Vikram Solar gets nod for USD-188m IPO in India

Indian photovoltaic (PV) module maker Vikram Solar Ltd has received regulatory clearance to go public through an up to INR-15-billion (USD 188.3m/EUR 185.4m) initial public offering (IPO) at home.

The draft papers for the proposed transaction, filed in March, were approved by the Securities Exchange Board of India (SEBI), the capital markets regulator said in an observation letter.

Under the plan, Vikram Solar intends to offer up to five million equity shares in a transaction managed by JM Financial and Kotak Mahindra Capital Co Ltd. After the deal closes, the company’s stock will start trading on the BSE bourse and the National Stock Exchange of India.

As previously announced, the fresh capital is aimed at supporting the Indian manufacturer’s plan to install a 2-GW solar cell and module production plant in Tamil Nadu. The capacity will add to the two existing production sites of Vikram Solar, which have a combined capacity of 1.2 GW, in Tamil Nadu and West Bengal.

At present, Vikram Solar is India’s largest PV manufacturer in terms of production capacity. The Kolkota-based firm also offers engineering, procurement and construction (EPC) and operations and maintenance (O&M) services.

(INR 10 = USD 0.126/EUR 0.124)

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