Vikram Solar IPO

Vikram Solar Limited is one of India’s largest module producers in terms of operational capacity, manufacturing solar photovoltaic (“PV”) modules as of December 31, 2021. (Source: CRISIL Report). Vikram Solar IPO will hit the stock market in August 2022.

About Vikram Solar

They also provide complete solar energy solutions to their clients, including engineering, procurement, construction, as well as operations and maintenance.

Furthermore, as of December 31, 2021, their company has a domestic market share of around 19.00 percent, with 2.5 GW (inclusive of trial production i.e. which is not yet commercially available) of established manufacturing capacity for solar PV modules (including trial production, which is not yet commercially accessible).

They aspire to provide dependable solar solutions through new products, which they accomplish through high-efficiency PV module production, comprehensive EPC solutions, and O&M services.

They’ve been in the solar PV module market for the past 12 years, & throughout that period they’ve acquired significant engineering capabilities in the production of high-efficiency PV modules.

Clients

They’ve also grown their global footprint by opening a sales office in the United States and a procurement office in China, and as of December 31, 2021, they’d sold solar PV modules to customers in 32 nations. They have a sizable customer base in India who purchase their solar PV modules & EPC services.

National Thermal Power Corporation Limited (“NTPC”), Rays Power Infra Private, Amp Energy India Private, Azure Power India Private, West Bengal State Electricity Distribution Company, Solar Energy Corporation of India, West Bengal Power Development Corporation, Hindustan Petroleum Corporation, and Keventer Agro are some of their key domestic customers.

While Amp Solar Development Inc, Safa Solar Development Inc, and Safa Solar Development Inc are some of their international customers.

Growth

They began manufacturing operations in 2009, with a rated annual production capacity of 12 MW. They had expanded their capabilities to a combined annual rated production capacity of 2.5 GW (including of trial production, which is not yet commercially ready) throughout their plants in Falta SEZ, Kolkata, West Bengal, & Oragadam, Chennai, Tamil Nadu.

Both of these plants are ideally positioned, with easy access to ports, trains, and roadways, making it easier for them to conduct domestic and international business.

Within Fiscal 2023, their company intends to upgrade the existing production plant in Falta from its current capacity of 1.2 GW to 3 GW. They also plan to spend a portion of their Net Proceeds to set up a new facility.

Vikram Solar IPO

Vikram Solar Limited, headquartered in Kolkata has submitted Draft Red Herring Prospectus(DRHP) to Securities and Exchange Board of India(SEBI) for initial public offering (IPO) of 1500 Crore and 5,000,000 equity shares on 23 March 2022.

The offer includes a fresh issue of 1500 Crore and there is an offer for sale (OFS) of 5,000,000 equity shares by the promoters mentioned in the DRHP. They are also looking for a Pre-IPO placement of 300 crore in this issue.

They are now waiting for approval from Securities and Exchange Board of India(SEBI) to float the initial public offering (IPO) in the market.

Financials Trends

Particulars	For the year/period ended ( in Cr.)
	30-Sep-21	31-Mar-21	31-Mar-20	31-Mar-19
Total Assets	1,943.29	1,798.09	1,576.39	1,444.85
Total Revenue	605.35	1,627.60	1,661.97	2,031.29
Profit After Tax	(18.96)	38.19	22.52	40.82

Basic and Diluted Earnings Per Share

Financial Period	Basic EPS (in INR)	Diluted EPS (in INR)	Weight
Financial Year 2021	1.48	1.48	3
Financial Year 2020	0.86	0.86	2
Financial Year 2019	1.55	1.55	1
Weighted Average	1.29	1.29
30 Sep. 2021	(0.73)	(0.73)

Objects of the Issue

• Prepayment / repayment of all or a portion of the outstanding borrowings of the company to be availed on consolidated basis.
• To meet common corporate objectives.

Basis of the offer

The following are among the qualitative elements that are used to calculate the Offer Price:

1. With a capacity of 2,500 MW and a substantial order book, it is one of India’s leading solar module manufacturers, with a strong presence in both domestic & international markets.
2. As an additional value add to their solar PV module manufacturing operation, they are able to provide EPC & O&M services.
3. Brand recognition is strong & the company has a proven track record.
4. Macroeconomic considerations & a favourable regulatory environment assist their company and operations.
5. With production facilities based on worldwide best practises, they have a track record of being an early adopter in technology.
6. Strong financial results backed by a seasoned management team with a proven track record.

Vikram Solar Peer Comparison

There are no publicly traded companies in India that operate in a similar industry to theirs. As a result, providing an industry comparison in regard to their Company is not possible.

Vikram Solar IPO Details

IPO Opening Date	August 2022
IPO Closing Date	August 2022
Issue Type	Book Building
Face Value	1 per share
IPO Price	0 to 0 per equity share
Market Lot	–
Min Amount	–
Listing At	BSE, NSE
Issue Size	–
Fresh Issue	1500 Crore
Offer for Sale	5,000,000 Share Equity

Vikram Solar IPO Date

Vikram Solar Limited IPO opening date is August 2022, and the closing date is August 2022. The Vikram Solar issue may list in August 2022.

IPO Opening Date	August 2022
IPO Closing Date	August 2022
Basis of Allotment Date	August 2022
Initiation of Refunds	August 2022
Credit of Shares to Demat Account	August 2022
IPO Listing Date	August 2022

Basis of Allotment

Type	% of Offer	Basis of Allotment
Qualified Institutional Buyer	50	Roughly  equivalent
Non Institutional Investor	15	Roughly  equivalent
Retail	35	Minimum 1 lot based on availability

Vikram Solar Limited IPO Status

Allotment of equity stocks subject to the Fresh Issue and transfer of the Promoter Selling Shareholders’ OFS Stocks to the winning Bidders subject to the Offer for Sale. Nevertheless, the status of the allotment has yet to be revealed.

Here, you can find the Allotment Status of Vikram Solar IPO.

Vikram Solar IPO GMP

Vikram Solar Limited IPO Grey Market Premium is 0. You can check out GMP of Other IPOs on below Links:

Date	GMP (in Rs)	Subject to Sauda	Kostak (in Rs)
August 2022
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Check Out the GMP of all Other IPOs

IPO Grey Market Premium

Vikram Solar Limited IPO Review

Vikram Solar Limited IPO review will depend on the price band which will be announced after SEBI approval. Whenever it will be announced we will update you regarding review of Vikram Solar IPO is good or bad.

Vikram Solar Limited IPO Risk

• Outbreaks of contagious diseases, such as the recent COVID-19 outbreak, could have a significant negative impact on their business.
• Their capacity to establish new manufacturing plants & increase production lines in a cost-effective manner, both of which are risky and uncertain, is critical to their success.
• They may be unable to take advantage of government schemes such as the PLI plan and others.
• They do not have long-term terms with vendors of solar PV cells & all other raw materials, making them vulnerable to raw material shortages.
• They rely on only one product for a large portion of their revenue, therefore its continuous success is critical to their business and prospects.
• In the regular course of business, they must retain specific permits.

Other Threats

1. Changes in the price of wafers, solar PV cells, and other raw materials as a result of demand fluctuations or other factors could have a negative impact on the manufacturing of solar PV modules.
2. Their company, their directors, some of whom are also Promoters, & one of their Corporate Promoters are all embroiled in legal battles. Any negative decision in such processes could expose them to fines & penalties, and also have a negative impact on their business.
3. Their operational revenue is highly reliant on a small number of customers.
4. Reduced demand for their solar modules could be reduced if government subsidies & economic incentives to promote solar energy & domestic production are reduced or removed, or if they are exempted, eliminated, or expire.

Production Plants

Their production lines are fully automated, with equipment and technologies from Japan, Germany, the United States, and Switzerland.

Furthermore, its Falta operations are ISO 14001:2015 accredited for environmental management and ISO 45001:2018 recognised for implementing occupational health and safety management systems. Falta’s quality management systems are also ISO 9001:2015 certified.

Their high-quality solar PV modules are backed by rigorous testing and sophisticated quality control procedures, as quality is at the heart of their concept.

Thermal cycling, Potential Induced Degradation (PID), Light Induced Degradation, moist heat, and mechanical load testing are just a few of the real-world simulated tests that our PV modules go through.g

Vikram Solar Limited IPO Brokerage views

once the dates will be announced we will update the views of different brokerage firms regarding this IPO. Here is the views of different stock brokers regarding this Vikram Solar IPO:

• Yes Securities : Not Updated
• Choice Brokering: Not Updated
• Axis Securities: Not Updated
• IIFL Securities: Not Updated
• Trade swift: Not Updated
• Anand Rathi : Not Updated
• ICICI Securities: Not Updated

Vikram Solar Limited IPO Subscription Status

Date	Day	QIB	NII	Retail	Employees	Total Subscription
August 2022	1
August 2022	2
August 2022	3

Vikram Solar Management

Mr. Gyanesh Chaudhary, one of their Promoters, and each member of their management team have extensive experience in their respective fields.

Mr. H. K. Chaudhary, Non-Executive Chairman, Mr. Gyanesh Chaudhary, Vice Chairman and Managing Director, Mr. Gyanesh Chaudhary, Chief Executive Officer, Mr. Saibaba Vutukuri, and Whole Time Director & Chief Financial Officer, Mr. Krishna Kumar Maskara, provide them with assistance and experience.

Mr. Gyanesh Chaudhary has worked in the solar industry for over a decade. Their management staff is capable of overseeing operations as well as future expansion plans.

Their executive staff is backed up by a capable technical group. They are continuing to add to its executive team with people who have experience in finance, consulting & the renewable energy business.

Promoters

• Hari Krishna Chaudhary
• Gyanesh Chaudhary
• Vikram Capital Management Private Limited (formerly, Monolink Trexim Private Limited)
• Vikram Financial Services Limited
• Hari Krishna Chaudhary Family Trust
• Gyanesh Chaudhary Family Trust

Promoter’s Holding

Pre Issue Share Holding	87.8%
Post Issue Share Holding

Vikram Solar limited Prospectus