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.
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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.
