Vikram Solar gets SEBI nod for IPO with fresh issue of ₹1,500 crore, OFS of 17.45 million shares
New Delhi: Vikram Solar Ltd has received final observation from the Securities and Exchange Board of India (SEBI) to raise funds through an
initial public offering
(IPO), comprising a fresh issue of shares worth up to ₹1,500 crore and an offer for sale (OFS) of up to 1.745 crore equity shares by promoter and promoter group selling shareholders.
According to the draft red herring prospectus, the company plans to use ₹793.36 crore from the net proceeds for partial funding of capital expenditure via investment in its wholly owned subsidiary, VSL Green Power Private Limited. The funds will be utilised to set up a 3,000 MW solar cell and 3,000 MW
solar module manufacturing
facility.
An additional ₹602.95 crore will be used to expand the existing solar module manufacturing facility under Phase I from 3,000 MW to 6,000 MW, also through VSL Green Power Private Limited. The remaining proceeds will be used for general corporate purposes.
As of March 31, 2024, Vikram Solar had an installed manufacturing capacity of 4.5 GW for solar PV modules. The company is listed on the Ministry of New & Renewable Energy's Approved List of Module Manufacturers (ALMM) among pure-play non-captive manufacturers.
The company operates manufacturing facilities at Falta SEZ in Kolkata, West Bengal, and Oragadam in Chennai, Tamil Nadu. It has plans to increase its installed capacity to 10.5 GW by fiscal 2026 and 15.5 GW by fiscal 2027. It is also setting up a 3 GW solar cell manufacturing facility in Tamil Nadu as part of its backward integration strategy.
Vikram Solar reported a 21.11 per cent increase in revenue from operations, rising from ₹2,073.23 crore in FY23 to ₹2,510.99 crore in FY24. EBITDA grew from ₹186.18 crore in FY23 to ₹398.58 crore in FY24.
The company's product portfolio includes Tunnel Oxide Passivated Contact (TOPCon) modules, Heterojunction Technology (HJT) modules, and Passivated Emitter and Rear Contact (PERC) modules in both bifacial and monofacial formats.
The book-running lead managers to the issue are JM Financial Ltd, Nuvama Wealth Management Ltd, UBS Securities India Pvt Ltd, Equirus Capital Pvt Ltd, and PhillipCapital (India) Pvt Ltd. Link Intime India Pvt Ltd is the registrar to the issue.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Reliance, Avaada among new entrants in ALMM solar modules list
Mumbai: The Ministry of New and Renewable Energy has issued the latest revision to the Approved List of Models and Manufacturers (ALMM) for solar photovoltaic modules , with several key additions including Reliance Industries , and Avaada Electro . According to the latest update dated 5 June, 2025, Reliance Industries has made the entry with an enlisted capacity of 1,716 MW per annum manufactured at its Jamnagar facility. Avaada Electro's Nagpur unit has been enlisted with a capacity of 1,272 MW per annum. Other firms such as ReNew Photovoltaics have added advanced solar panels to the list and enlisted a capacity of 2,926 MW per annum manufactured at its Jaipur facility in Rajasthan. Agrawal Renewable Energy, Unique Sun Power, Oswal Solar, Navitas Green, and Insolation Green Energy have also had module additions or capacity changes approved, indicating broad-based expansion across the sector. The latest list features a wide range of bifacial glass-to-glass and glass-to-transparent-backsheet module types across manufacturers. This ALMM revision is effective immediately and is valid up to June 4, 2029, subject to valid BIS certification. The update also clarifies that enlisted capacity reflects only the current revision and should not be interpreted cumulatively with past lists. The move comes amid India's push for domestic manufacturing capacity under the Production Linked Incentive scheme and its ALMM compliance mandate for government projects.
Mint
3 days ago
- Mint
Upcoming IPOs: Vikram Solar, Shreeji Shipping and 3 other companies get SEBI go-ahead for public offer
Upcoming IPOs: The Securities and Exchange Board of India (SEBI) has recently given the green light to five firms for their initial public offerings (IPOs), indicating a strong pipeline in the Indian capital markets. These approvals cover a variety of industries, such as renewable energy, financial services, steel production, specialty chemicals, jewelry, and logistics. Vikram Solar, a manufacturer of solar modules, is launching an IPO that consists of a fresh share issuance of up to ₹ 1,500 crore and an offer for sale (OFS) of approximately 17.45 million equity shares from promoters and the promoter group. The company intends to utilize the proceeds of ₹ 793.36 crore for capital investments via its wholly-owned subsidiary, VSL Green Power Pvt Ltd, to establish a 3,000-MW facility dedicated to solar cell and module production. Moreover, ₹ 602.95 crore has been allocated for the enhancement of the current solar module manufacturing facility, increasing its capacity from 3,000 MW to 6,000 MW, along with funds designated for general corporate needs. According to the draft documents, Shreeji Shipping Global Ltd's initial public offering, which offers shipping and logistics solutions for dry bulk cargo, consists solely of a new issuance of 2 crore equity shares. The firm intends to allocate ₹ 289.4 crore from the IPO proceeds to acquire supramax dry bulk carriers in the secondary market and plans to use an additional ₹ 19.5 crore for debt repayment. Dorf-Ketal Chemicals India plans to launch an IPO worth ₹ 5,000 crore, consisting of a fresh issuance of equity shares totaling up to ₹ 1,500 crore and an Offer for Sale (OFS) of shares valued at ₹ 3,500 crore by the Menon Family Holdings Trust, according to the draft documents. The fresh issue's proceeds, amounting to ₹ 829 crore, will be utilized to reduce the company's debt, while ₹ 333 crore will be invested in its subsidiary, Dorf Ketal Chemicals FZE, to settle or prepay its existing borrowings, and the remaining funds will be allocated for general corporate needs. A-One Steels India aims to raise ₹ 600 crore by issuing new equity shares, while the promoters plan to divest shares worth ₹ 50 crore through an Offer for Sale (OFS). The company intends to allocate the net proceeds from the fresh issue towards investing in its subsidiary, Vanya Steels Pvt Ltd, for the acquisition of machinery and equipment, expanding its manufacturing facilities, and investing in Group captive power for solar energy procurement. Additionally, A-One Steels will use the funds to settle debts and for general corporate needs. Shanti Gold International, a manufacturer of gold jewellery, is launching its first public offering, which comprises solely a fresh issue of 1.8 crore equity shares, according to the draft documents. The funds raised from the fresh issue amounting to ₹ 45.83 crore will be dedicated to establishing the facility in Jaipur; ₹ 190 crore is designated for meeting the company's increased working capital needs; ₹ 20 crore will go towards debt repayment, and a portion will be allocated for general corporate purposes. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
3 days ago
- Time of India
Vikram Solar gets SEBI nod for IPO with fresh issue of ₹1,500 crore, OFS of 17.45 million shares
New Delhi: Vikram Solar Ltd has received final observation from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO), comprising a fresh issue of shares worth up to ₹1,500 crore and an offer for sale (OFS) of up to 1.745 crore equity shares by promoter and promoter group selling shareholders. According to the draft red herring prospectus, the company plans to use ₹793.36 crore from the net proceeds for partial funding of capital expenditure via investment in its wholly owned subsidiary, VSL Green Power Private Limited. The funds will be utilised to set up a 3,000 MW solar cell and 3,000 MW solar module manufacturing facility. An additional ₹602.95 crore will be used to expand the existing solar module manufacturing facility under Phase I from 3,000 MW to 6,000 MW, also through VSL Green Power Private Limited. The remaining proceeds will be used for general corporate purposes. As of March 31, 2024, Vikram Solar had an installed manufacturing capacity of 4.5 GW for solar PV modules. The company is listed on the Ministry of New & Renewable Energy's Approved List of Module Manufacturers (ALMM) among pure-play non-captive manufacturers. The company operates manufacturing facilities at Falta SEZ in Kolkata, West Bengal, and Oragadam in Chennai, Tamil Nadu. It has plans to increase its installed capacity to 10.5 GW by fiscal 2026 and 15.5 GW by fiscal 2027. It is also setting up a 3 GW solar cell manufacturing facility in Tamil Nadu as part of its backward integration strategy. Vikram Solar reported a 21.11 per cent increase in revenue from operations, rising from ₹2,073.23 crore in FY23 to ₹2,510.99 crore in FY24. EBITDA grew from ₹186.18 crore in FY23 to ₹398.58 crore in FY24. The company's product portfolio includes Tunnel Oxide Passivated Contact (TOPCon) modules, Heterojunction Technology (HJT) modules, and Passivated Emitter and Rear Contact (PERC) modules in both bifacial and monofacial formats. The book-running lead managers to the issue are JM Financial Ltd, Nuvama Wealth Management Ltd, UBS Securities India Pvt Ltd, Equirus Capital Pvt Ltd, and PhillipCapital (India) Pvt Ltd. Link Intime India Pvt Ltd is the registrar to the issue.
