Vikram Solar sets IPO price band at Rs 315-332, 14% below unlisted valuation

Vikram Solar Prices IPO Below Unlisted Value Amid Market Corrections.

Expert Analysis:

• IPO Pricing and Valuation: The IPO price band is fixed at Rs 315-332 per share, about 14 percent below the current unlisted price of Rs 385. At the upper limit of Rs 332, the company’s market capitalisation is projected at approximately Rs 14,190 crore.

• Unlisted Price Movement: Since early June, the unlisted share price has fallen from Rs 475 to Rs 385 per share, mirroring the decline seen after HDB Finance set its IPO price below unlisted market levels.

• Comparable Strategies: Companies like Tata Technologies, AGS Transact, UTI Asset Management Co Ltd, and PB Fintech have previously priced IPOs below grey market valuations.

• Unlisted Price Trends: Tata Capital’s unlisted shares rose from Rs 500 in December 2023 to Rs 1,075 by early June 2025, while NSE’s climbed from Rs 1,200 to Rs 2,400 in the same period, with both dropping over 20 percent since early June.

• Vikram Solar IPO Schedule: Opens August 19, closes August 21, anchor book on August 18, allotment on August 22, and listing on August 26.