Vikram Solar IPO ended with a big bang on August 21, receiving oversubscription of whopping 54.64 times across investors categories. The next big update for the IPO is its allotment status which will be held on August 22. However, Vikram Solar will list next week on BSE and NSE. Will it be bigger than already popular energy giants like Waaree Energies and Premier Energies?
Vikram Solar IPO Vs Waarie Energies Vs Premier Energies:
As per data from brokerage Geojit, Vikram Solar IPO is expected to list with a market capitalisation of approximately Rs 12,009 crore. Its return on equity will be around 11.3%, while price-to-equity ratio is set to 85.9x. The earnings per share is seen at Rs 3.9.
From the data it can be said that Vikram Solar IPO will not be bigger than energy giants like Waaree Energies Limited and Premier Energies Limited.
As of August 22, 2025, Waaree Energies share price is at Rs 3188.15 apiece with market cap of Rs 91,590.19 crore. Its price-to-equity is lower to 44.26x, and return on equity (ROE) is stronger to 42.78%. The earnings per share is also strong at Rs 72.03.
Furthermore, Premier Energies share price stood at Rs 1008.30 apiece, with market cap of Rs 45,451.58 crore. Its earnings per share is Rs 3.07, price-to-equity ratio intense at 328.44x, and return on equity is around 8.01%.
Noteworthily, Vikram Solar will outperform Premier Energies in terms of EPS, PE ratio and ROE.
"In FY25, VSL reported EBITDA and PAT margins of 14.4% and 4.1%, respectively, trailing peers due to limited backward integration and a lower export mix. Margins are expected to improve with the planned addition of cell manufacturing. The company delivered a RoE of 11.3% and RoCE of 17%," said Geojit's report.
However, the IPO issue price of Rs 332 of Vikram Solar is reasonable relative to peers. Vikram is looking to scale its module manufacturing capacity from 4.5 GW to 15.5 GW by FY26 and further to 20.5 GW by FY27, including a 3 GW facility in the U.S. to localize its supply chain.
Vikram Solar IPO GMP:
As per Investor Grain, Vikram Solar IPO last GMP is Rs 38.5, last updated Aug 23rd 2025 03:34 PM. With the price band of 332.00, Vikram Solar IPO's estimated listing price is Rs 370.5 (cap price + August 23 GMP).The expected percentage gain/loss per share is 11.60%.
Vikram Solar IPO Allotment Status:
The allotment status of Vikram Solar IPO is out for investors to check their eligibility. There are three modes to check allotment status online. These are --- BSE, NSE, and MUFG Intime India which is the registrar of the IPO.
Check direct links here for Vikram Solar IPO allotment status:
After the allotment status, Vikram Solar will initiate refunds and credit shares to eligible shareholders on August 25, 2025. The tentative listing date is August 26 accordingly.
The IPO was open for subscription from August 19 to August 21, at a price band of Rs 315 to Rs 332. The IPO received oversubscription of 54.63x on the final day.
Prediction:
"The strong subscription reflects broad-based confidence in India's solar growth story and Vikram Solar's leadership, backed by its expansion plans to 20.5GW modules and 12GW cells by FY27," said Gaurav Garg, Lemonn Markets Desk.
Also, he added, "While valuations at a P/E of 72x are at a premium to peers, the company's improving financial performance, marquee clientele, and industry tailwinds make it a compelling long-term renewable energy play."
Disclaimer: The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.
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