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19 Nov 2024
Vikram Solar, a major player in solar photovoltaic module manufacturing, submitted draft papers to SEBI on September 30 for an initial public offering (IPO).
The IPO includes a fresh issue of shares worth Rs 1,500 crore and an offer-for-sale (OFS) of 1.74 crore shares from promoters Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary.
Currently, the promoters hold a 77.64% stake in the company, while public shareholders, such as Arpit Khandelwal and Asnu Finvest, own the remaining 22.36%.
The company may also raise Rs 300 crore via pre-IPO placement, which will reduce the fresh issue amount if completed. Vikram Solar operates manufacturing units in Falta SEZ (Kolkata) and Oragadam (Chennai), starting with a 12 MW capacity in 2009. This capacity has since grown to 3.50 GW, with plans to expand to 10.50 GW by FY26 and 15.50 GW by FY27 through greenfield and brownfield projects.
The company plans to use Rs 793.4 crore of the IPO proceeds to set up a 3,000 MW solar cell and module facility in Tamil Nadu through its subsidiary VSL Green Power, as part of its Phase-I project. An additional Rs 603 crore will be allocated for expanding the facility to 6,000 MW under Phase-II.
Vikram Solar competes with listed firms like Premier Energies and Websol Energy System. The company has seen strong financial growth, with net profit soaring 450% to Rs 79.7 crore in FY24, up from Rs 14.5 crore in the previous year. EBITDA also increased by 114% to Rs 398.6 crore, with margins improving to 15.9%.
The company’s revenue rose by 21.1% to Rs 2,511 crore in FY24, up from Rs 2,073.2 crore in FY23. The IPO will be managed by JM Financial, Nuvama Wealth Management, UBS Securities India, Equirus Capital, and PhillipCapital India.
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