Vikram Solar IPO – Review, Bid, Size, Allotment, Subscription, GMP & RHP
Last Updated Date: Nov 16, 2022Vikram Solar Limited is one of India’s largest domestic solar PV module manufacturers. It has an enormous operational capacity, and it has secured about 19% of the market share.
The company is now setting the floor to launch its IPO in the Indian stock market.
Vikram Solar IPO consists of a Fresh Issue of equity shares aggregating up to Rs. 1500 crore and Offer for Sale of 50,00,000 equity shares by promoter group and existing shareholders.
Vikram Solar IPO Review will bring all the information about the company and its IPO in one place for you.
| Face Value | Rs 10 |
| Price Band | Not Disclosed |
| Listing At | BSE, NSE |
| Min. Order Quantity | Not Disclosed |
| Listing Date | Not Disclosed |
| Offer for Sale | Not Disclosed |
| Fresh Issue | Rs.1500 Crore |
| PO Size | Not Disclosed |
| Tick Size | 1 |
Vikram Solar IPO Overview
Vikram Solar, one of India’s largest module manufacturers, has an extensive delivery capacity in India and overseas. It is operating pan-India as well as is offering its products in various countries also.
The company has continuously strengthened its engineering capabilities in producing high-efficiency PV modules to cater well.
Vikram Solar IPO is now going to open unlimited possibilities and achievable avenues in the long run.
Vikram Solar IPO Important Dates
| Events | Date |
| IPO Opening Date | Not Disclosed |
| IPO Closing Date | Not Disclosed |
| Basis of Allotment Finalization | Not Disclosed |
| Refunds Initiation | Not Disclosed |
| Credit of Shares to Demat Account | Not Disclosed |
| Share Listing Date | Not Disclosed |
Vikram Solar IPO Dates are not determined yet. The company has filed the DRHP to seek SEBI approval on March 23, 2022. The IPO dates will be revealed after SEBI approves the IPO.
IPO opening and the closing date is the period where the willing investors can place their bids to participate in the company’s IPO.
Once the bids are received and the IPO is closed, the company determines the basis of allotment and credits the shares in the Demat accounts.
Vikram Solar IPO Price, Size, Share Offerings
| Face Value | Rs.10 |
| Price Band | Not Disclosed |
| Offer for Sale | Not Disclosed |
| Fresh Issue | Rs.1500 Crore |
| IPO Size | Not Disclosed |
Vikram Solar IPO Size comprises the Fresh Share Issue and Offer for Sale. Vikram Solar IPO Price will be discovered through the Book Building Process.
The company and the selling shareholders, in consultation with the Lead Managers, will contribute to the price determination. The company will only receive the proceeds of the Fresh Issue.
The Face Value of the offered shares is Rs. 10 each. The offered Equity Shares are proposed to be listed on NSE and BSE.
Vikram Solar IPO Grey Market Premium
| Date | GMP (Rs.) | Kostak Rate (Rs.) | Subject to Sauda (Rs.) |
| Not Disclosed | |||
A Grey market or parallel market is an unofficial market for financial securities. They are traded in this market before their listing on stock exchanges.
Grey Market Premium is used to analyze the estimated listing price of a prospective IPO share. Though the grey market is an unofficial market, it significantly influences the occurrence in the stock market.
Vikram Solar IPO GMP will be available after the IPO date is declared by the company.
Vikram Solar IPO Subscription Status
| Day / Date | QIB | NII | RII | Total Subscription |
| 1st Day – | ||||
| 2nd Day – | ||||
| 3rd Day – | ||||
| Shares Offered or Net Issue |
In the subscription process, investors make pre-payment and apply for the allotment of shares through the application. This can be done through the ASBA process.
If the company accepts the application, the amount is debited from the investor’s account, and shares are credited to the Demat Account. They successfully become a member of the company.
Vikram Solar IPO Subscription has not been initiated as of now.
Vikram Solar IPO Allotment Status
The basis of allotment for the Vikram Solar IPO Allotment has not been determined till now. The company is awaiting the SEBI Nod so that it can process the launch of its IPO.
Once the IPO is approved, the company can file the RHP and prepare to raise funds to attain its goals of the IPO.
Vikram Solar IPO Live Performance
You can check anytime, the Vikram Solar IPO Performance from here. The latest Vikram Solar IPO Price is reflected here.
Subscribe to Vikram Solar IPO – Open Free Demat Account Now!
Vikram Solar – Company Review
Vikram Solar ignited its journey as International Leather Clothiers Private Limited in December 2005. Later, in 2006, it changed its name to International Clothiers Private Limited.
Thereafter, again in 2008, the company’s name was changed from International Clothiers Private Limited to Vikram Solar Private Limited.
In August 2017, Vikram Solar converted itself from a private company to a public company leading to a name change to Vikram Solar Limited.
Vikram Solar Limited is a Domestic module manufacturer operating from Kolkata, West Bengal. The company is serving the domestic boundaries as well as the international market.
Products or Services
Vikram Solar is among the top players in the EPC (Engineering, Procurement, and Construction) system. They have decades of experience and expertise in the field.
The company produces solar photo-voltaic (PV) modules and is a solar energy solutions provider which also offers operations and maintenance (O&M) services.
Vikram Solar has a global presence with its sales office in the United States of America. It also has a procurement office in China. With the extensive capacity, Vikram Solar had made supplies in over 32 countries of its solar PV modules as of December 2021.
Promoters and Holding
The Promoters of Vikram Solar Limited are:
- Hari Krishna Chaudhary
- Gyanesh Chaudhary
- Hari Krishna Chaudhary Family Trust
- Gyanesh Chaudhary Family Trust
- Vikram Financial Services Limited
- Vikram Capital Management Private Limited (Formerly, Monolink Trexim Private Limited)
The company’s management consists of:
- Hari Krishna Chaudhary, in the position of Non-Executive Chairman
- Gyanesh Chaudhary, in the position of Vice Chairman and Managing Director
- Joginder Pal Dua, in the position of Independent Director
- Probir Roy, in the position of Independent Director
- Ratnabali Kakkar, in the position of Independent Director
- Vikram Swarup, in the position of Independent Director
- Krishna Kumar Maskara, in the position of Whole-time Director and Chief Financial Officer
- Neha Agrawal, in the position of Whole-Time Director and Head – Corporate Strategy
- Saibaba Vutukuri, in the position of Chief Executive Officer
- Rajendra Kumar Parakh, in the position of Chief Operating Officer
- Arindam Chakraborty, in the position of Chief Human Resource Officer
- Suman Nag, in the position of Chief Revenue Officer
Sudip Chatterjee, in the position of Company Secretary and Compliance Officer
Is Vikram Solar good for Investment?
Vikram Solar Limited is India’s second-largest solar energy company by its financial revenues. It is among the top players for its operational capacity, producing solar photo-voltaic (“PV”) modules.
The company works pan-India and has a strong presence in 23 states and three union territories. Alongside, it has a remarkable presence in the international market and is serving in about 32 countries.
In India, the customer base of the company includes West Bengal State Electricity Distribution Company Ltd, Rays Power Infra, Solar Energy Corporation of India, NTPC, Hindustan Petroleum Corporation Ltd, Amp Energy India, West Bengal Power Development Corporation Ltd, Keventer Agro Ltd., Azure Power India, etc.
Vikram Solar is offering its products to entities like Amp Solar Development Inc, Standard Solar Inc, Southern Current, and Safari Energy LLC in the international market.
Vikram Solar Financial Statements
| Amount (in INR & Million) | ||||
| 30-Sept-21 | 31-Mar-21 | Mar-20 | 31-Mar-19 | |
| Assets | 19,432.90 | 17,980.93 | 15,763.91 | 14,448.45 |
| Revenue | 6,053.54 | 16,276.02 | 16,619.74 | 20,312.94 |
| Expense | 6,365.04 | 15,714.05 | 16,315.32 | 19,726.25 |
| Profit After Tax | (189.62) | 381.93 | 225.24 | 408.22 |
Vikram Solar Limited is among the top players in India. Its operations are wide and are expanding with time.
The company’s total income for the years 2019, 2020, and 2021 were – 20,312.94 million, 16,619.74 million, and 16,276.02 million.
The company’s profits for the years 2019, 2020, and 2021 were – 586.69 million, 304.42 million, and 561.97 million.
In the six months of 2021, ended September 30, 2021, the company’s total revenue was 6,053.54 million, and the company has incurred a loss of (311.50) million for the period.
The EPS of Vikram Solar Limited for the six months of 2021, ended September 30, 2021, is Rs. (0.73).
| Earnings per Equity Share (in Million) | ||||
| 30-Sept-21 | 31-Mar-21 | Mar-20 | 31-Mar-19 | |
| Basic & Diluted | (0.73) | 1.48 | 0.86 | 1.55 |
Vikram Solar IPO Review
Vikram Solar IPO consists of a Fresh Issue of equity shares of up to Rs.1,500 crore and an Offer for Sale of up to 50,00,000 equity shares.
Additionally, the company may also consider a pre-IPO placement of up to Rs. 300 crore. If such pre-IPO placement is successful, the IPO size will be reduced to such an amount.
The selling shareholders will be entitled to the proceeds from the OFS, and the company will be receiving the proceeds of the Fresh Issue only.
Vikram Solar will be utilizing the proceeds towards funding the capital expenditure requirements for setting up a 2,000 MW integrated solar cell and solar module manufacturing facility.
Vikram Solar IPO Details
Here are few more details you need to know before investing in Vikram Solar IPO –
Vikram Solar IPO Issue Object
Vikram Solar has proposed diverse objectives for making the IPO offer and some of the objectives are:
- 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.
Vikram Solar IPO – Basis of Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- one of the largest Indian solar module manufacturer with 2,500 MW (inclusive of trial production i.e. which is not yet commercially available) capacity having strong presence in domestic and international markets along with a large order book providing clear visibility on future growth;
- ability to provide EPC and O&M services as a supplemental value add to our solar PV module manufacturing business;
- strong brand recognition with an established track record;
- our business and operations are supported by macroeconomic factors and a favourable regulatory landscape;
- track record of being an early adopter in technology with manufacturing facilities based on global best practices; and
- robust financial performance backed by an experienced management team with an excellent track record
Quantitative factors are:
| Basic & Diluted EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-21 | 1.48 | 9.25 | 16.05 |
| 31-Mar-20 | 0.86 | 6.19 | 13.75 |
| Mar-19 | 1.55 | 12.03 | 13.13 |
Vikram Solar IPO Lead Managers
Here are the list of Lead managers –
- JM Financial Limited
- Kotak Mahindra Capital Company Limited
Vikram Solar IPO Registrar to offer
Check out the details of registrar here –
Link Intime India Private Limited
C-101, 1st Floor 247 Park, L.B.S. Marg
Vikhroli West Mumbai 400 083
Maharashtra, India
Tel: +91 22 4918 6200
Email: vikramsolar.ipo@linkintime.co.in
Website: www.linkintime.co.in
Investor grievance e-mail: vikramsolar.ipo@linkintime.co.in
Contact person: Shanti Gopalkrishnan
SEBI Registration No.: INR000004058
Vikram Solar IPO – Other Details
- Statutory Auditor – Singhi & Co., Chartered Accountants
- Legal Counsel to the Company – Cyril Amarchand Mangaldas
- Bankers to the Company – Indian Bank, State Bank of India, IDBI Bank Limited, Bank of India, Union Bank of India, Bank of Baroda, Punjab National Bank and ICICI Bank Limited
Vikram Solar IPO – Conclusion
The Vikram Solar IPO is a combination of a fresh issue and an offer for sale. The company is among the top players as a Domestic module manufacturer in India.
The objective of the IPO, as stated in the DRHP, is to advance the company’s expansion plans by setting up an integrated solar cell and solar module manufacturing unit.
The company has a wide growth in the upcoming years as the country move toward solar energy. Also, the government supports and promotes such business units largely to save energy.
Investors can invest in the company as it is a profitable investment opportunity.
To Subscribe to Vikram Solar IPO – Open Demat Account Now!
Vikram Solar IPO Review FAQs
Check out the FAQs on Vikram Solar IPO –
What is the Issue Size of Vikram Solar IPO?
The Company is making an initial public offer of NA equity shares. They vividly portray the aspects of the issue in this article.
You can check the stats on the fresh issue, Offer for sale, and net issue.
What is the Price band of Vikram Solar IPO?
The price band for this particular IPO ranges between NA. As far as the face value of the share is of concern, it is Rs.10 per share.
What is the Vikram Solar IPO Open Date?
The opening and closing dates for this IPO have been updated. The IPO is set to open on NA, while the closing date is set at NA.
What is the Vikram Solar IPO Allotment Date?
We also have the news regarding the respective allotment dates of Vikram Solar IPO. Basis of Allotment finalization is on NA, refund initiation is on NA, credit of shares is on NA, and share listing date is on NA.
What is the Vikram Solar IPO Listing Date?
Shares of this company shall be listed in the exchanges NA. The date, when the listing would be done, is stagnant on NA.
Who is the Registrar of Vikram Solar IPO?
One of the reputed registrars is managing the issue of this IPO, i.e. Link Intime India Private Limited. Their website will help you regarding the further information you are on the lookout for.
Who is the Promoter of Vikram Solar IPO?
Here are the promoters of this IPO – HARI KRISHNA CHAUDHARY, GYANESH CHAUDHARY, HARI KRISHNA CHAUDHARY FAMILY TRUST, GYANESH CHAUDHARY FAMILY TRUST, VIKRAM FINANCIAL SERVICES LIMITED AND VIKRAM CAPITAL MANAGEMENT PRIVATE LIMITED (FORMERLY, MONOLINK TREXIM PRIVATE LIMITED) . You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.
What is the GMP of Vikram Solar IPO?
They have obtained the GMP of this IPO and it is Rs.25. Further insights of Kostak rate and subject to sauda or SS are as well included in this report.
Is Vikram Solar IPO good for Investment?
They have further provided the financial status of the company in this article, from the past few years.
You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.
What is the PAT of Vikram Solar Company?
They have the information of company financials, and according to that, they have the figures from the last few years to provide.
PAT for the financial year 2021 in Million is 381.93, 2020 is 225.24, 2019 is 408.22. PAT from Sept 2021 is (189.62).
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