GoodWe- Reshaping Smart Energy

Vikram Solar Files Draft Papers with SEBI to Raise Funds via IPO


Reading Time: 1 minutes


Vikram Solar has filed draft papers with markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

The IPO consists of a fresh issue of up to Rs 1,500 crore and an Offer-for-Sale (OFS) of up to 5,000,000 equity shares by the selling shareholders, a company statement said.

Vikram Solar is a leading domestic module manufacturer. It produces solar photo-voltaic (PV) modules and is an integrated solar energy solutions provider offering engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) services.

The company said it has a global footprint through a sales office in the United States of America and a procurement office in China and has supplied solar PV modules to customers in 32 countries, as of December 31, 2021.

In India, the company’s customers include NTPC, Rays Power Infra, Amp Energy India, Azure Power India, West Bengal State Electricity Distribution Company Ltd, Solar Energy Corporation of India, West Bengal Power Development Corporation Ltd, Hindustan Petroleum Corporation Ltd, Keventer Agro Ltd.

Also Read  JinkoSolar Announces High-Level Dialogue With The United Nations Global Compact (UNGC)

The company’s international customers include Amp Solar Development Inc (customer since 2019), Safari Energy LLC, Standard Solar Inc and Southern Current.

As of December 31, 2021, the company had an order book (including framework agreement/letters of intent) of Rs 4,870 crore, of which Rs 1,621 crore comprise projects/ operations which are already under execution and Rs 3,248 crore comprise projects which are yet to be executed. The company clocked revenues Rs 1,610 crore in fiscal 2021.

The Book Running Lead Managers to the offer are JM Financial Limited and Kotak Mahindra Capital Company Ltd.

The equity shares are proposed to be listed on BSE and NSE.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.