Vikram Solar files for an IPO

Vikram Solar Limited, one of India’s leading module manufacturers, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). According to a company statement, the Initial Public Offer (IPO) consists fresh issue of up to Rs 15,000 million. It also includes offer for sale (OFS) of up to 5,000,000 equity shares by the selling shareholders. The equity shares are proposed to be listed on the Bombay Stock Exchange and National Stock Exchange.

Vikram Solar had an order book of Rs 48,700 million as of December 2021. Out of this projects worth Rs 16,210 million are under execution already. The company’s revenues were Rs 16,100 million in the fiscal year 2021.

In July 2021, Vikram Solar had announced the setting up of a new solar PV module manufacturing facility. The 1.3 GW manufacturing unit is located at Indospace Industrial Park, Oragadam, Tamil Nadu. The company had signed a memorandum of understanding with the state government of Tamil Nadu in 2020 to set up a 3 GW manufacturing facility for solar wafers, cells, and modules.