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Vikram Solar, a solar module manufacturer and EPC solutions provider, has received SEBI’s nod to raise funds through an initial public offering (IPO). The IPO consists of a fresh issue of up to ₹15 billion (~$188.9 million) and an Offer-for-Sale (OFS) of up to 5 million equity shares by the selling shareholders.

According to the draft papers, proceeds from the fresh issue will be utilized to set up an integrated solar cell and module manufacturing facility with an annual production capacity of 2 GW.

Vikram Solar, which filed a draft red herring prospectus with the market regulator in March, obtained its observation letter on August 10, 2022. JM Financial and Kotak Mahindra Capital Company are the book-running lead managers for the public issue. The equity shares will be listed on BSE and NSE.

In an interview with Mercom earlier, Gyanesh Chaudhary, Vice Chairman and Managing Director of Vikram Solar, said that the company’s manufacturing unit in Tamil Nadu has a 1.3 GW annual solar module manufacturing capacity. Vikram Solar’s cumulative PV module manufacturing capacity reached 2.5 GW with the new capacity addition. The company’s other manufacturing facility with a 1.2 GW capacity is located in Falta, West Bengal.


He also said that the company plans to add another 3 GW of the integrated module, cell, and wafer manufacturing capacity in the next five years, at the manufacturing unit in Tamil Nadu.

Vikram Solar is one of the leading domestic module manufacturers. It produces solar photovoltaic modules and is an integrated solar energy solutions provider offering EPC services and operations and maintenance services.

The company was one of the top five utility-scale EPC service-providing companies in the calendar year 2021, according to Mercom’s  India Solar Market Leaderboard 2022. Vikram Solar made it to the top-five list with a market share of 6%.

In July, Vikram Solar announced the appointment of Ivan Saha as the new Chief Executive Officer (CEO) of the company. He had also previously worked at Vikram Solar between 2013-2020 as the President and Chief Technical Officer (CTO). Saha was also associated with ReNew Power as CTO.