Vikram Solar, a leading Kolkata-based solar photovoltaic module manufacturer, has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO).

The IPO comprises a fresh issue of equity shares worth up to Rs 1,500 crore and an offer for sale of up to 17.45 million equity shares by the promoter and selling shareholders. The net proceeds from the fresh issue will fund key expansion initiatives. Approx. Rs 793.36 crore will go toward partially funding the capital expenditure through investment in its wholly owned subsidiary, VSL Green Power, for setting up an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility in SIPCOT Industrial Complex, Tamil Nadu (Phase 1).

An additional Rs 602.95 crore will support expansion of the same facility to 6,000 MW in Phase 2. With current manufacturing capacity at 4.5 GW across facilities in Kolkata and Chennai, Vikram Solar aims to scale to 10.5 GW by FY26, and 15.5 GW by FY27.