Latest
Features , Editors’ Blog , Long Reads
Vikram Solar will use INR793.36 crore (US$95 million) from the IPO to build a £GW solar cell and module facility. Image: Vikram Solar.
Indian solar module manufacturer Vikram Solar has received final approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO) and raise capital through the public markets.
The firm plans to set up an integrated manufacturing facility with a capacity of 3GW each for solar cells and solar modules in the southern state of Tamil Nadu through its wholly owned subsidiary, VSL Green Power Private Limited. For this, the company will use INR793.36 crore (US$13 million) from the IPO proceeds.
This article requires Premium Subscription Basic (FREE) Subscription
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
Regular insight and analysis of the industry’s biggest developments
In-depth interviews with the industry’s leading figures
Unlimited digital access to the PV Tech Power journal catalogue
Unlimited digital access to the Photovoltaics International journal catalogue
Access to more than 1,000 technical papers
Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
An additional INR602.95 crore (US$72 million) will go towards expanding the existing solar module facility at the same location from a capacity of 3GW to 6GW under Phase II of the project. The remaining funds will be allocated for general corporate purposes.
Vikram Solar filed its Draft Red Herring Prospectus (DRHP) with SEBI in September 2024 and received approval for the work in May 2025. The IPO, with each share having a face value of INR10 (US$0.12), includes a fresh issue of shares worth up to INR1,500 crore (US$180 million) and an offer for sale of up to 17.45 million shares by the company’s promoters and promoter group.
JM Financial, Nuvama Wealth, UBS Securities India, Equirus Capital and PhillipCapital are the lead managers for the IPO, while Link Intime India served as the registrar for the issue.
Recently, Vikram Solar signed a 326.6MW module supply agreement with Gujarat State Electricity Corporation Limited (GSECL) for the 2.3GW Khavda Solar Park in Gujarat. This brings the firm’s total contribution to the project to over 700MW, following a previous deal in June 2024 to supply 393.9MW of tunnel oxide passivated contact (TOPCon) modules. Under last year’s agreement, the company had committed to providing its 580Wp n-type TOPCon solar panels for the park.
The Kolkata, India-headquartered firm has an installed capacity of 4.5GW. It operates manufacturing facilities in Kolkata and Chennai and aims to scale capacity to 10.5GW by FY26 and 15.5GW by FY27. Recently, the firm expanded outside India through a joint venture with Phalanx Impact Partners and Das & Co. to establish a 6GW vertically-integrated solar manufacturing operation in Colorado, US.
Read Next
rPlus Energies has secured more than US$500 million for an 800MW solar-plus-storage project in Emery County, Utah, US.
Australia’s Solar Energy Industries Association (SEIA) has called on Australia’s climate change and energy minister, Chris Bowen, to “urgently intervene” on a rule change that could threaten to derail the uptake of rooftop solar PV.
ElectraNet has revealed that renewables supplied 100% of South Australia’s electricity demand for 27% of 2024, roughly 99 days.
Solar manufacturer Involt Energy has broken ground on its first solar cell manufacturing plant in the western Indian state of Gujarat, with an initial annual nameplate capacity of 1.78GW.
Investment in clean energy and grids will reach US$2.2 trillion in 2025, double the expected investment into fossil fuels this year, according to data from the International Energy Agency (IEA).
Independent power producer (IPP) Enlight Renewable Energy is expanding its Gecama Wind Project in Castilla La Mancha, Spain, by integrating solar PV and battery energy storage systems.
Subscribe to Newsletter
Most Read
Upcoming Events
PV Tech is part of the Informa Markets Division of Informa PLC
This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC’s registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.
Copyright © 2025. All rights reserved. Informa Markets, a trading division of Informa PLC.
https://www.pv-tech.org/vikram-solar-secures-sebi-nod-for-ipo-eyes-expansion/
