Vikram Solar, one of the largest solar photo-voltaic module manufacturers, has filed draft papers with market regulator Sebi to raise funds through an initial public offering (IPO) on September 30. The IPO includes fresh issuance of shares worth Rs 1,500 crore and an offer for sale of 1.74 crore equity shares by promoters Gyanesh Chaudhary, Vikram Capital Management and Anil Chaudhary.

Promoters hold 77.64 per cent stake in the company, while public shareholders, including Arpit Khandelwal and Asanu Finvest, hold 22.36 per cent stake. The solar solution provider may consider raising Rs 300 crore through private placement (pre-IPO placement). If the company raises funds in pre-IPO placement, this amount will be reduced from the fresh issue. About the Company  With manufacturing facilities in Falta SEZ (Kolkata) and Oragadam (Chennai), Vikram Solar started manufacturing operations in 2009 with an installed solar PV module manufacturing capacity of 12.00 MW, which has grown to 3.50 GW capacity. It is currently working on greenfield and brownfield expansion plans, which are expected to increase its capacity to 10.50 GW by FY26 and 15.50 GW by FY27.