SEBI approves Vikram Solar’s IPO

IPO Contains a new issue up to 1,500 crore and offer-for-sale (OFS) of 5,000,000 equity shares by the selling shareholders. Vikram Solar received its observation sheet last week, an update with SEBI showed.

Vikram Solar is a leading domestic module manufacturer. It produces solar photo-voltaic (PV) modules and is an integrated solar power solutions provider that provides engineering, procurement and construction (EPC) services, and operation and maintenance (O&M) services.

The company has a global footprint through a sales office in the US and a purchase office in China and has supplied solar PV modules to customers in 32 countries as of December 31, 2021.

In India, the company’s customers include NTPC, Rays Power Infra, Amp Energy India, Azure Power India, West Bengal State Electricity Distribution Company Limited, Solar Energy Corporation of India, Hindustan Petroleum Corporation Limited and Keventer Agro. The company’s international clients include Amp Solar Development Inc., Safari Energy LLC, Standard Solar Inc. and Southern Current.

JM Financial Limited and Kotak Mahindra Capital Company Limited are the Book Running Lead Managers of the Public Issue. The equity shares of the company will be listed on the major stock exchanges BSE and NSE.

Due to the volatility in the market, companies were not taking the IPO route. In fact, many companies that have received SEBI approval are waiting for the right time to issue their issues as the current market conditions are challenging.

11 debutants have gone public so far in the current fiscal 33,254 crores. A lion’s share of these ( 20,557 crore) was raised by a public issue of Life Insurance Corporation of India (LIC).

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