Public Market

IPO

Solar panel makers Vikram Solar, Waaree Energies line up IPOs to raise Rs.3,000-Cr

Mint  

Vikram Solar Ltd and Waaree Energies Ltd have hired investment banks for their respective initial public offerings (IPOs) as the solar panel makers aim to expand business riding the drive for local manufacturing. The two companies are looking to raise around INR 1,500 crore each. Vikram Solar has appointed JM Financial for its IPO, while Waaree has appointed Axis Capital and ICICI Securities. While both companies want to raise capital to invest in expanding their manufacturing capacities, in the case of Vikram Solar, a substantial part of the proceeds will also go towards reducing its debt. Waaree is practically debt-free at the moment. Kolkata-based Vikram Solar has a photovoltaic module manufacturing capacity of 2.5 GW, while Mumbai-based Waaree has a capacity of 2 GW. The two companies also offer engineering, procurement and construction (EPC) services to build solar projects.