Vikram Solar gets Sebi nod to raise funds

August 18, 2022

Vikram Solar has entered capital requests controller Sebi’s go ahead to raise finances through an original public immolation (IPO). The IPO consists of a fresh issue of over to Rs 1,500 crore and an Offer- for- trade (OFS) of over to 50 lakh equity shares by the dealing shareholders.

Vikram Solar, which filed primary IPO papers with the requests controller in March, attained its observation letter on August 10, an update with the Securities and Exchange Board of India (Sebi) showed on Wednesday. In Sebi’s parlance, its compliances indicate its go ahead to float the IPO.

Vikram Solar is a leading domestic module manufacturer. It produces solar print- voltaic (PV) modules and is an intertwined solar energy results provider immolation engineering, procurement and construction (EPC) services, and operations and conservation (O&M) services.

Going by the draft papers, proceeds from the fresh issue will be utilised for setting up an integrated solar cell and solar module manufacturing installation with a periodic product capacity of 2,000 MW. The company has a global footmark through a deals office in the US and a procurement office in China and has supplied solar PV modules to guests in 32 countries, as of December 31, 2021.

In India, the company’s guests include NTPC NSE-0.37%, shafts Power Infra, Amp Energy India, Azure Power India, West Bengal State Electricity Distribution Company Ltd, Solar Energy Corporation of India, Hindustan Petroleum Corporation Ltd NSE-1.10% and Keventer Agro. The company’s transnational guests include Amp Solar Development Inc, Safari Energy LLC, Standard Solar Inc and Southern Current. As of December 2021, the company had an order book of Rs 4,870 crore.

JM Financial NSE 2.36% limited and Kotak Mahindra NSE 2.13% Capital Company Ltd are the book running lead directors to the public issue. The equity shares will be listed on BSE and NSE.

About Vikram Solar Ltd.

We are one of India’s largest module manufacturers, in terms of operational capacity, with 2.5 GW of installed manufacturing capacity for solar PV modules, producing mono PERC, bifacial & monofacial and smart and polycrystalline PV modules across our factories located at Falta SEZ, Kolkata, West Bengal and at Oragadam in Chennai, Tamil Nadu. Both of these factories are strategically located with access to ports, rail and roads helping facilitate both our domestic as well as international operations. Operating in the business of solar PV module technologies for the last 12 years, during which time we have developed strong engineering capabilities in producing high efficiency PV modules.


As on December 29, 2021, we have one of the largest enlisted capacities in the Ministry of New & Renewable Energy’s Approved List of Module Manufacturers (“ALMM”). With our state-of-art manufacturing equipment from leading equipment suppliers, robust in-house processes and systems to drive manufacturing and a global supply chain and sales and distribution network, we are the preferred choice for products and services with “Made in India” brand at global scale.

Technological Advancement

Vikram Solar is one of the largest Indian solar module manufacturer with 2.5 GW capacity having strong presence in domestic and international markets. We have a track record of being an early adopter in technology with manufacturing facilities based on global best practices. Furthermore, we are constantly pursuing opportunities and product segments which leverage our existing technology platform and know-how. We also constantly collaborate with leading laboratories worldwide to conduct research study programmes.

Our factories are located at Falta SEZ, Kolkata, West Bengal and at Orgadam in Chennai, Tamil Nadu.
Both our manufacturing units are automated, & our operations at Kolkata are certified under ISO 14001:2015 standard for environment management and the ISO 45001:2018 standard for occupational health and safety management systems implementation. Further, the quality management systems at Kolkata are certified ISO 9001:2015. We have also obtained OHSAS certification addressing the occupational health and safety standard aspects of our business.

We ensure product reliability by following internal reliability test as per IEC 61215 certification and also perform several other tests such as: Electroluminescence testing, Thermal cycling test, Humidity freeze test, Potential induced degradation test, Light induced degradation, Mechanical load test, Damp heat test We have also obtained domestic product certification BIS 14286 for all our current products.