Home / Markets / Ipo /  Vikram Solar files IPO papers with SEBI

Domestic module manufacturer Vikram Solar has filed draft papers with market 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 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 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.

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 4,870 crore, of which 1,621 crore comprise projects/ operations which are already under execution and 3,248 crore comprise projects which are yet to be executed. The company clocked revenues 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. 

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