Vikram Solar has received approval from capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO will comprise a fresh issue up to Rs 15 billion and an offer for sale of up to 5 million equity shares by shareholders. The company received its observation letter on August 10, 2022.
According to the draft papers, the proceeds from the new issue will be used to establish an integrated solar cell and solar module manufacturing facility with a 2,000 MW annual production capacity. The company filed its draft red herring prospectus with the SEBI in March 2022. The equity shares were proposed to be listed on the Bombay Stock Exchange and National Stock Exchange.
The company has an operational capacity of 2.5 GW of installed manufacturing capacity for solar PV modules, producing mono PERC, bifacial and monofacial and smart and polycrystalline PV modules.