Vikram Solar gets SEBI nod for IPO The company will issue fresh shares of Rs 1500 crore and offer for sale (OFS) of up to 17.45 million equity shares by the promoter and promoter group selling shareholders. Written by fazal rahim June 3, 2025 18:26 IST Follow Us vikram solar Vikram Solar has received approval from the Securities and Exchange Board of India (Sebi) for an Initial Public Offering. Vikram Solar, a solar photovoltaic module manufacturer, has received approval from the Securities and Exchange Board of India (SEBI) for an Initial Public Offering. The company will issue fresh shares of Rs 1500 crore and offer for sale (OFS) of up to 17.45 million equity shares by the promoter and promoter group selling shareholders. Vikram Solar: IPO objective The company is planning to utilise the capital from the fresh issue to fund capacity expansion. The company said that it will invest Rs 793.36 crore in the partial funding of its subsidiary VSL Green Power. Through the subsidiary company, Vikram Solar is planning to set solar cell and solar module manufacturing facility. The company said the manufacturing facility will have a capacity to manufacture 3000 MW of solar cells and 3000 MW of solar modules. Furthermore, the company said that it will invest an additional Rs 602.95 crore in the phase 2 expansion of the same manufacturing facility. In the second phase, the facility will have a capacity expansion from 3000 MW to 6000 MW of solar module manufacturing. Vikram Solar’s capacity and revenue Vikram Solar has a 4.5 GW of installed photovoltaic module manufacturing capacity. The company has manufacturing facilities in Kolkata and Chennai. With the establishment of new manufacturing facilities, the company is planning to increase its manufacturing capacity to 10.5 GW by FY26. As per the company’s statement, Vikram Solar’s revenue in FY24 was Rs 2510 crore. The company posted a 21 percent growth in its yearly revenue as it stood at Rs 2071 crore in FY23. Its Ebitda stood at Rs 398.58 crore in FY24 compared to Rs 186.18 crore in the previous fiscal year. isko unique se likho copy na lage without css.. long likhna

Vikram Solar Receives SEBI Approval for Rs 1,500 Crore IPO

Vikram Solar, a leading manufacturer of solar photovoltaic (PV) modules in India, has obtained approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). The company plans to raise Rs 1,500 crore through a fresh issue of shares, alongside an offer for sale (OFS) of up to 17.45 million equity shares by its promoters and promoter group shareholders.

IPO Objectives and Use of Funds

The capital raised from the fresh issue will primarily be used to fund the company’s capacity expansion plans. Vikram Solar intends to invest Rs 793.36 crore in its wholly owned subsidiary, VSL Green Power Pvt Ltd, to establish a new manufacturing facility for solar cells and modules. This facility will initially have a capacity of 3,000 MW each for solar cells and solar modules.

Additionally, the company plans to invest Rs 602.95 crore in a second phase of expansion at the same facility. This phase will double the solar module manufacturing capacity from 3,000 MW to 6,000 MW, significantly boosting production capabilities.

Current Capacity and Future Growth Plans

At present, Vikram Solar has an installed photovoltaic module manufacturing capacity of 4.5 GW, with manufacturing plants located in Kolkata and Chennai. The company aims to increase its total manufacturing capacity to 10.5 GW by the fiscal year 2026, leveraging the new facilities and expansions.

Financial Performance

Vikram Solar reported a revenue of Rs 2,510 crore in the fiscal year 2024, marking a 21% increase from Rs 2,071 crore in FY23. The company’s EBITDA also showed strong growth, rising to Rs 398.58 crore in FY24 from Rs 186.18 crore in the previous year. This financial performance reflects growing demand both domestically and internationally for the company’s high-efficiency solar modules.

Product Portfolio and Market Position

Known for its advanced solar PV modules, Vikram Solar offers a diverse range including n-type monocrystalline silicon-based TOPCon and HJT modules, as well as p-type monocrystalline silicon-based PERC modules. This diversified product lineup has helped the company establish itself as a key player in India’s renewable energy sector.

IPO Details and Market Outlook

The IPO is structured with a face value of Rs 10 per equity share. Along with the fresh issue, the offer for sale by promoters will provide liquidity to existing shareholders. The shares are expected to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

This IPO comes at a time when India’s renewable energy sector is rapidly expanding, driven by increasing solar power adoption and government initiatives. Vikram Solar’s public listing will enable it to raise capital to accelerate growth and meet rising market demand.

Conclusion

With SEBI’s approval secured, Vikram Solar is poised to enter the capital markets with a significant IPO that will support its ambitious capacity expansion and strengthen its position in the solar manufacturing industry. Investors looking to participate in India’s clean energy transition may find this IPO an attractive opportunity.

Citations: [1] Vikram Solar gets Sebi nod for up to Rs 1500 crore IPO https://www.businesstoday.in/markets/ipo-corner/story/vikram-solar-gets-sebi-nod-for-up-to-rs-1500-crore-ipo-478860-2025-06-03 [2] Sebi green lights IPOs of HDB Financial, Vikram Solar, four others https://www.moneycontrol.com/news/business/ipo/sebi-gives-green-signal-to-ipos-of-hdb-financial-vikram-solar-four-other-companies-13092316.html [3] Sebi approves HDB Financial, Vikram Solar among six IPOs https://economictimes.com/markets/ipos/fpos/sebi-approves-hdb-financial-vikram-solar-among-six-ipos/articleshow/121598893.cms [4] Vikram Solar Unlisted Shares – UnlistedZone https://unlistedzone.com/shares/buy-sell-latest-share-price-vikram-solar-unlisted-shares [5] Vikram Solar gets SEBI nod for IPO – The Financial Express https://www.financialexpress.com/market/ipo-news-vikram-solar-gets-sebi-nod-for-ipo-3867107/ [6] Vikram Solar IPO – Open/Close Date, IPO Price, IPO Size – 5paisa https://www.5paisa.com/ipo/vikram-solar-ltd-ipo [7] SEBI set to clear IPOs of HDB Financial, Hero FinCorp, and Vikram … https://www.cnbctv18.com/market/sebi-set-to-clear-ipo-of-hdb-financial-hero-fincorp-and-vikram-solar-soon-19611420.htm [8] Sebi approves HDB Financial, Vikram Solar among six IPOs https://economictimes.indiatimes.com/markets/ipos/fpos/sebi-approves-hdb-financial-vikram-solar-among-six-ipos/articleshow/121598893.cms [9] HDB Financial Services Vikram Solar 4 others get Sebi nod for IPO https://www.theweek.in/wire-updates/business/2025/06/03/dcm84-biz-sebi-ipo-hdb-financial.html

Vikram Solar IPO – Frequently Asked Questions (FAQ)

1. What is the size of Vikram Solar’s IPO?

The IPO consists of a fresh issue of Rs 1,500 crore and an offer for sale (OFS) of up to 17.45 million equity shares by the promoters and promoter group.

2. What is the purpose of Vikram Solar’s IPO?

The funds raised from the fresh issue will be used to expand manufacturing capacity, including setting up a solar cell and module manufacturing facility through its subsidiary VSL Green Power.

3. What is the current manufacturing capacity of Vikram Solar?

Vikram Solar currently has an installed photovoltaic module manufacturing capacity of 4.5 GW, with plans to increase it to 10.5 GW by FY26.

4. When is the Vikram Solar IPO expected to open?

The IPO is tentatively expected to open in the first week of June 2025, with allotment and listing expected in the second week of June 2025.

5. On which stock exchanges will Vikram Solar be listed?

The shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

6. What was Vikram Solar’s revenue and growth in recent years?

In FY24, Vikram Solar reported revenue of Rs 2,510 crore, a 21% increase from Rs 2,071 crore in FY23. EBITDA also rose significantly to Rs 398.58 crore in FY24 from Rs 186.18 crore in FY23.

7. Who are the promoters of Vikram Solar?

The promoters include Gyanesh Chaudhary, Gyanesh Chaudhary Family Trust, and Vikram Capital Management Private Limited.

8. What is the expected price band and lot size for the IPO?

The exact price band and lot size are yet to be officially announced but are expected to be around Rs 535 per share with a face value of Rs 10.

9. Who are the lead managers and registrar for the IPO?

The lead managers include JM Financial Limited, Nuvama Wealth Management Limited, UBS Securities India Private Limited, Equirus Capital Private Limited, and PhillipCapital India Private Limited. The registrar is Link Intime India Limited.

10. How can investors apply for the Vikram Solar IPO?

Investors can apply through their demat accounts once the IPO opens, using the price band announced by the company. Details will be available on stock exchange and registrar websites.