August 26th, 2025, Vikram Solar, a major player in renewable energy, listed its much-awaited IPO yesterday.
The debut of the shares was a bit cold, but after the listing, investors showed tremendous interest in the stock, and the price went up sharply.
Listing Price: Halka Premium
At the 2.4% premium over the issue price of ₹332, the company’s shares were listed on the BSE for ₹340 each.
The opening price on NSE was ₹ 338, meaning a gain of just 1.8%. market experts had earlier expected a stronger listing, but the opening was not that dramatic.
Grey Market Premium (GMP) vs Reality
Before listing, GMP was giving high hopes to investors:
- On 25 August, GMP was around ₹41, which suggested that listing could go up to ₹373 ( 12% premium).
- On 18 August, GMP was at peak, ~₹57–58, i.e, a 17% premium was possible.
- The final GMP came down to ₹38, which showed the expected listing at ₹370.
But actual listing happened at just 2% premium. Meaning, market took cautious stance
Rally after Listing
The surprise twist was that the stock gained momentum after listing. Vikram Solar’s stock rose 9.2% by midday, trading over 12% higher than the IPO price
This signals that long-term investors’ confidence is strong, even though the initial listing was flat.
Number Of IPO Subscription
The response to the IPO was overwhelming:
Total subscription: 54x
Retail investors: 7.65x
QIBs (Qualified Institutional Buyers): 142.79x
NIIs (Non-Institutional Investors): 50.90x
The company raised around ₹2,079 crore from the IPO — of which ₹1,500 crore was fresh issue and ₹579 crore was Offer for Sale (OFS).
Reasons of the Market Reaction
High Valuation :Â IPO’s P/E multiple was around 86x, which seemed expensive to investors.
Strong Fundamentals: Vikram Solar is a leading solar PV module manufacturer in India with a strong order book.
Sector Growth: India’s renewable energy push and government support could become a big long-term growth driver for the company.
Market’s Next ExpectedÂ
In the short term there could be volatility in the stock as some investors will book listing gains.
The long-term solar sector is quite bright, and there is a huge opportunity for leaders like Vikram Solar.
