Vikram Solar gets SEBI approval for IPO to fund major expansion plans
Kolkata: Vikram Solar Limited has received final approval from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The offer includes a fresh issue of shares worth up to ₹1,500 crore and an offer for sale of up to 17.45 million equity shares by promoter and promoter group shareholders.
The proceeds from the fresh issue will primarily fund capacity expansion.
The company plans to invest ₹793.36 crore in its wholly owned subsidiary, VSL Green Power Private Limited, for setting up an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility.
Another ₹602.95 crore will go toward expanding an existing module facility from 3,000 MW to 6,000 MW under Phase II of the project.
With over 15 years in the solar industry, Vikram Solar is among India’s largest manufacturers of solar photovoltaic modules by installed capacity.
As of March 31, 2024, the company had 4.5 GW of module manufacturing capacity and is listed under the Ministry of New & Renewable Energy’s Approved List of Module Manufacturers (ALMM).
Vikram Solar operates manufacturing units in West Bengal and Tamil Nadu and is undertaking major greenfield and brownfield expansions.
It targets increasing its total capacity to 10.5 GW by FY26 and 15.5 GW by FY27, including backward integration into solar cell manufacturing.
The company’s product portfolio includes high-efficiency PV modules based on TOPCon, HJT, and PERC technologies, available in both bifacial and monofacial formats.
Revenue from operations rose 21.11% year-on-year to ₹2,510.99 crore in FY24, up from ₹2,073.23 crore in FY23.
EBITDA more than doubled to ₹398.58 crore from ₹186.18 crore.
JM Financial, Nuvama Wealth Management, UBS Securities India, Equirus Capital, and PhillipCapital are the book-running lead managers to the issue. Link Intime India is the registrar.
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