Vikram Solar Limited, a leading solar photovoltaic (PV) module manufacturer, has filed its Draft Red Herring Prospectus (DRHP) with SEBI to raise funds through an Initial Public Offering (IPO). The IPO includes fresh issues of shares worth up to ₹1,500 crore and an offer for sale (OFS) of up to 17.45 million equity shares by the promoter group.
The company plans to use a portion of the net proceeds to invest ₹793.36 crore in expanding its manufacturing capacity through its subsidiary, VSL Green Power Private Limited, to set up a 3,000 MW solar cell and module manufacturing facility. Additionally, ₹602.95 crore will be allocated to expand its existing solar module facility from 3,000 MW to 6,000 MW.
Recognized as a Tier 1 manufacturer by BloombergNEF since 2014, Vikram Solar operates across India and internationally, supplying PV modules to 39 countries. The company’s order book stands at 8,214.63 MW, with significant contracts, including a 397.70 MW order from NTPC Renewable Energy and a 1.00 GW order from JSW Energy.
The IPO is expected to fuel Vikram Solar’s plans to expand its capacity to 15.50 GW by Fiscal 2027.
