Vikram Solar, one of India’s leading solar PV manufacturers, has filed draft papers with SEBI for its initial public offering (IPO). Here are the key details about the company and the upcoming IPO:
Company Profile
- Founded in 1995, Vikram Solar is a Kolkata-based solar solutions provider
- Has manufacturing facilities in Falta SEZ, West Bengal and Oragadam, Tamil Nadu
- Current annual module production capacity stands at 3.5 GW
- Plans to expand capacity to 10.5 GW by FY26 and 15.5 GW by FY27
IPO Details
- IPO comprises fresh issue of shares worth ₹1,500 crore
- Also includes an offer for sale of 1.74 crore shares by promoters
- Company may consider pre-IPO placement of ₹300 crore
- Proceeds to be used for capacity expansion to 6 GW in Tamil Nadu
Financials and Growth Plans
- Revenue grew 21% to ₹2,511 crore in FY24
- Net profit surged 450% to ₹79.7 crore in FY24
- Strong improvement in profitability with EBITDA margin at 15.9%
- Brownfield and greenfield expansions planned to boost capacity
- Aims to capitalize on India’s renewable energy growth potential
Promoter and Investor Details
- Promoters Gyanesh Chaudhary, Vikram Capital hold 77.64% stake
- Public shareholders own the remaining 22.36% stake
- Marquee investors include International Finance Corporation
The IPO will allow Vikram Solar to raise growth capital for its expansion plans. With strong financial growth and increased focus on renewable energy, the company is well placed to capitalize on opportunities.
