Cosmic PV Power Limited has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) to raise Rs 6,400 million through an initial public offering (IPO). The issue consists of a fresh equity issuance of up to Rs 5,400 million and an offer for sale of shares worth Rs 1,000 million by existing shareholders. The face value of each equity share is Rs 10.
Furthermore, the company plans to utilise the net proceeds from the fresh issue to establish a greenfield solar manufacturing facility in Narmadapuram, Madhya Pradesh (estimated amount Rs 4,971.43 million). This includes part financing the cost of establishing the proposed fully-integrated solar cell manufacturing facility of 1.1 GW. A portion of the funds will also be allocated towards general corporate purposes. Furthermore, Systematix Corporate Services Limited and Valmiki Leela Capital Private Limited have been appointed as the book running lead managers for the issue.
Cosmic PV Power Limited operates across three business segments, including solar PV module manufacturing and engineering, procurement and construction services. It is listed under the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers with an enlisted capacity of 1.30 GW as of September 30, 2025. The company has also applied for inclusion of its second manufacturing facility under the same list.