IPO update: Gem Aromatics sets price band at ₹309-325; Vikram Solar at ₹315-332

India’s primary market continues to see a steady flow of new listings, with several companies preparing to debut on the domestic bourses. In the latest development, specialty fragrance maker Gem Aromatics and renewable energy solutions provider Vikram Solar have announced the price bands for their initial public offerings (IPOs), both set to open for subscription next week.

While Kolkata-based Vikram Solar has fixed the price band at ₹315-332 per share for its ₹2,079.37 crore IPO, Gem Aromatics plans to raise ₹451.25 crore at a price band of ₹309-325 apiece.

Here’s all you need to know about the upcoming IPOs:

Vikram Solar IPO

The IPO of photovoltaic module manufacturer will open for subscription on August 19 and close on August 21, while the allotment of shares are expected to be finalised on August 22. The shares of Vikram Solar are expected to be listed on the BSE and NSE on August 26, 2025.

Vikram Solar IPO is a combination of fresh issue of 4.52 crore shares aggregating to ₹1,500 crore and offer for sale of 1.75 crore shares worth ₹579.37 crore. At the upper end of the price band, the market capitalisation is pegged at around ₹12,009 crore.

The lot size for the IPO is 45 and in multiple thereafter. The minimum amount of investment required by an retail investor is ₹14,175 is for one lot.

As per the RHP filed with the Sebi, up to 50% of the net offer is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NII), and remaining 35% for retail individual investors.

Incorporated in 2009, Vikram Solar Limited is a solar photo-voltaic (PV) modules manufacturer, with a manufacturing capacity of 4.50 giga watt (GW) as of the date.

The company intends to use proceeds from the fresh issue to the extent of ₹769.73 crore for partial funding of capital expenditure through investment in its wholly owned subsidiary, VSLGreen Power for the phase-i project. Another ₹595 crore will be used for capital expenditure through investment in its wholly owned subsidiary, VSL GreenPower for the phase-ii project. The remaing capital will be used for general corporate purposes.

Vikram Solar’s revenue from operations increased by 36.34% from ₹2,510.99 crore in fiscal 2024 to ₹3,423.45 crore in fiscal 2025, primarily due to an increase in the volume of module sales in the domestic market. Profit after tax increased by 75.41% from ₹79.72 crore in fiscal 2024 to ₹139.83 crore in fiscal 2025.

Gem Aromatics IPO

The IPO of the Mumbai-based Gem Aromatics, an established manufacturer of specialty ingredients, including, essential oils, aroma chemicals and value-added derivatives in India, will open for subscription between August 19 and August 21.

The allotment for the Gem Aromatics IPO is expected to be finalised on August 22, while tentative listing date is August 26, 2025.

The ₹451.25 crore IPO of the company is a mix of fresh issue of equity shares amounting to ₹175 crore and an OFS worth ₹276.25 crore. The market value of the company is pegged at around ₹1697.71 crore at the higher end of the issue price.

The company has reserved 50% of the net offer is reserved for QIBs, 15% for NII, and remaining 35% for retail individual investors.

Incorporated in October 1997, Gem Aromatics offers a diversified portfolio of products, ranging from the mother ingredients to its various value-added derivatives. Its products find application across a broad spectrum of industries, such as, oral care, cosmetics, nutraceuticals, pharmaceuticals, wellness and pain management and personal care.

The company will use ₹175 crore 140 crore out of ₹175 crore raised from fresh equities for repayment of loan availed by it and its subsidiary, Krystal Ingredients Private Limited.

The company operates three advanced manufacturing facilities located in Budaun (Uttar Pradesh), Silvassa (Dadra and Nagar Haveli), and Dahej (Gujarat). It also has a dedicated R&D facility in Maharashtra, supported by a team of 15 scientists. The company holds a dominant position in essential oil-based products and derivatives such as mint, clove, eucalyptus, and other oils. Notably, it is the largest procurer of Piperita oil and the largest processor of DMO, Clove Oil, Eugenol, and Eucalyptus Oil in India as of FY24, as per the DRHP report.

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