Vikram Solar IPO Analysis @ Chanakyanipothi.com, India`s Oldest & most Trusted Investment Blog. Operational since 8th December 1999, we are the Only Investment Platform in India, which has successfully completed 22 Years

Vikram Solar IPO Company Details
Vikram Solar is one of India’s largest module manufacturers, in terms of operational capacity, producing solar photo-voltaic (“PV”) modules, and are also an integrated solar energy solutions provider offering
engineering, procurement and construction (“EPC”) services, and operations and maintenance (“O&M”) services to its customers.
Further, the Company had a domestic market share of approximately 19.00% (calculated as a percentage of operational modules capacity) with 2.5 GW (inclusive of trial production i.e. which is not yet commercially available) of installed manufacturing capacity for solar PV modules, as of December 31, 2021.It has been operating in the business of solar PV module technologies for the last 12 years, during which time it has developed strong engineering capabilities in producing high efficiency PV modules. It has also built a strong brand recall and reputation for its solar PV modules over those years as evidenced by various awards such as, India’s Leading Brand Rising Star award in 2020 and CII Award for Customer Obsession in 2019. It has received a Tier 1 manufacturer classification from BloombergNEF in the first quarter of 2014.

Vikram Solar has also expanded our global footprint through a sales office in the United States of America and a procurement office in China and has supplied solar PV modules to customers in 32 countries. In India, it has developed a significant client base purchasing its solar PV modules and EPC services. Its key domestic customers include NTPC, Rays Power Infra Private Limited, Amp Energy India Private Limited, Azure Power India Private Limited, West Bengal State Electricity Distribution Company Limited, Solar Energy Corporation of India, West Bengal Power Development Corporation Limited, Hindustan Petroleum Corporation Limited, Keventer Agro Limited while the international
customers include Amp Solar Development Inc (its customer since 2019), Safari Energy LLC, Standard Solar Inc and Southern Current.
Vikram Solar commenced its manufacturing operations in 2009 with an annual rated production capacity of 12 MW. As of December 31, 2021, it had increased its capabilities to a cumulative annual rated production capacity of 2.5 GW (inclusive of trial production i.e., which is not yet commercially available) across our factories located at Falta SEZ, Kolkata, West Bengal and at Oragadam in Chennai, Tamil Nadu. Both of these factories are strategically located with access to ports, rail and roads helping facilitate both its domestic as well as international operations.
For more information, click www.vikramsolar.com

The Promoters
Hari Krishna Chaudhary, Gyanesh Chaudhary, Hari Krishna Chaudhary Family Trust, Gyanesh Chaudhary Family Trust, Vikram Financial Services Ltd & Vikram Capital Management Pvt. Ltd

Vikram Solar IPO Main Objects
The Offer comprises of fresh Issue and offer for share.
Fresh Issue of Capital is proposed to be used for 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, by the Company, through its wholly owned Subsidiary, VSL Green Power Private Limited

Vikram Solar IPO Details
IPO opens on (?), 2022
IPO closes on (?) ,2022
Issue Type: Book Built Issue IPO
Issue: up to (?) Shares /Rs (?) Crore
* Fresh Issue of (?) Shares/ Rs.1500 Cr
* Offer for Sale Up to 5,000,000 Sh/ Rs. (?) Cr

Face Value per share: Rs. 10
Vikram Solar IPO Price Band Per Equity Share: Rs. (?)
Vikram Solar IPO Retail Lot Size (?) Shares
Vikram Solar IPO Listing will at BSE, NSE

Shares offered to
QIB (50%) (?) Shares = Rs (?) Cr
NII (15%) Shares = Rs (?) Cr
RII (35%) Shares = Rs (?) Cr
Lot size: (?) Shares = (?) Forms
Min Retail Application: (?) Shares, Rs. (?)
Max Retail Application: (?) Shares, Rs (?)

Vikram Solar IPO Tentative Timetable
IPO opens on
IPO Closes on
IPO Allotment on? 2022
Unblocking of ASBA? 2022
Credit to Demat Accounts? 2022
Vikram Solar Listing on? 2022

Vikram Solar IPO Financial & Analytical Ratios
Earnings per Share 2019-20 Rs 0.86
Earnings per Share 2020-21, Rs 1.48
Earnings per Share 2021-22 Rs (0.73) 6M
Return on Net Worth: 19-20 6.19 %
Return on Net Worth: 20-21: 9.25 %
Return on Net Worth: 20-21: (4.86) %

Book Value of the Share as on 30.09.2021 Rs 15.25
NAV per Equity Share after the Offer?

Ratio Analysis
Upper Price Band/last EPS:
Upper offer price/Book Value Ratio
Upper offer price/BV after IPO Ratio:

Vikram Solar IPO Peer Comparison:
There are no listed companies in India that engage in a business similar to that of the Company

IPO Lead Managers
J.M.Financial, Kotak Mahindra Capital Company
Registrar to IPO
Linkin time India Pvt Ltd

Registered Office of Vikram Solar
The Chambers, 8th Floor, 1865, Rajdanga Main Road, Kolkata, West Bengal – 700 107
Company Secretary & Compliance Officer: Sudip Chatterjee

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