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Cosmic PV Power Ltd has filed draft papers with the market regulator to raise INR 640 crore through an initial public offering. The issue includes a fresh equity component of INR 540 crore and an offer for sale of INR 100 crore by existing shareholders. The company plans to use the funds to set up a new manufacturing facility in Madhya Pradesh and for general corporate needs. Operating in solar module manufacturing, EPC services, and aluminium frame production, the company has seen strong revenue growth and is part of the government's approved supplier list for renewable energy projects.
Solar module manufacturer Cosmic PV Power Ltd has filed draft documents with the Securities and Exchange Board of India to raise INR 640 crore through an initial public offering. Advertisement
The IPO consists of a fresh issue of equity shares worth up to INR 540 crore and an offer for sale of shares worth up to INR 100 crore by existing shareholders, taking the total issue size to INR 640 crore, as per the draft red herring prospectus submitted recently.
Funds raised from the fresh issue will be used to set up a greenfield manufacturing facility in Narmadapuram, Madhya Pradesh. A portion of the proceeds will also be allocated for general corporate purposes. This expansion is expected to strengthen the company's production capacity amid rising demand for solar equipment in India.
Cosmic PV Power is engaged in manufacturing solar photovoltaic modules and has been identified among the faster-growing players in the segment. According to a Care report, the company recorded a compound annual growth rate of 125.8 per cent in its revenue from operations during FY23 to FY25.
The company operates through three business verticals, including solar PV module manufacturing, engineering, procurement and construction (EPC) services, and aluminium frame manufacturing. This integrated model allows it to cater to both manufacturing and project execution requirements in the renewable energy sector.
It is also included in the Approved List of Module Manufacturers (ALMM-I) issued by the Ministry of New and Renewable Energy, with an enlisted capacity of 1.30 GW as of the end of September last year. This approval allows the company to supply modules for government and government-backed renewable energy projects, which form a significant portion of solar installations in India.
The company has further applied to include its second manufacturing facility under the same approved list, which could enhance its eligibility for additional government-linked projects once approved.
Systematix Corporate Services Ltd and Valmiki Leela Capital Pvt Ltd have been appointed as the book-running lead managers for the issue.
In recent years, India's solar manufacturing sector has seen increased policy support, including production-linked incentive schemes and import restrictions on solar modules. These measures have encouraged domestic capacity addition and reduced dependence on imports, creating growth opportunities for companies like Cosmic PV Power.
Source PTI
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