Vikram Solar Limited, one of India’s largest manufacturers of solar photovoltaic modules, completed an initial public offering (IPO) aggregating to ~₹2,079.37 crore—comprising a ₹1,500 crore fresh issue and an Offer for Sale (OFS) of ~₹579.37 crore by selling shareholders.

The issue drew strong demand, being oversubscribed ~56.42x, and the equity shares were listed on BSE and NSE on August 26, 2025. Proceeds are earmarked for capacity expansion, including a 3,000 MW solar cell line and scaling the module facility from 3,000 MW to 6,000 MW.

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Deal Overview

Parties & Roles

• Issuer: Vikram Solar Limited

• Book-Running Lead Managers: JM Financial, Nuvama Wealth Management, UBS Securities India, Equirus Capital, PhillipCapital (India)

• Indian Issuer Counsel: Khaitan & Co

• Indian BRLM Counsel: Trilegal

• International BRLM Counsel: Linklaters

Legal Teams (with designations)

Khaitan & Co — Issuer Counsel (Vikram Solar Limited)

• Abhimanyu Bhattacharya, Partner

• Oishik Bagchi, Partner

• Anshul Mordia, Senior Associate

• Hrithik Khurana, Senior Associate

• Saisha Bacha, Senior Associate

• Ria Chaudhary, Associate

• Siddharth Jain, Associate

Trilegal — Counsel to the BRLMs

• Richa Choudhary, Partner

• Avanti Kale, Counsel

• Maitreya Rajurkar, Counsel

• Siddhant Mishra, Associate

• Yug Gambhir, Associate

• Naman Shah, Associate

Linklaters — International Counsel to the BRLMs

• Amit Singh, Partner

Key Transaction Highlights

• Robust Demand: The IPO garnered ~56.42x overall subscription, underlining strong institutional and retail interest in India’s solar manufacturing story.

• Capacity Build-Out: Fresh issue proceeds targeted for an integrated 3,000 MW cell line and doubling module capacity to 6,000 MW, supporting “Make in India” and solar value-chain indigenization.

• Timely Listing: Shares listed on August 26, 2025 on BSE and NSE.

Strategic Significance

India’s solar roadmap increasingly emphasizes domestic manufacturing across wafers, cells and modules to secure supply chains and reduce import dependencies. Vikram Solar’s capital raise arrives as policy tailwinds (e.g., PLI incentives and customs regimes) continue to encourage local manufacturing. The Vikram Solar IPO combines strong market reception with a clear manufacturing use-of-proceeds plan, signaling investor conviction in India’s solar supply chain build-out. The cell line addition and module capacity expansion funded by this IPO strengthen the company’s ability to serve large-scale utility and C&I demand, while aligning with national goals for renewable capacity. (Inference grounded in publicly reported use of proceeds and India’s manufacturing policy environment.)

Why It Matters

• Energy Transition: Scaling upstream cell manufacturing deepens India’s solar ecosystem beyond module assembly, improving resilience to global supply shocks.

• Capital Markets Confidence: A ~56x subscription reinforces market appetite for credible clean-tech manufacturing stories, potentially catalyzing further primary capital formation in renewables.

• Execution Edge: Coordinated roles for domestic and international counsels (Khaitan & Co, Trilegal, Linklaters) reflect the cross-border investor base and regulatory complexity typical of marquee Indian listings.

About the Parties

• Vikram Solar Limited: Among India’s largest solar module manufacturers with a growing footprint and capacity-expansion roadmap.

• BRLMs: JM Financial, Nuvama, UBS India, Equirus Capital, PhillipCapital (India) led the syndication for broad domestic and foreign participation.

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Disclaimer

This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.