Deal: Trilegal advised on the successful listing of Vikram Solar

Trilegal advised on the successful listing of equity shares of Vikram Solar Limited (“Vikram Solar”) pursuant to its initial public offering aggregating to INR ~21,000 million (“IPO”).

Vikram Solar is one of India’s largest manufacturers of solar photovoltaic modules in India. This transaction marks our continued expertise in solar and allied sectors. The IPO was oversubscribed by ~56.42 times.

The IPO comprised a fresh issue of equity shares and an offer for sale by certain existing shareholders. The net proceeds from the fresh issue will be utilised for (i) setting up an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility, and (ii) expansion of an existing solar module manufacturing facility from 3,000 MW to 6,000 MW.

Trilegal advised the syndicate of book running lead managers, comprising JM Financial Limited, Nuvama Wealth Management Limited, UBS Securities India Private Limited, Equirus Capital Private Limited and PhillipCapital (India) Private Limited.

The Trilegal Capital Markets Team advising on the matter was led by Partner: Richa Choudhary; and supported by Counsels: Avanti Kale and Maitreya Rajurkar; and Associates: Siddhant Mishra, Yug Gambhir and Naman Shah.

Media Link:

https://www.msn.com/en-in/money/markets/vikram-solar-makes-a-muted-d-st-debut-shares-list-at-2-premium-over-ipo-price/ar-AA1Ldv8Q?ocid=BingNewsVerp

About Trilegal

Trilegal is a leading full-service law firm in India with over 25 years of experience, trusted for its in-depth expertise and client-centric approach. The firm advises a diverse set of clients, including Fortune 500 companies, global investment funds, major Indian conglomerates, domestic and international banks, technology and media giants, family offices, and high-net-worth individuals. With more than 140 partners operating under a distinctive lockstep model, Trilegal is the largest equity partnership in the country. The firm retains over 1,100 professionals across Mumbai, Delhi, Bengaluru, and Gurugram offices.

Trilegal has consistently been recognised among India’s top-tier firms in leading legal directories such as Chambers & Partners (Asia Pacific and Global), Legal 500 Asia Pacific, and Benchmark Litigation. It has also earned several prestigious accolades, including being named Best Overall Law Firm by India Business Law Journal (IBLJ) 2025, Innovative Lawyers in Disputes & Crisis Management by the Financial Times (FT) Innovative Lawyers Asia-Pacific Awards in 2025, M&A Firm of the Year by IFLR Asia-Pacific in 2024, Law Firm of the Year by Deal Volume at the VCCircle Awards in 2024, India Deal Firm of the Year at the Asian Legal Business (ALB) India Law Awards in 2023, and Best Law Firm to Work by Vahura in 2022.