Khaitan & Co advised Vikram Solar Limited on its initial public offiering worth INR 2,100 crore, comprising a fresh issue worth INR 1,500 crore and an offer for sale worth INR 579 crore. Trilegal advised the book running lead managers to the issue.
Khaitan also advised the promoter selling shareholders, including Gyanesh Chaudhary and Vikram Capital Management.
The BRLMs comprised JM Financial, Nuvama Wealth Management, UBS Securities India, Equirus Capital, and PhillipCapital (India).
The IPO was oversubscribed approximately 56.42 times, a testament to investor confidence in the solar sector’s growth potential. The shares were listed on BSE and NSE on 26 August 2025.
The net proceeds from the fresh issue are earmarked for scaling up solar manufacturing capacity, including setting up an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility, alongside expanding an existing 3,000 MW module facility to 6,000 MW.
The Khaitan team included partners Abhimanyu Bhattacharya and Oishik Bagchi, senior associates Anshul Mordia, Hrithik Khurana, Saisha Bacha, and associates Ria Chaudhary, and Siddharth Jain.
The Trilegal team was led by partner Richa Choudhary, supported by counsels Avanti Kale and Maitreya Rajurkar, and associates Siddhant Mishra, Yug Gambhir, and Naman Shah.
