Public issue of INR 2,000 crore planned by Vikram Solar

By revenues, Vikram Solar ranks second in India’s solar energy sector and has reported a revenue of INR 1,577 crore in the FY ended March 31, 2021.

Vikram Solar, one of India’s largest solar module manufacturers is planning to file draft documents for a public offering with the Securities and Exchange Board of India. As per available information, the IPO size is expected to be about INR 2,000 crore.

Most likely, there will be fresh share sales as well as stake sales by the promoters combined in the proposed offering. The estimate is that around INR 1,800 crore worth of shares could be issued.

This public issue will be managed by JM Financial and Kotak Mahindra Capital, according to available information.

Vikram Solar is the second largest solar energy company in India in terms of revenues. The company’s revenue grew by 4% to INR 1,577 crore in the financial year ended March 31, 2021. As of FY21, the company reported a net profit of INR 37.14 crore as compared to INR 6.04 crore in FY20.

Its plants in West Bengal and Tamil Nadu have a total production capacity of 2.5 gigawatts for solar modules.

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