Vikram Solar files draft papers to raise Rs 1,500 crore through IPO

Solar module maker Vikram Solar on Tuesday said it has filed draft papers with market regulator Sebi seeking permission to raise Rs 1,500 crore through an initial public offering (IPO).

The initial share sale will include fresh issues of equities worth up to Rs 1,500 crore and an offer for sale (OFS) of up to 17.45 million shares by its promoter group, the Kolkata-based firm said.

The issue at a face value of Rs 10 each will include a fixed quota for eligible employees, alongside a discount for those participating in the employee subscription portion, according to the draft red herring prospectus (DRHP) filed by the company.

Besides, the company may also consider issuing specified securities up to Rs 300 crore as a "pre-IPO placement", it said.

Of the total issue size, up to 50 per cent of shares will be allocated to qualified institutional buyers, 15 per cent to non-institutional bidders, and the remaining 35 per cent will be open for retail subscriptions by individual investors.