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Vikram Solar Ltd IPO

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IPO Details

  • Open Date TBA
  • Close Date TBA
  • Lot Size -
  • IPO Size ₹ - Cr
  • IPO Price Range ₹ -
  • Min Investment ₹ -
  • Listing Exchange -
  • Basis of Allotment TBA
  • Refunds TBA
  • Credit to Demat Account TBA
  • Listing Date TBA

IPO Synopsis

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

About Vikram Solar Ltd

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.

Profit and Loss

Balance Sheet

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

There are no listed companies in India that engage in a business similar to that of this company.


The key points are:-

IPO Key Points

  • 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

How to apply for IPO?

  • Login to your 5paisa account and select the issue in the current IPO section

  • Enter the number of lots and price at which you wish to apply for

  • Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange

  • You will receive a mandate notification to block funds in your UPI app

  • Approve the mandate request on your UPI and funds will be blocked

IPO FAQs

What is the price band of the IPO?

Vikram Solar IPO details are yet to be announced.

When does the Vikram Solar issue open and close?

Vikram Solar IPO details are yet to be announced.

What is the size of Vikram Solar IPO issue?

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.

Who are the promoters/key personnels of Vikram Solar?

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).

What is the allotment date of Vikram Solar?

Vikram Solar IPO details are yet to be announced.

What is the Vikram Solar listing date?

Vikram Solar IPO details are yet to be announced.

Who are the book runners for Vikram Solar IPO?

JM Financial Limited and Kotak Mahindra Capital Company Ltd are the book running lead managers to the issue.

What is the 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 

How to apply for the Vikram Solar IPO?

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

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