Kolkata: City-based Vikram Solar, a leading solar photovoltaic module manufacturer, has filed the draft red herring prospectus for an IPO that includes a fresh issue of Rs 1,500 crore. Besides, there would be an offer for sale of up to 17.4 million equity shares by its promoter group.
Vikram Solar is promoted by Gyanesh Choudhary and his family. They have close to 80% holding.
As per the prospectus, the company may also consider issuing specified securities up to Rs 300 crore as a “pre-IPO placement”. The offer will use a book-building process, allocating not more than 50% for qualified institutional buyers, a minimum of 15% to non-institutional bidders and at least 35% for retail individual investors. The company plans to use the net proceeds from fresh issuance, dedicating Rs 793.3 crore for capital expenditure through investment in its wholly owned subsidiary, VSL Green Power Private Limited, to set up a 3,000 MW solar cell and module manufacturing facility.
Additionally, Rs 602.9 crore has been earmarked for expanding the existing solar module manufacturing facility from 3,000 MW to 6,000 MW. The company posted a revenue of Rs 2,523 crore in 2023-24 and Rs 2,091 crore in 2022-23.
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