Linklaters advises on Vikram Solar’s IPO in India

Linklaters acted as sole international counsel to the underwriters on the INR 20bn (approximately US$240m) initial public offering (IPO) of Vikram Solar Limited (VSL) on both the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE). 

Vikram Solar, one of India’s largest manufacturers of solar photovoltaic (PV) modules, is a major player in the country’s fast-growing renewable energy market. The net proceeds to the company will be utilised for setting up an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility, and for the expansion of an existing solar module manufacturing facility from 3,000 MW to 6,000 MW. 

The IPO saw overwhelming demand – being subscribed nearly 143 times by qualified institutional buyers, 51 times by non-institutional investors, and over 7.6 times by retail investors – underscoring investor confidence in India’s renewable energy market.

The underwriters on this transaction included JM Financial, Nuvama Wealth Management, Equirus Capital, and PhillipCapital (India), among others. 

The Linklaters team was led by Partner and Head of India Practice Amit Singh and capital markets counsel Joseph Wolpin, with support from associate Howard Tigris.

“We are proud to have supported Vikram Solar on achieving this significant milestone. This IPO highlights the strong global interest in India’s renewable energy sector and reflects investor confidence in India’s energy transition. We look forward to continuing to support Indian companies as they pursue future opportunities in the global capital markets.”

This milestone IPO adds to Linklaters’ track record of advising on landmark listings within India’s fast-growing renewable energy sector, including recent IPOs by Ola Electric Mobility, Premier Energies, and Inox Green Energy.