Vikram Solar gets SEBI nod for IPO with fresh issue of ₹1,500 crore, OFS of 17.45 million shares

Vikram Solar Gets SEBI Nod for ₹1,500 Crore IPO.

Expert Analysis :

• IPO Fundraising: Vikram Solar’s SEBI-approved IPO aims to raise up to ₹1,500 crore via a fresh issue and an OFS of 1.745 crore equity shares.

• New Manufacturing Facility Investment: ₹793.36 crore of net proceeds will fund a 3,000 MW solar cell 3000MW solar module manufacturing facility through VSL Green Power Pvt Ltd.

• Capacity Expansion: ₹602.95 crore will expand the existing 3,000 MW solar module plant to 6,000 MW under Phase I via the subsidiary.

• Installed Capacity & Growth Plans: As of March 31, 2024, installed capacity stood at 4.5 GW, with plans to reach 10.5 GW by FY26 and 15.5 GW by FY27.

• Revenue Growth: FY24 revenue increased 21.11% to ₹2,510.99 crore from ₹2,073.23 crore in FY23.

• Profitability Improvement: EBITDA grew from ₹186.18 crore in FY23 to ₹398.58 crore in FY24, reflecting strong profitability.

• Manufacturing Locations: Manufacturing facilities are located in Falta SEZ (Kolkata) and Oragadam (Chennai).

• Product Portfolio: Product portfolio includes TOPCon, HJT, and PERC modules in bifacial and monofacial formats.