Vikram Solar lists at ₹340-338, below gray market levels
Vikram Solar, a major Indian solar panel maker, listed its shares on Tuesday at ₹340 (BSE) and ₹338 (NSE)—just 2% above the IPO price of ₹332.
This was below the buzzed-about gray market price of ₹373, making for a quieter debut than many expected.
Who are they?
Founded in 2005, Vikram Solar is one of India's top solar PV manufacturers, currently running at 4.5 GW capacity.
They supply high-efficiency solar modules and handle big projects for clients like NTPC and Adani.
The company has big plans—aiming to boost module capacity to 15.5 GW by FY26 and set up a new solar cell plant in Tamil Nadu with up to 12 GW capacity.
What about the IPO?
The IPO was a hit with investors—oversubscribed nearly 55 times overall, thanks mostly to strong interest from institutions (QIBs went all-in at over 142x).
Vikram Solar raised ₹2,079 crore through the offering; most of it will go toward expanding their green energy projects under their VSL Green Power subsidiary.