Vikram Solar gets SEBI green signal to float Rs1,500 crore IPO

18 Aug 2022 , 09:47 AM

Vikram Solar has received approval from capital markets regulator SEBI to raise funds through an Initial Public Offering (IPO). Under which, the company anticipates to Offer For Sale (OFS) up to Rs50 lakh equity shares by selling shareholders, and a fresh issue of Rs1,500 crore.

Vikram Solar received the observation letter on August 10, 2022, in respect of IPO papers filed with the market regulator in March.

As per SEBI’s letter, its observations imply its approval to float the IPO.

Vikram Solar is a well-known domestic module producer. It manufactures solar photovoltaic (PV) modules and is a provider of integrated solar energy solutions, including engineering, procurement, and construction (EPC) and operations and maintenance (O&M).

As per the papers filed with SEBI, the company intends to utilize the fresh issue proceeds to set up an integrated solar cell and solar module manufacturing facility having an annual capacity of 2,000 MW.

The company has a global reach via its sales office in the US and a procurement office in China. It has supplied solar PV modules to customers in over 32 countries.

The book-running lead managers for the public issue are JM Financial Limited and Kotak Mahindra Capital Company Ltd.

The company has a huge customer base in India including, NTPC, Rays Power, Azure Power India, Energy India, HPCL, etc.