Vikram Solar has drafted DRHP (Draft Red Herring Prospectus) to the SEBI (Securities and Exchange of India) for IPO (Initial Public Offering) wherein, Rs 11,500 crore, has a fresh issue and 17.45 billion is OFS (offer for sale), sales by promoters of Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary. The face value of each share is Rs 10.
- Take-up of funding has been decided:
- 7.9 billion will be provided to VLS Green Power to build 3,000 MV solar sales.
- 6.9 would go to current solar power, and the remaining funds would go to general purpose.
- The company aims to raise Rs 3 billion by selling shares before its IPO using book-building.
The funds will be collected by; approximately 50% from QIB (Qualify institutional buyers),15% from non-institutional bidders, and the rest of 35% from retailers.
Vikram Solar Limited, formerly Vikram Solar Private Limited, is one of India’s biggest makers of solar panels. As of March 31, 2024, it also has a large operational capacity, producing solar photovoltaic (PV) modules that support the country’s shift toward renewable energy.
Vikram Choudhary and his family are the promoters and they hold 80% of the stacks in the company. Its revenue for 2024 (FY24) was INR 2,510.99 crore, net worth was Rs. 460.70 Cr, and total current assets amount to ₹197 crore, This company has enlarged its capacity of 3.5 GW in FY 2024.
Vikram Solar IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Vikram Solar Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2019 | ₹2031.29 | ₹1972.63 | ₹40.82 |
| 2020 | ₹1661.97 | ₹1631.53 | ₹22.52 |
| 2021 | ₹1627.60 | ₹1571.41 | ₹38.19 |
| Sept 2021 | ₹605.35 | ₹636.50 | ₹18.96 |
Vikram Solar IPO Valuation – FY2021
Vikram Solar IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹1.48 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 9.25% |
| Net Asset Value (NAV): | ₹16.05 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| NA | NA | NA | NA | NA | – Cr. |
| NA | NA | NA | NA | NA | – Cr. |
Objects of the Issue
- Funding capital expenditure for setting up of a 2,000 MW integrated solar cell and solar module manufacturing facility at plot no. A-10, SIPCOT Industrial Complex, Gangaikondan, District Tirunelveli 627 352, Tamil Nadu (“Project Site”), by our Company, through its wholly owned Subsidiary, VSL Green Power Private Limited (the “Proposed Project”); and
- General corporate purposes.
IPO Lead Managers aka Merchant Bankers
- JM Financial Limited
- Kotak Mahindra Capital Company Limited
