On Friday, domestic module manufacturer Vikram Solar filed draft papers with market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

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The IPO consists of a new issue of up to Rs 1,500 crore and an Offer-for-Sale (OFS) of up to 5,000,000 equity shares by the selling shareholders, a company statement said.

Vikram Solar produces solar photovoltaic (PV) modules and is an integrated solar energy solutions provider offering engineering, procurement and construction (EPC) services and operations and maintenance (O&M) services.

The company said it has a global footprint through a sales office in the United States of America and a procurement office in China and has supplied solar PV modules to customers in 32 countries as of December 31, 2021.