Solar companies line up share sale amid make in India push

Vikram Solar Ltd and Waaree Energies Ltd have hired investment banks for their respective initial public offerings (IPOs), three people aware of the matter said, as the solar panel makers aim to expand business riding the drive for local manufacturing.

Both companies are looking to raise around ₹1,500 crore each, the people cited above said on condition of anonymity.

“Vikram Solar has appointed JM Financial and has started working on its IPO, while Waaree has appointed Axis Capital and ICICI Securities for its IPO,” one of the three people said. “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,” he added.