Vikram Solar IPO
Vikram Solar Limited (VIKRAMSOLR) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 26 August 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +26.9% (likely range +5% to +69%), day's high +36.4%, chance of a gain 95%. Actual: +1.8% at the open, +14.9% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 1,26,67,954 | 1,80,88,16,760 | 143x | |
| NII (HNI) total | 97,12,871 | 49,43,81,250 | 50.9x | |
| Big NII (above ₹10 lakh) | 64,75,248 | 37,13,60,295 | 57.4x | |
| Small NII (₹2-10 lakh) | 32,37,623 | 12,30,20,955 | 38.0x | |
| Retail | 2,26,63,365 | 17,34,22,845 | 7.65x | |
| Employees | 3,17,460 | 15,37,110 | 4.84x | |
| Total | 4,53,61,650 | 2,47,81,57,965 | 54.6x |
Bids on NSE and BSE together, as published by NSE, as of 21 Aug 2025, 07:00 PM. Shares offered exclude the anchor portion. 6% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Vikram Solar's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Emcure PharmaceuticalsJul 2024 | 196x | 48.3x | 7.21x | 67.9x | ₹1,950 Cr | +31.4% | +37.4% |
| IndegeneMay 2024 | 198x | 55.1x | 7.95x | 69.9x | ₹1,840 Cr | +44.9% | +46.0% |
| Anthem BiosciencesJul 2025 | 183x | 42.4x | 5.64x | 63.9x | ₹3,584 Cr | +26.9% | +31.1% |
| Premier EnergiesAug 2024 | 217x | 50.0x | 7.69x | 74.4x | ₹2,838 Cr | +120.0% | +121.0% |
| SBFC FinanceAug 2023 | 193x | 49.1x | 11.0x | 70.2x | ₹1,082 Cr | +43.9% | +67.5% |
| ASK AutomotiveNov 2023 | 142x | 35.5x | 5.70x | 51.1x | ₹834 Cr | +7.5% | +12.3% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| JM Financial | 109 | +22.8% | 75% |
| Nuvama Wealth Management | 35 | +11.9% | 66% |
| UBS Securities India | 5 | +9.9% | 100% |
| Equirus Capital | 34 | +21.3% | 74% |
| PhillipCapital (India) | 2 | +5.0% | 100% |
Offer documents (NSE)
Frequently asked
What is the Vikram Solar IPO price band and lot size? ₹315–332 per share, with a lot of 45 shares, so the smallest retail bid is ₹14,940.
How many times has it been subscribed? 54.6x overall: QIB 143x, NII 50.9x, retail 7.65x, employees 4.84x.
How did it list? It opened at ₹338, +1.8% against the issue price of ₹332, and closed its first day +7.3%.
