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Domestic module manufacturer Vikram Solar has received capital markets regulator Securities and Exchange Board of India's (SEBI) approval to raise funds through an initial public offering (IPO). The company had filed its draft papers in March this year.

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. Vikram Solar obtained its observation letter last week, an update with SEBI showed.

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 has a global footprint through a sales office in the US 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, Hindustan Petroleum Corporation Ltd and Keventer Agro. The company's international customers include Amp Solar Development Inc, Safari Energy LLC, Standard Solar Inc and Southern Current.

JM Financial Limited and Kotak Mahindra Capital Company Ltd are the book running lead managers to the public issue. The equity shares of the company will be listed on leading stock exchanges BSE and NSE. 

Companies were not taking the IPO route for fundraising due to the volatility in the markets. In fact, many firms that received Sebi's go-ahead are waiting for the right time to float their issues as current market conditions are challenging.

So far in the current fiscal, 11 debutants have gone public to garner 33,254 crore. Of these, a lion's share ( 20,557 crore) was raised by a public issue of Life Insurance Corporation of India (LIC).

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