Vikram Solar Ltd, an Indian PV module manufacturer with a production capacity of 4.5 GW in fiscal 2025, has received the approval from capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The IPO, with a face value of INR 10 per equity share, is a mix of fresh issue of shares up to INR 1,500 crore and an offer for sale (OFS) of up to 1.74 crore equity shares of face value of INR 10 each by promoters.
The company plans to use INR 793.36 crore from the fresh issue to partly fund capital expenditure for setting up an integrated 3 GW solar cell and module manufacturing facility in Tirunelveli district of Tamil Nadu. The investment will be made through its arm VSL Green Power. INR 602.95 crore will be used to fund the expansion of the solar module manufacturing facility at the same site from 3 GW to 6 GW.
Vikram Solar has manufacturing facilities at Falta SEZ in Kolkata, West Bengal, and Oragadam in Chennai, Tamil Nadu. It plans to increase its installed manufacturing capacity to up to 10.50 GW by fiscal 2026 and up to 15.50 GW by fiscal 2027. Furthermore, it is backward integrating into the solar value chain by establishing a 3 GW solar cell manufacturing facility in Tamil Nadu.
The company produces n-type monocrystalline silicon based TOPCon modules, n-type monocrystalline silicon based HJT modules, and p-type monocrystalline silicon based PERC modules, in both bifacial and monofacial variants.
Vikram Solar’s revenue from operations grew by 21.11%, from INR 2,073.23 crore in fiscal 2023 to INR 2,510.99 crore in fiscal 2024, driven by increased domestic and export volumes. EBITDA rose to INR 398.58 crore as of March 31, 2024 compared to INR 186.18 crore as of March 31, 2023.
JM Financial, Nuvama Wealth Management, UBS Securities India, Equirus Capital, and PhillipCapital (India) are the book-running lead managers, and Link Intime India is the registrar of the issue.
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