Vikram Solar Limited has received final observation from the Securities and Exchange Board of India (SEBI) to proceed with an initial public offering (IPO). The IPO reportedly consists of a fresh issue of equity shares worth up to Rs 15 billion and an offer for sale of up to 17.45 million equity shares by the promoter and promoter group.
The face value of each equity share is Rs 10. The company plans to use Rs 7.93 billion from the fresh issue to partially fund capital expenditure through investment in its wholly owned subsidiary, VSL Green Power Private Limited, for establishing an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility. An additional Rs 6.029 billion will be allocated to double the capacity of an existing solar module manufacturing unit from 3,000 MW to 6,000 MW.
In May 2025, Vikram Solar Limited secured a supply order from Gujarat Industries Power Company Limited to deliver 326.625 MW of high-efficiency solar PV modules for the Khavda renewable energy park, with delivery scheduled for financial year 2025–2026.
