Vikram Solar files DRHP for ₹1,500 crore IPO

Vikram Solar, one of India's largest solar equipment manufacturers, has filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offer (IPO) for listing on the National Stock Exchange (NSE) and BSE. Sources said the IPO is to raise up to ₹1,500 crore and offer for sale (OFS) will be up to 5,000,000 equity shares by the selling shareholders.

Vikram Solar, which now has an aggregate capacity of 2.5 gigawatt for modules manufacturing, became the largest solar equipment maker in India after it recently commissioned a new 1.3 GW factory at Oragadam in Tamil Nadu. It also has 1.2 GW capacity of manufacturing at Falta, West Bengal. The company has plans to expand capacity by 4 GW of modules, cells, wafers and backward integration alone in Tamil Nadu, Saibaba Vutukuri, CEO of Vikram Solar, had said in an earlier interaction with Fortune India.

The Kolkata-based company is also an integrated solar energy solutions provider offering engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) services in the solar sector. As of December 31, 2021, Vikram Solar had an order book (including framework agreement/letters of intent) of ₹4,870 crore, of which ₹1,621 crore are already under execution and ₹3,248 crore comprising 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 Ltd. and Kotak Mahindra Capital Company Ltd.