Vikram Solar Receives SEBI Approval for IPO Worth Up to Rs 15 billion

05 Jun 2025 CW Team

The company plans to allocate part of the IPO proceeds, specifically Rs 7.93 billion, for investment in its subsidiary VSL Green Power. This investment is intended to support the establishment of a new 3,000 MW solar cell and module manufacturing facility. Additionally, Rs 6.02 billion is planned to be used for expanding the solar module manufacturing capacity at the same site, increasing it from 3,000 MW to 6,000 MW as part of the Phase II expansion.

Vikram Solar, known for its high-efficiency solar PV modules, offers innovative products including n-type monocrystalline silicon-based TOPCon and HJT modules, along with p-type monocrystalline silicon-based PERC modules. This diverse product range has positioned the company as a significant player in the renewable energy sector.

Regarding financial performance, Vikram Solar reported a revenue increase of 21.11 percent, rising from Rs 20.73 billion in fiscal 2023 to Rs 25.10 billion in fiscal 2024. The company’s EBITDA also grew significantly, reaching Rs 3.9 billion as of March 31, 2024, up from Rs 1.86 billion in the previous year. This growth was attributed to increased domestic and export demand for its solar modules.

The company currently has an installed manufacturing capacity of 4.50 GW and is committed to further expansion, aiming to raise this capacity to 10.50 GW by fiscal 2026 and 15.50 GW by fiscal 2027. Furthermore, Vikram Solar is undertaking backward integration by developing a 3.00 GW solar cell manufacturing facility in Tamil Nadu.

As Vikram Solar prepares for its IPO, it intends to use the funds raised to support its ambitious expansion plans, enhance production capabilities, and capitalise on the growing demand for solar energy solutions. The IPO is presented as an attractive opportunity for investors interested in India’s expanding renewable energy sector.

The IPO is structured with a face value of Rs 10 per equity share. The key financial institutions managing the IPO include JM Financial Ltd, Nuvama Wealth Management Ltd, UBS Securities India Pvt Ltd, Equirus Capital Pvt Ltd, and PhillipCapital (India) Pvt Ltd, while Link Intime India Pvt Ltd is appointed as the registrar.

Solar photovoltaic module manufacturer Vikram Solar has obtained approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). The IPO will comprise a fresh issue of shares valued up to Rs 15 billion and an offer for sale of up to 17.45 million equity shares by the company’s promoters.The company plans to allocate part of the IPO proceeds, specifically Rs 7.93 billion, for investment in its subsidiary VSL Green Power. This investment is intended to support the establishment of a new 3,000 MW solar cell and module manufacturing facility. Additionally, Rs 6.02 billion is planned to be used for expanding the solar module manufacturing capacity at the same site, increasing it from 3,000 MW to 6,000 MW as part of the Phase II expansion.Vikram Solar, known for its high-efficiency solar PV modules, offers innovative products including n-type monocrystalline silicon-based TOPCon and HJT modules, along with p-type monocrystalline silicon-based PERC modules. This diverse product range has positioned the company as a significant player in the renewable energy sector.Regarding financial performance, Vikram Solar reported a revenue increase of 21.11 percent, rising from Rs 20.73 billion in fiscal 2023 to Rs 25.10 billion in fiscal 2024. The company’s EBITDA also grew significantly, reaching Rs 3.9 billion as of March 31, 2024, up from Rs 1.86 billion in the previous year. This growth was attributed to increased domestic and export demand for its solar modules.The company currently has an installed manufacturing capacity of 4.50 GW and is committed to further expansion, aiming to raise this capacity to 10.50 GW by fiscal 2026 and 15.50 GW by fiscal 2027. Furthermore, Vikram Solar is undertaking backward integration by developing a 3.00 GW solar cell manufacturing facility in Tamil Nadu.As Vikram Solar prepares for its IPO, it intends to use the funds raised to support its ambitious expansion plans, enhance production capabilities, and capitalise on the growing demand for solar energy solutions. The IPO is presented as an attractive opportunity for investors interested in India’s expanding renewable energy sector.The IPO is structured with a face value of Rs 10 per equity share. The key financial institutions managing the IPO include JM Financial Ltd, Nuvama Wealth Management Ltd, UBS Securities India Pvt Ltd, Equirus Capital Pvt Ltd, and PhillipCapital (India) Pvt Ltd, while Link Intime India Pvt Ltd is appointed as the registrar.

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