Vikram Solar Ltd IPO
Vikram Solar has filed its DRHP with SEBI to raise funds worth Rs. 2000 crores via an IPO...
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Last Updated: 08 November 2024 2:32 PM by rahul_raskar
Vikram Solar, Domestic module manufacturer, has filed preliminary papers with SEBI to raise funds through an initial public offering (IPO) worth Rs.2000 crores.
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. The company may consider a pre-IPO placement worth Rs.300 crores, which would dimmish the original issue size.
OFS comprises selling upto 3.62 million shares by Anil Chaudhary, upto 2.58 lakh shares by Girish Kumar Madhogaria, upto 1.27 lakh by Pushpa Madhogaria, upto 1 million shares by Vikram India Ltd.
JM Financial Limited and Kotak Mahindra Capital Company Ltd are the lead managers to the issue.
Objective of the Issue
The proceeds from the issue will be used for
1. worth Rs.1,238.80 crore funding capital expenditure for setting up 2000 megawatts integrated solar cell and solar module manufacturing facility at Tamil Nadu through its wholly owned arm VSL Green Power Pvt Ltd
2. general corporate purpose
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 enjoys a 19% market share with 2.5 GW of installed manufacturing capacity for solar PV modules, as of December 31, 2021.
It also expanded its 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.
The firm has two facilities, one in Falta, Kolkata which has a present capacity of 1.2GW and it has commenced plans on upgrading the manufacturing plant to 3GW within fiscal 2023. The second plant is in Tamilnadu and it plans to establish a new facility of 2GW. Both of these factories are strategically located with access to ports, rail and roads helping facilitate both our domestic as well as international operations
The company's domestic 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.
| Particulars (in Rs. Crores) | FY21 | FY20 | FY19 |
|---|---|---|---|
| Revenue | 1610.1 | 1639.7 | 2016.8 |
| EBITDA | 194.5 | 162.2 | 182.8 |
| PAT | 66.6 | -36.2 | 40.0 |
| Particulars (in Rs. Crores) | FY21 | FY20 | FY19 |
|---|---|---|---|
| Total Assets | 1798.1 | 1576.4 | 1444.8 |
| Share Capital | 23.5 | 27.9 | 27.9 |
| Total Borrowings | 620.8 | 518.2 | 596.2 |
| Particulars (in Rs. Crores) | FY21 | FY20 | FY19 |
|---|---|---|---|
| Net cash generated from / (used in) operating activities | 12.70 | 227.81 | 257.65 |
| Net cash from / (used in) investing activities | -39.51 | -36.03 | -38.00 |
| Net cash flow from / (used in) financing activities | 3.81 | -175.40 | -208.25 |
| Net increase (decrease) in cash and cash equivalents | -23.00 | 16.37 | 11.41 |
Peer Comparison
Strengths
1. One of the largest Indian solar PV module manufacturers with 2.5 GW (inclusive of trial production i.e. which is not yet commercially available) capacity having strong presence in domestic and international markets along with a large order book providing clear visibility on future growth
2. Ability to provide EPC and O&M services as a supplemental value add to its solar PV module manufacturing business
3. Business and operations are supported by macroeconomic factors and a favourable regulatory landscape
4. An early adopter in technology with manufacturing facilities based on global best practices
Risks
1. The success depends on its ability to build new manufacturing plants and add production lines in a cost-effective manner, both of which are subject to risks and uncertainties
2. Unable to benefit from the government policies like PLI scheme and various other policies
3. The company does not have long-term contracts with suppliers of solar PV cells and all other raw materials and therefore are susceptible to potential unavailability of raw materials
4. It derives a significant amount of revenue from only one product
5. Changes in the price of wafers, solar PV cells and other raw materials due to changes in demand or other factors
6. Company, certain of its directors, some of whom are also promoters, and one of the corporate promoters are involved in certain legal proceedings
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FAQs
Vikram Solar IPO details are yet to be announced.
Vikram Solar IPO details are yet to be announced.
Vikram Solar IPO details are yet to be announced.
The IPO comprise of 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.
Vikram Solar is promoted by Hari Krishna Chaudhary, Gyanesh Chaudhary, Hari Krishna Chaudhary Family Trust, Gyanesh Chaudhary Family Trust, Vikram Financial Services Limited and Vikram Capital Management Private Limited (formerly, Monolink Trexim Private Limited).
Vikram Solar IPO details are yet to be announced.
Vikram Solar IPO details are yet to be announced.
JM Financial Limited and Kotak Mahindra Capital Company Ltd are the book running lead managers to the issue.
The proceeds from the issue will be used for:
1. worth Rs.1,238.80 crore funding capital expenditure for setting up 2000 megawatts integrated solar cell and solar module manufacturing facility at Tamil Nadu through its wholly owned arm VSL Green Power Pvt Ltd
2. general corporate purpose
To apply for the IPO, follow the steps given below
1. Login to your 5paisa account and select the issue in the current IPO section
2. Enter the number of lots and price at which you wish to apply for
3. Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange
4. You will receive a mandate notification to block funds in your UPI app