Vikram Solar Limited (“VSL” or the “Company”), one of India’s largest module manufacturers, in terms of operational capacity, producing solar photo-voltaic (“PV”) modules (Source: CRISIL), and also an integrated solar energy solutions provider offering engineering, procurement and construction (“EPC”) services, and operations and maintenance (“O&M”) services as of December 31, 2021, filed its DRHP with SEBI.
The Initial Public Offer (IPO) consists Fresh Issue of up to Rs 1,500 crore and Offer for Sale (OFS) of up to 5,000,000 Equity Shares by the Selling Shareholders.
VSL has a global footprint through a sales office in the United States of America and a procurement office in China and has supplied solar PV modules to customers in 32 countries, as of December 31, 2021. In India, VSL’s customers include National Thermal Power Corporation Limited (“NTPC”), Rays Power Infra Private Limited, Amp Energy India Private Limited, Azure Power India Private Limited, West Bengal State Electricity Distribution Company Limited, Solar Energy Corporation of India, West Bengal Power Development Corporation Limited, Hindustan Petroleum Corporation Limited, Keventer Agro Limited while the international customers include Amp Solar Development Inc (customer since 2019), Safari Energy LLC, Standard Solar Inc and Southern Current.
As of December 31, 2021, VSL had an Order Book (including framework agreement / letters of intent) of ₹4,870 crore, of which ₹1,621 crore comprise projects/ operations which are already under execution and ₹3,248 crore comprise projects which are yet to be executed. The company clocked revenues ₹1,610 crore in Fiscal 2021.
The Book Running Lead Managers to the offer are JM Financial Limited and Kotak Mahindra Capital Company Limited.
The equity shares are proposed to be listed on BSE and NSE.