that the shares are commanding a 16% premium in the unofficial grey market.In certain cases, the premium reached about ₹54 above the issue price, signaling strong expectations for listing gains.

While GMP is not always an accurate predictor of listing price, it does show investor enthusiasm and speculative demand.For retail investors, a strong GMP often serves as an early green light.

Subscription Status:

On Day 1 of subscription, the IPO was already oversubscribed by nearly 1.5 times.Retail investors and non-institutional investors (HNIs) drove this demand.The Qualified Institutional Buyers (QIBs), however, showed relatively low interest on the first day, subscribing to only a fraction of their quota.

By the end of Day 1:

Retail Portion: Subscribed 1.4×
NII Portion: Subscribed nearly 2×
QIB Portion: Barely subscribed (0.02×)

This trend suggests that while institutions were taking a cautious wait-and-watch approach, smaller investors were betting big on the company’s growth potential.If QIB participation picks up on later days, the IPO could see a much stronger overall subscription figure.

Business Profile: Who is Vikram Solar?

Vikram Solar is not a new name in the renewable energy ecosystem.Established as a solar PV module manufacturer, the company has expanded steadily over the years and positioned itself among the top players in the sector.

Core Operations

The company is primarily engaged in the design, manufacturing, and supply of solar photovoltaic (PV) modules.These are used in utility-scale solar power projects as well as in rooftop installations for commercial and residential purposes.

Vikram Solar has installed projects across India and abroad, building credibility as a Tier-1 module supplier recognized by global agencies.Its strong order book—over 10,000 MW worth of projects—provides revenue visibility for the coming years.

Expansion Plans

The IPO proceeds will fuel bold plans for expanding capacity.

Current manufacturing capacity: 4.5 GW
Planned expansion: 20.5 GW by FY27

This includes setting up a fully integrated solar cell and module plant and entering into Battery Energy Storage Systems (BESS)—a move that could make Vikram Solar a significant integrated energy solutions provider.

Competitive Advantage

Acknowledged as a Tier-1 module supplier, securing global trust.
Large-scale operations and economies of scale.
Strong institutional relationships and government project experience.

At the same time, there are challenges. The company is heavily dependent on imported raw materials, faces stiff competition from domestic and Chinese players, and is valued at a high P/E ratio of ~72×, which could deter conservative investors.

Still, with India’s renewable energy mission aiming for 500 GW by 2030, Vikram Solar stands in a sunrise sector with long-term tailwinds.

Why Vikram Solar’s IPO Matters

When we look at IPOs, not all carry the same weight.Some are routine fundraises, while others represent big shifts in industries.Vikram Solar’s IPO is one such offering that matters on multiple fronts.

First, it marks a big moment for India’s renewable energy push.With global pressure to reduce carbon emissions, solar energy has become one of the fastest-growing sectors in the world.India’s commitment to achieve net zero by 2070 and its interim target of 500 GW of renewable capacity by 2030 makes solar energy central to the strategy.Companies like Vikram Solar are at the heart of this transformation.

Second, this IPO reflects the confidence of international investors in India’s green economy.Anchor investors like Goldman Sachs, Morgan Stanley, and BNP Paribas don’t put money into every IPO—they pick companies they see as having long-term potential.Their participation here validates Vikram Solar’s position in the industry.

Finally, it matters because it sets the tone for upcoming renewable IPOs.If Vikram Solar lists successfully and delivers good returns, it will likely encourage more companies in clean energy, EV, and green tech to come forward with their own issues.In short, this IPO could become a bellwether for India’s green capital markets.

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Risks Investors Should Know

No investment is without risk, and IPOs, despite the excitement, are no exception.Vikram Solar has strong positives, but investors should also be aware of the challenges.

High Valuation

At a price-to-earnings (P/E) ratio of around 72×, Vikram Solar is more expensive than some of its peers.For example, Waaree Energies trades at a lower valuation while enjoying a similar growth profile.High valuations can make a stock vulnerable if earnings growth does not match expectations.

Dependence on Imports

Solar module manufacturers often depend heavily on imported raw materials, especially from China.Any supply chain disruption, trade restriction, or rise in input costs could hurt margins.

Customer Concentration

A large portion of Vikram Solar’s revenue comes from a few big customers.Losing any one of these clients could significantly impact financials. Diversification is still a work in progress.

Underutilization of Capacity

Despite having a decent manufacturing capacity, the company has not been able to use it fully.Lower utilization rates raise concerns about demand stability and execution capability.

Global Competition

The solar industry is highly competitive, with Chinese manufacturers dominating global markets.Competing on cost and technology is always a challenge for Indian companies.

While these risks don’t make the IPO unattractive, they highlight why careful evaluation is crucial.Investors seeking long-term exposure to renewables may find it appealing, but those only looking for short-term listing gains should keep an eye on subscription levels and market mood.

How Analysts View the IPO

Market experts and brokerages are divided in their views about Vikram Solar.

Positive Views: Several analysts, including those at SBI Securities, recommend subscribing to the IPO, citing strong anchor backing, sectoral growth opportunities, and ambitious expansion plans. They believe that long-term investors in particular can benefit.
Cautious Views: Others urge caution, pointing out the high valuation, dependency on imported materials, and limited export presence. They highlight that while demand for solar is strong, execution will determine whether Vikram Solar can actually deliver on its promises.

Brokerage houses generally advise investors to apply only if they have a long-term horizon, rather than seeking instant listing gains.This balanced perspective shows that while the company is strong, expectations need to be realistic.

The Bigger Picture: IPO Wave in 2025

Vikram Solar’s IPO is not happening in isolation. India’s IPO scene has been electrifying in 2025. After a robust H1, the second half is expected to see even bigger names hit the market.

Reports suggest that IPOs worth more than ₹2.5 lakh crore are in the pipeline for the year.Companies across diverse industries—from Tata Capital to Groww—are preparing to raise funds.The sheer scale of offerings shows that Indian equity markets are maturing, with more companies seeing public markets as the best way to scale.

What’s interesting is that investor participation is at record highs.Retail investors, who were once hesitant about IPOs, are now among the most aggressive bidders.This democratization of investment means that companies can raise large sums without relying solely on institutions.

The four upcoming IPOs worth ₹4,000 crore in August add to this momentum.If they perform well, it will build even more confidence for the bigger issues lined up later in the year.

Should You Apply for Vikram Solar’s IPO?

The golden question for every investor: Should I apply or skip?

The answer depends on your investment style.

If you are looking for listing gains, the grey market premium of ~16% suggests there could be profits on day one. However, GMP can change quickly, so it’s not a guarantee.
If you are a long-term investor, Vikram Solar offers exposure to one of the fastest-growing industries. Its expansion into solar cells and battery storage could unlock massive opportunities in the next 3–5 years.
If you are a conservative investor, the high valuation and risks might make you uncomfortable. In that case, waiting until after listing to buy at a fairer price might be smarter.

In short: Aggressive investors can consider applying, while cautious ones may want to wait and watch.The IPO is strong, but it’s not risk-free.

How Vikram Solar Plans to Use IPO Proceeds

Every IPO is not just about raising money—it’s about how that money will be used.Investors pay close attention to the company’s plans for deploying funds, as it reflects management’s strategy and growth vision.

For Vikram Solar, the ₹1,500 crore fresh issue will support:

Manufacturing Expansion: Setting up a 3,000 MW solar cell and module plant. This backward integration will reduce dependency on imports and make the company more self-reliant.
Doubling Module Capacity: Increasing module capacity from 3,000 MW to 6,000 MW, thereby strengthening its ability to handle both domestic and export demand.
Battery Energy Storage (BESS): Entering the energy storage segment, which is expected to grow exponentially as renewable energy adoption increases.
Operational and Corporate Flexibility: Funding daily operations and maintaining financial agility.

These investments align with India’s renewable roadmap and give Vikram Solar a chance to not just be a module maker but a full-fledged renewable solutions provider.For investors, it signals long-term growth potential—though execution will be the key factor.

Financial Performance: Growth and Profitability

When evaluating an IPO, financials often play the biggest role in deciding whether to invest. Vikram Solar’s recent numbers have been encouraging.

Revenue Surge: The company achieved a 37% year-on-year revenue increase in FY25.
Profitability: Net profit jumped by nearly 75% in the same period, reflecting better margins and strong demand.
Order Book: With a backlog of over 10,000 MW, the company has visibility for stable revenue streams in the coming years.

However, not everything is rosy. The company has had periods of low capacity utilization, and exports have been declining compared to earlier years.This suggests that while domestic demand is strong, global competitiveness is still a challenge.

Still, the overall financial trajectory gives confidence that the IPO is backed by tangible performance, not just future promises.

Comparing Vikram Solar With Its Competitors

No IPO analysis is complete without comparing the company with its peers.The solar manufacturing space in India has a few big names, including Waaree Energies, Premier Energies, and RenewSys India.

Key Comparisons:

Scale: Vikram Solar’s planned expansion to 20.5 GW capacity by FY27 would put it among the largest players in the country.
Valuation: At a P/E ratio of ~72×, Vikram Solar is costlier compared to Waaree Energies, which trades at a relatively lower multiple.
Diversification: Vikram Solar is venturing into BESS, positioning itself as a leader in cutting-edge energy storage. Some peers are yet to enter this space.
Customer Base: Vikram Solar still relies on a limited number of customers, whereas competitors like Waaree have broader international exposure.

In summary, while Vikram Solar is strong, its premium valuation means investors are paying for future growth upfront.Competitors may look more attractive on a relative basis, but Vikram Solar’s integrated model could help it stand apart in the long run.

Broader Impact on India’s Renewable Energy Mission

Beyond stock markets, Vikram Solar’s IPO has a larger significance—it strengthens India’s journey toward a clean energy future.

The government’s PLI (Production Linked Incentive) scheme for solar manufacturing, combined with anti-dumping duties on imports, has created a favorable environment for domestic manufacturers.Vikram Solar’s expansion plans directly benefit from these policy measures.

India aims to lessen reliance on Chinese solar cell and module imports . By setting up large-scale domestic plants, companies like Vikram Solar help reduce the trade deficit and enhance energy security.

For investors, this means they are not just betting on one company but on India’s renewable energy future.If India succeeds in scaling its solar ecosystem, players like Vikram Solar will be at the center of it.

Final Thoughts on the IPO Frenzy

As August draws to a close, India’s IPO market is set to close deals worth nearly ₹7,200 crore when ongoing and upcoming issues are combined.Vikram Solar is the headline act, but smaller IPOs in healthcare, recycling, and manufacturing also deserve investor attention.

For investors, the takeaway is clear:

IPOs are booming, but selection matters. Not every IPO will deliver strong returns. Thorough evaluation of fundamentals, valuations, and industry outlook is crucial.
Vikram Solar is promising but pricey. With strong anchor backing, ambitious expansion, and sectoral tailwinds, it offers a good long-term story. But the high valuation and risks mean it may not be a one-size-fits-all investment.
The bigger IPO wave is coming. With over ₹2.5 lakh crore worth of issues lined up in 2025, investors will have many opportunities to diversify and choose according to their risk appetite.

Conclusion

India’s IPO landscape is thriving, with renewable energy, healthcare, manufacturing, and entertainment companies rushing to tap into strong investor appetite.At the center of this storm is Vikram Solar’s IPO, a deal that symbolizes both the opportunities and challenges of India’s clean energy transition.

While the IPO has attracted marquee anchor investors and shows solid growth potential, it comes with risks that investors cannot ignore.Whether one should apply depends on their risk profile—aggressive investors may find it attractive, while conservative investors might prefer to wait.

hat’s certain is that India’s IPO season in 2025 will be remembered as one of the most dynamic ever.And Vikram Solar will remain one of its most talked-about listings.

FAQs

What is the exact price band of the Vikram Solar IPO?
- The public offer is priced between ₹315 and ₹332 per equity share.
When did the Vikram Solar IPO open and close?
- The IPO was open for subscription from August 19 to August 21, 2025.
How many shares constitute one lot in this IPO?
- Each lot contains 45 shares, making the minimum application amount roughly ₹14,940.
What is the total issue size of the IPO?
- Around ₹2,079 crore is being raised through a combination of fresh equity and offer-for-sale (OFS).
How is the IPO structured between fresh issue and OFS?
- ₹1,500 crore is allocated to new shares, and ₹579 crore comprises shares offered by existing shareholders.
When is the allotment expected to be finalized?
- The tentative allotment date is August 22, 2025.
When will the listing and refund processes likely occur?
- Refund initiation and share credit are expected by August 25, with listing around August 26, 2025.
What percentage of promoter holding will exist post-IPO?
- Promoter holding is likely to dilute from around 77–78% to approximately 63% post-issue.
Which stock exchanges will list the IPO?
- Listing is planned on both the BSE (Bombay Stock Exchange) and NSE (National Stock Exchange).
Who is managing the IPO as the registrar?

MUFG Intime India Pvt Ltd is handling allotment and refund processing.

What are the intended uses for the fresh issue proceeds?

Funds will be deployed for capacity expansion (both cell and module plants), backward integration, and energy storage, with some amount earmarked for general corporate purposes.

How big is Vikram Solar’s order book at the time of the IPO?

The company had over 10 GW of confirmed orders, ensuring multi-quarter revenue visibility.

What is the current grey market premium (GMP)?

GMP ranged between ₹48 to ₹61 per share, signaling a potential listing premium of about 15–18%.

What was the subscription status on Day 1 and Day 2?

Day 1 subscriptions were around 1.5× overall; Day 2 saw upticks in retail and NII interest, while QIB participation remained limited.

Which investor categories participated strongly?

Retail and non-institutional investor segments showed robust demand, but QIB demand was relatively muted.

What are the key expansion targets post-IPO?

The company plans to boost capacity from 4.5 GW to over 20 GW by FY27 and ramp up cell production.

Is Vikram Solar entering any new business verticals?

Yes, it is expanding into Battery Energy Storage Systems (BESS), potentially adding up to 5 GWh capacities in the coming years.

How does the IPO valuation compare to peers?

Vikram Solar trades at a higher P/E and P/B relative to existing players—indicating a premium valuation.

Which major institutional investors backed the IPO via anchor subscriptions?

Global and domestic names like Goldman Sachs, Morgan Stanley, ICICI Prudential, and Kotak were part of the anchor book.

Does high institutional interest guarantee a strong IPO performance?

While anchor backing boosts credibility, performance eventually depends on listing-day demand and long-term execution.

What are the main risks mentioned for investors?

Overvaluation, reliance on imported raw materials, customer concentration, and aggressive capital expenditure plans.

What financial metrics did Vikram Solar highlight pre-IPO?

FY25 revenue growth was strong (around 28–37%), with profit gains exceeding 70%, while debt levels were cut significantly.

Should one apply for long-term investment or short-term listing gains?

Investors with a long-term horizon may benefit most, whereas short-term listing gain seekers should be wary of risks and valuation.

Which sectors benefit from India’s renewable strategy that supports Vikram Solar?

Solar manufacturing, energy storage, and domestic clean-energy value chains all gain from policy incentives and PLI initiatives.

Are there any noticeable red flags related to promoter activity?

A notable chunk of the IPO is OFS, implying insiders are also monetizing. Combined with existing valuations, this may require investor scrutiny.

India’s IPO Boom: Vikram Solar Shines Bright

India’s IPO Boom: ₹4,000 Crore Worth of Issues in August, Vikram Solar Shines Bright

The IPO Rush in India

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