Two solar firms named 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 that solar panel makers aim to expand business riding the drive for local manufacturing.

The two companies are looking to raise around Rs 1,500 crore each, and the people cited above said on condition of anonymity.

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“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.

An email sent to Vikram Solar and text messages sent to Waaree chairperson Hitesh Doshi remained unanswered.

Headquartered in Kolkata, Vikram Solar has a photovoltaic module manufacturing capacity of 2.5 gigawatts (GW), while Gujarat-based Waaree has a total of 2GW. The two companies also offer engineering, procurement and construction (EPC) services to build solar projects.