Vikram Solar Files DRHP with SEBI

Solar photovoltaic modules maker & EPC and O&M services provider Vikram Solar Ltd has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) in order to raise funds.
 
Thus, the Initial Public Offer (IPO) consists fresh issue of up to Rs 1,500 crore and Offer for Sale (OFS) of up to 5,000,000 equity shares by the selling shareholders. 
 
The equity shares are proposed to be listed on the BSE and NSE.
 
The Kolkata-based company has a global footprint through a sales office in the United States of America and a procurement office in China and has supplied solar PV modules to customers in 32 countries, as of December 31, 2021.
 
In India, the company’s customer base includes NTPC, Rays Power Infra, Amp Energy India, Azure Power, West Bengal State Electricity Distribution Company Ltd, SECI, West Bengal Power Development Corporation Ltd, HPCL, Keventer Agro, whereas its international customers include Amp Solar Development Inc, Safari Energy, Standard Solar and Southern Current.
 
As of December 31, 2021, the company had an order book (including framework agreement / letters of intent) of Rs 4,870 crore, of which Rs 1,621 crore comprise projects/ operations which are already under execution and Rs 3,248 crore comprise projects which are yet to be executed. The company clocked revenues of Rs 1,610 crore in the fiscal year 2021.
 
Meanwhile, the Book Running Lead Managers to the offer are JM Financial Ltd and Kotak Mahindra Capital Company Ltd.