Vikram Solar IPO is fully book build issue and it includes fresh issue and offer for sale. The share offering contains fresh issue worth ₹1500 crores and offer for sale upto 1.75 crore shares.
The dates for the Vikram Solar IPO have not been announced yet.
The allotment process is expected to be finalized by [.]. The Vikram Solar IPO is scheduled to list on BSE, NSE, with a tentative listing date of [.].
The price band for the Vikram Solar IPO has not been announced yet.
Registrar for this IPO is Link Intime India and lead managers for Vikram Solar IPO are JM Financial, Nuvama Wealth Management, UBS Securities India, Equirus Capital, PhillipCapital.
IPO Schedule
| IPO Open Date | - |
|---|---|
| IPO Close Date | - |
| IPO Allotment Date | - |
| Refund Initiation | - |
| Share credit in Demat | - |
| Listing Date | - |
Key Details
| Price Band | TBA |
|---|---|
| Lot Size | TBA |
| Face Value | ₹10 Per Equity Share |
| Total Issue Size | 17,450,882 Shares + ₹1,500 Crores |
| Fresh Issue | ₹1,500.00 Crores |
| OFS Issue | 17,450,882 Shares |
| Issue Type | Fresh Issue and Offer for Sale |
| Listing At | BSE, NSE |
Share Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB | 50% |
| Retail | 35% |
| NII/HNI | 15% |
About Vikram Solar Limited Company
Vikram Solar Limited: Overview
Vikram Solar, established in 2009, is a leading Indian solar PV module manufacturer with over 15 years of industry experience. As of March 31, 2024, they boast a 3.50 GW installed manufacturing capacity, making them one of the largest non-captive manufacturers on the ALMM list. The company is recognized as a Tier 1 manufacturer by BloombergNEF.
Manufacturing facilities are strategically located in Kolkata (Falta SEZ) and Chennai (Oragadam), offering access to key transportation infrastructure. Expansions are underway to increase capacity to 10.50 GW by Fiscal 2026 and 15.50 GW by Fiscal 2027. A 3.00 GW solar cell manufacturing facility is also being established in Tamil Nadu.
Vikram Solar offers a diverse portfolio of high-efficiency solar PV modules, including p-type Mono PERC, n-type TOPCon, and n-type HJT modules. Their modules have wattages between 395Wp and 725Wp, and efficiencies ranging between 21.51% and 23.34%. They provide 12-year product and 27-30 year performance warranties, meeting global standards. They have been a "Top Performer" in PVEL's Reliability Scorecard since 2019 and their R&D lab is NABL accredited.
Vikram Solar Limited Financial Details
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Assets | 2585.50 | 2476.29 | 2237.23 |
| Revenue | 2511 | 2073.23 | 1730.31 |
| Profit After Tax | 79.72 | 14.49 | -62.94 |
| Net Worth | 445.42 | 365.20 | 351.29 |
| Reserves and Surplus | 186.59 | 106.37 | 92.46 |
| Total Borrowing | 808.33 | 737.79 | 703.11 |
₹ In Crore
Key Performance Indicator
| Basic EPS (in ₹) | Return on Net Worth (RoNW) | Net Asset Value (NAV) | Debt-Equity Ratio | Return on Equity (ROE) | Return on Capital Employed (ROCE) |
|---|---|---|---|---|---|
| 3.08 | 17.90% | 17.21 | 1.81 | 19.67% | 20.76% |
Offer Objectives
The Offer includes a fresh issue of equity shares aggregating up to ₹1,500 crore and an offer for sale of up to 17,450,882 equity shares by the Selling Shareholders.
ESOP Scheme 2021:
As of the date of the Draft Red Herring Prospectus, the total options outstanding in force are 4,629,850 with an exercise price of ₹91.50. These options have a vesting period from 1 to 5 years from the grant date.
Employee-wise distribution of options:
- Key Managerial Personnel: 884,600 options in total, with Ivan Saha receiving 304,600 and Krishna Kumar Maskara getting 250,000 options
- Senior Management: 450,000 options in total, with Santosh Goyal receiving 250,000 options.
Utilization of Net Proceeds: The company plans to utilize the net proceeds from the fresh issue as follows:
- ₹793.36 crore for partial funding of capital expenditure for Phase-I Project.
- ₹602.95 crore for funding capital expenditure for Phase-II Project.
The company may also explore a Pre-IPO Placement aggregating up to ₹300 crore.
Company Details
Address:
Biowonder, Unit No. 1102, 11th Floor, 789,
Anandapur Main Road, Eastern Metropolitan Bypass,
E.K.T, Kolkata 700107, West Bengal, India
Phone: +91 33 2442 7399, +91 33 2442 7299
Email: [email protected]
Website: http://www.vikramsolar.com
IPO Registrar Details
Link Intime India Private Limited
Phone: +91 22 4918 6200
Email: [email protected]
Website: http://www.linkintime.co.in
Offer Prospectus & Documents
Lead Managers
- JM Financial Limited
- Nuvama Wealth Management Limited
- UBS Securities India Private Limited
- Equirus Capital Private Limited
- PhillipCapital (India) Private Limited
