Vikram Solar IPO

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Company Details

VIKRAM SOLAR LIMITED are one of India’s largest solar photo-voltaic (“PV”) modules manufacturers in terms of operational capacity, with more than 17 years of experience in the industry (Source: CRISIL Report) as of March 31, 2025.

They were also featured in BloombergNEF as a Tier 1 manufacturer in the first quarter of CY 2014, and have been subsequently listed repeatedly with the latest inclusion in the first quarter of 2025. In May 2025 they have received the prestigious EUPD Top Brand PV Seal. They strive to deliver reliable solar solutions through high efficiency and innovative products, and they propose to achieve this through their specialized high efficiency PV module manufacturing.

They commenced their manufacturing operations in 2009 with an installed solar PV module manufacturing capacity of 12.00 MW, which has grown to 4.50 GW installed capacity as on the date of this Red Herring Prospectus. Their existing manufacturing facilities are strategically located at Falta SEZ in Kolkata, West Bengal and Oragadam in Chennai, Tamil Nadu, with access to ports, rail and roads, helping them to facilitate both their domestic as well as international operations. To meet growing demand, they are currently undertaking significant greenfield and brownfield expansion plans, which are expected to increase their installed solar PV module manufacturing capacity to up to 15.50 GW by Fiscal 2026 and up to 20.50 GW by Fiscal 2027. Furthermore, they are 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, in Gangaikondan, Tamil Nadu by Fiscal 2027 (Source: CRISIL Report).

They also aim to start with a greenfield project for battery energy storage system (“BESS”) with an initial capacity of 1.00 GWh in Tamil Nadu which is expandable to 5.00 GWh in Fiscal 2027, representing a strategic diversification to capitalize on the growing demand for BESS along with positioning their Company as a leader in energy generation and storage, and thereby adding to their revenues and profitability (Source: CRISIL Report).

Log in to the Mirae Asset Sharekhan app and tap the hamburger menu.
Under the EQUITY dropdown option, tap IPO/OFS/BOND to land on the IPO dashboard.
Click on the Current IPO tab and select the IPO of your choice.
On the IPO application form that opens, fill in details like the Demat Account Number, Category of investor, number of lots you wish to invest in, the Cut-Off Price and others.
Now enter your UPI ID (make sure this UPI ID is connected to your Mirae Asset Sharekhan-mapped bank account) on the form.
Read and accept the Terms & Conditions and click on the SUBMIT button. Recheck the details on the order confirmation screen and confirm the order.
Once the exchange receives details about your bid, you will get a notification (IPO mandate request) on your UPI app and an SMS as well.
Log in to your UPI app and go to the pending mandates section.
Verify all the details once again and authenticate your bid amount by entering your UPI PIN.
Once done, the IPO application amount will be blocked and you will receive an SMS about the blocked Bid amount.

Note: The actual amount will be debited when the shares are allotted to you.

How to apply for an IPO on the Mirae Asset Sharekhan app

How to apply for an IPO on the Mirae Asset Sharekhan website

Log in to the Mirae Asset Sharekhan website and click the IPO & OTHERS menu option you see on the top-right.
From the list of Active IPOs, select the IPO of your choice
On the IPO application form that opens, fill in details like the Demat Account Number, Category of investor, number of lots you wish to invest in, the Cut-Off Price and others.
Now enter your UPI ID (make sure this UPI ID is connected to your Mirae Asset Sharekhan-mapped bank account) on the form. Read and accept the Terms & Conditions and click on the SUBMIT button.
Recheck the details on the order confirmation screen and confirm the order.
Once the exchange receives details about your bid, you will get a notification (IPO mandate request) on your UPI app and an SMS as well. Log in to your UPI app and go to the pending mandates section.
Verify all the details once again and authenticate your bid amount by entering your UPI PIN.
Once done, the IPO application amount will be blocked and you will receive an SMS about the blocked Bid amount.
Your IPO order will now appear on your Mirae Asset Sharekhan Order Book, from where you can modify or cancel your IPO bid if you so wish.

Note: The actual amount will be debited when the shares are allotted to you.

How does an IPO work?

An IPO offers share market participants like you and me an opportunity to be a shareholder in an erstwhile privately held company that is now going public and being listed on the market. Historically speaking, investors who choose the right IPOs make significant returns on their investments, which increases the attraction of IPOs.

Once you are a shareholder, you are eligible to receive dividends from the company proportional to the shares you own. You can also sell your stocks for profit on the stock exchange.

In exchange for its shares, the company has an opportunity to raise huge capital to be used to further enhance its business and scale up its operations. The company also has other benefits, such as credibility; visibility; better leverage to effect mergers, acquisitions and even to procure loans at lower rates of interest.

In India, the entire IPO process is ably regulated by the Securities & Exchange Board of India (SEBI), right from the IPO filing by the company to the bidding, allotments and refunds (in case you aren't allotted shares due to oversubscription).

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Price: 190 - 194 | IPO Lot Size: 600 | IPO Issue Size: NA
Open Date: 05 Dec 2025 | Close Date: 09 Dec 2025

Vikram Solar IPO

Company Details

How to apply for an IPO on the Mirae Asset Sharekhan app

How to apply for an IPO on the Mirae Asset Sharekhan website

How does an IPO work?

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