Vikram Solar IPO opens on August 19; check price band, lot size, objectives and key dates

Vikram Solar IPO: The initial public offering of solar module manufacturer Vikram Solar will hit the primary market on August 19. The issue will end on August 21. The price band has been fixed at ₹315 to ₹332 per share.

The initial share sale seeks to raise ₹2,079.37 crore via fresh issuance of ₹1,500 crore as well as an offer for sale (OFS) of ₹579.37 crore.

Gyanesh Chaudhary, Anil Chaudhary and Vikram Capital Management Private Limited are offloading their stake under the OFS component, according to the red herring prospectus.

The money raised will be used to fund capital expenditure through investment in its wholly-owned subsidiary VSL Green Power Private Limited for Phase I and Phase II projects. A portion will also be used for corporate general purposes.

Vikram Solar IPO: Lot size

An application consists of one lot or 45 shares and in multiples thereafter. Half of the net offer has been set aside for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors.

Vikram Solar IPO timeline: Allotment and listing dates

JM Financial Ltd, UBS Securities India Pvt Ltd, Nuvama Wealth Management Pvt Ltd, PhillipCapital (India) Pvt Ltd and Equirus Capital Pvt Ltd are the issue's book running lead managers, while MUFG Intime India serves as the registrar.

About Vikram Solar

Vikram Solar is among India's largest solar PV manufacturers in terms of operational capacity, according to the CRISIL Report. It commenced its manufacturing operations in 2009 and has grown into 4.5 GW installed capacity as of the date of filing the RHP.

Its portfolio of solar energy products includes high-efficiency solar PV modules like p-type monocrystalline silicon-based Passivated Emitter and Rear Contact (PERC) modules, n-type monocrystalline silicon-based heterojunction technology (HJT) modules, and N-type monocrystalline silicon (N-type) modules.