Vikram Solar gets SEBI nod for IPO with fresh issue of ₹1,500 crore, OFS of 17.45 million shares
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
&w=3840&q=100)
Business Standard
16 hours ago
- Business Standard
IPO Calendar: 5 mainline, 2 SME issues to keep investors busy next week
IPO Calendar: Primary market investors will remain in action next week as well, with the launch of seven initial public offerings (IPOs) and the listing of seven companies on the stock exchanges. In the mainboard segment, Vikram Solar, Shreeji Shipping, Gem Aromatics, Patel Retail and Mangal Electrical Industries will open for public subscription during the week. The SME segment will also witness the launch of two new public issues. In addition, Bluestone Jewellery and Regaal Resources, along with five SME companies, are scheduled to make their D-Street debut next week. Here's a detailed look at IPO activity for next week: Vikram Solar IPO The maiden public issue of Vikram Solar will be the biggest IPO that will open for subscription next week. Vikram Solar aims to raise ₹2,09.37 crore through a combination of fresh issue of 45.2 million equity shares aggregating to ₹1,500 crore and offer for sale (OFS) of 17.5 million shares aggregating to ₹579.37 crore. Vikram Solar IPO will open for public subscription on Tuesday, August 19, 2025, and close on Thursday, August 21, 2025. The basis of allotment of shares is likely to be finalised on August 22, 2025. Vikram Solar shares will be listed on the exchanges tentatively on August 26, 2025. The company has set the price band in the range of ₹315-332. The minimum lot size for the application is 45 shares. MUFG Intime India is the registrar of the issue. JM Financial, Nuvama Wealth Management, UBS Securities, Equirus Capital, and PhillipCapital (India) are the book-running lead managers. Shreeji Shipping Global IPO The initial public offering (IPO) of Shreeji Shipping Global will open for bidding on August 19 and close on August 21. The company plans to raise ₹410.71 crore through a fresh issue of 16.3 million shares. There is no offer for sale (OFS) component. The price band is set in the range of ₹240 to ₹252 per share, and the lot size for an application is 58 shares. The basis of allotment of shares is expected to be finalised on August 22. The company will be listed on the exchanges, NSE and BSE, on August 26. Bigshare Services is the registrar for the issue. Beeline Capital Advisors and Elara Capital (India) are the book-running lead managers. Gem Aromatics IPO The public offering of Gem Aromatics is set to open for subscription on Tuesday, August 19, 2025, and close on Thursday, August 21, 2025. Gem Aromatics IPO is a book-built issue of ₹451 crore, comprising a fresh issue of 5.4 million equity shares and an offer for sale (OFS) of 8.5 million shares. The price band is set at ₹309-325 per share, and the lot size is 46 shares. A retail investor can bid for a minimum of 46 shares, requiring a minimum investment of ₹14,950. The basis of allotment is expected to be finalised on Friday, August 22, 2025, and the shares are scheduled to be listed on bourses, tentatively on Tuesday, August 26, 2025. Patel Retail IPO Patel Retail IPO is a combination of fresh issue of 8.5 million equity shares and an offer for sale of 1 million equity shares. The mainline offering will open for public subscription on August 19 and close on August 21. The allotment of shares is expected to be finalised on August 22. The company will make its debut on the bourses tentatively on August 26. The company has set the price band in the range of ₹237 to ₹255. Bigshare Services is the issue registrar. Fedex Securities is the sole book-running lead manager. Mangal Electrical Industries IPO Mangal Electrical IPO is scheduled to open for subscription on Wednesday, August 20, 2025, and close on Friday, August 22, 2025. The ₹400 crore offering comprises a fresh issue of 7.1 million equity shares. Mangal Electrical IPO will be available for subscription at a price band of ₹533 to ₹561 per share, and a lot size of 26 shares. Accordingly, a retail investor would require a minimum investment amount of ₹14,586. Bigshare Services is the registrar of the issue. Systematix Corporate Services is the sole book-running lead manager. In the SME segment, Studio LSD and LGT Business Connextions will open for subscription during the week. IPO listings next week In the mainboard segment, Bluestone Jewellery will make its debut on the exchanges on August 19, followed by Regaal Resources on August 20. In the SME segment, Spunweb Nonwoven will be listed on the NSE SME platform on July 22. On the BSE SME platform, Monica Alcobev will make its debut on July 23. In the SME segment, Medistep Healthcare and ANB Medical Cast will make their debut on the NSE SME platform on Monday, August 18. On the BSE SME platform, Star Imaging & Path Lab and Icodex Publishing Solutions will also list on August 18 and August 19, respectively. Mahendra Realtors & Infrastructure will list on the NSE SME platform on Wednesday, August 20.
Business Standard
18 hours ago
- Business Standard
India achives 100 GW of Solar PV module manufacturing capacity
India has achieved a landmark milestone of 100 GW of solar PV module manufacturing capacity enlisted under the Approved List of Models and Manufacturers (ALMM) for Solar PV Modules. Highlighting this achievement, Union Minister of New and Renewable Energy Shri Pralhad Joshi said that India has achieved a historic milestone -100 GW Solar PV Module Manufacturing Capacity under the Approved List of Models and Manufacturers (ALMM), a remarkable rise from just 2.3 GW in 2014. This achievement strengthens our path towards Atmanirbhar Bharat and the target of 500 GW non-fossil capacity by 2030.
Time of India
21 hours ago
- Time of India
India hits 100 GW solar PV module capacity — what it means for clean energy and industry
New Delhi: In just over a decade, India's solar manufacturing capacity has grown more than forty times — from 2.3 GW in 2014 to 100 GW in 2025. Prime Minister Narendra Modi has hailed the achievement as 'yet another milestone towards self-reliance,' saying it reflects India's manufacturing strength and clean energy ambitions. 'This is yet another milestone towards self-reliance! It depicts the success of India's manufacturing capabilities and our efforts towards popularising clean energy,' PM Modi said in response to Union Minister Pralhad Joshi's announcement on X. The 100 GW figure represents the total capacity of solar PV modules enlisted under the Approved List of Models and Manufacturers (ALMM) — a registry created by the Ministry of New and Renewable Energy to ensure quality, transparency, and domestic capability in the sector. From 2.3 GW to 100 GW The ALMM order was issued by the MNRE on January 2, 2019. When the first ALMM list for solar PV modules was published on March 10, 2021, the enlisted capacity was 8.2 GW. In just over four years, capacity has grown more than twelvefold, with the number of enlisted manufacturers rising from 21 in 2021 to 100, operating 123 manufacturing units. Growth has come from both established companies and new entrants, many adopting high-efficiency technologies and vertically integrated operations. Policy push driving growth Government measures such as the Production Linked Incentive (PLI) Scheme for High Efficiency Solar PV Modules have been key drivers of investment in manufacturing. Union Minister for New and Renewable Energy Pralhad Joshi said: 'India has achieved a historic milestone — 100 GW Solar PV Module Manufacturing Capacity under the Approved List of Models and Manufacturers (ALMM), a remarkable rise from just 2.3 GW in 2014! Driven by the visionary leadership of Prime Minister Shri Narendra Modi and transformative initiatives like the Production Linked Incentive (PLI) Scheme for High-Efficiency Solar Modules, we are building a robust, self-reliant solar manufacturing ecosystem. This achievement strengthens our path towards Atmanirbhar Bharat and the target of 500 GW non-fossil capacity by 2030.' Industry view: More capacity than current demand While the capacity expansion is significant, it is four times India's annual solar deployment. Rishabh Jain, Senior Programme Lead, CEEW, said: 'India achieving 100GW of solar PV manufacturing capacity is a great moment towards building a diversified solar supply chain. However, this is currently four times India's annual deployment of solar power. To ensure the continuous growth of the sector, Indian manufacturers should actively supply to new markets and reduce their dependency on the US. Simultaneously, Indian manufacturers should double down on R&D to competitively manufacture next-generation materials and components in India.' Significance for clean energy goals The milestone strengthens India's ability to meet its 500 GW non-fossil fuel capacity target by 2030 and enhances its role in the global solar supply chain. What lies ahead MNRE has said it will continue to back the solar manufacturing ecosystem with policy support, infrastructure development, and innovation to keep India's solar industry competitive in both domestic and international markets.>
