SEBI Clears Vikram Solar's ₹1,500 Cr. IPO

Vikram Solar, a leading solar photovoltaic module manufacturer based in Kolkata, has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO).

The IPO includes a fresh issue of equity shares worth up to ₹1,500 crore and an offer for sale of up to 17.45 million shares by promoters and existing shareholders. Proceeds from the fresh issue will fund key expansion initiatives, with approximately ₹793.36 crore allocated to partially fund capital expenditure via investment in its wholly owned subsidiary, VSL Green Power, for setting up a 3,000 MW solar cell and 3,000 MW module manufacturing facility (Phase 1) at the SIPCOT Industrial Complex in Tamil Nadu.

An additional ₹602.95 crore will be used to expand the facility to 6,000 MW in Phase 2. Currently, Vikram Solar operates with 4.5 GW of capacity across Kolkata and Chennai and aims to scale to 10.5 GW by FY26 and 15.5 GW by FY27.

News by Rahul Yelligetti.