2 weeks Ago
Kolkata-based Vikram Solar , a leading solar photovoltaic module manufacturer in India, has filed its draft red herring prospectus ( DRHP ) with SEBI to raise funds through an initial public offering (IPO). With over 15 years of industry experience, Vikram Solar aims for an IPO comprising fresh issues of shares of up to Rs 1,500 crore and an offer for sale (OFS) of up to 17.45 million equity shares by its promoter group.
The IPO has a face value of Rs 10 per equity share and includes a reservation for eligible employees, along with a discount for those participating in the employee subscription portion. In consultation with the book-running lead manager, the company may also consider issuing specified securities of up to Rs 300 crore as a "pre-IPO placement." The offer will utilize a book-building process, allocating no more than 50% for qualified institutional buyers, a minimum of 15% to non-institutional bidders, and at least 35% for retail individual investors.
The company plans to use the net proceeds from the fresh issuance, dedicating Rs 793.36 crore for capital expenditure through investments in its wholly-owned subsidiary, VSL Green Power Pvt Ltd, to establish a 3,000 MW solar cell and module manufacturing facility. Stock Trading Market 101: An Insight into Trendlines and Momentum By - Rohit Srivastava, Founder- Indiacharts.
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95 crore is earmarked for expanding the existing solar module manufacturing facility from 3,000 MW to 6,000 MW, along with allocations for general corporate purposes. Vikram Solar commenced its manufacturing journey in 2009 with a capacity of 12.00 MW, expanding to 3.
50 GW by the time of the DRHP filing. According to a CRISIL report, the company holds one of the largest capacities among non-captive manufacturers on the Ministry of New and Renewable Energy ’s Approved List of Module Manufacturers (ALMM), with 2.43 GW listed as of July 2024.
Recognized as a Tier 1 manufacturer by BloombergNEF since 2014, Vikram Solar continues to maintain this status in 2024. As of the DRHP date, Vikram Solar held an order book of 8,214.63 MW, significantly exceeding its total rated capacity for fiscal 2024.
In CY 2024, notable contracts included a 397.70 MW project from NTPC Renewable Energy, among others, along with a significant 1.00 GW order from a JSW Energy subsidiary.
Vikram Solar’s revenue grew by 21.11% to Rs 2,510.99 crore in fiscal 2024, with a profit after tax rise of 450.
10%. The book-running lead managers for the IPO include Nuvama Wealth Management and others, with Link Intime India Private Limited serving as the registrar. In response to growing market demand, the company is actively pursuing expansions to increase production capacity to 10.
50 GW by fiscal 2026 and 15.50 GW by fiscal 2027, including a 3.00 GW solar cell manufacturing plant in Tamil Nadu.
With a presence across 23 states and three union territories, Vikram Solar operates through a network of distributors, dealers, and system integrators. It has a sales office in the US and a procurement office in China, supplying solar PV modules to customers in 39 countries as of March 31, 2024. (You can now subscribe to our ETMarkets WhatsApp channel ).
