IPO in the Sun: Vikram Solar Powers Up for ₹1,500 Crore Market Debut

Vikram Solar, one of India’s leading solar photovoltaic module manufacturers, has moved a step closer to its much-anticipated ₹1,500 crore initial public offering (IPO) after receiving the green light from the Securities and Exchange Board of India (SEBI). The IPO will include a fresh issue of shares worth up to ₹1,500 crore and an offer for sale (OFS) of 17.45 million equity shares by the company’s promoters.

 

A significant portion of the proceeds—about ₹793 crore—will be invested in Vikram Solar’s wholly owned subsidiary, VSL Green Power Private Limited, to partially fund a new integrated manufacturing facility in Tamil Nadu. This facility will have the capacity to produce 3,000 MW of solar cells and 3,000 MW of solar modules. An additional ₹603 crore is earmarked for expanding the same site’s solar module capacity from 3,000 MW to 6,000 MW under the project’s second phase. The rest of the funds will go toward general corporate purposes.

 

Vikram Solar’s current installed manufacturing capacity stands at 4.5 GW, with facilities in Kolkata and Chennai. The company aims to ramp up this capacity to 10.5 GW by FY26 and 15.5 GW by FY27, making it a major force in India’s renewable energy landscape. Vikram Solar’s product line includes advanced n-type TOPCon and HJT modules, as well as widely used PERC modules, catering to both domestic and export markets.

 

The IPO’s launch dates and price band are expected to be announced soon, with investors watching closely as Vikram Solar positions itself for the next phase of growth in India’s booming green energy sector.

 

Sources: Economic Times Energy, SolarQuarter, Goodreturns