Cosmic PV Power Files DRHP for INR 640 Crore IPO to Expand Solar Module and Cell Manufacturing

Gujarat-based solar module manufacturer Cosmic PV Power has filed draft red herring papers with Securities and Exchange Board of India to raise INR 640 crore through an initial public offering.

According to the draft papers, the proposed IPO will comprise a fresh issue of equity shares worth INR 540 crore and an offer-for-sale (OFS) of shares worth INR 100 crore by 10 existing shareholders, including promoters and investors.

The OFS portion will see shareholders such as Jenishkumar Deepakkumar Ghael, Chanakya Opportunities Fund, RPV Holdings and Shubhalakshmi Polyesters pare part of their stakes. 

Cosmic PV Power may also raise up to INR 108 crore through a pre-IPO placement before the issue opens. If the company completes the pre-IPO fundraising, the size of the fresh issue will be reduced accordingly.

The IPO proceeds from the fresh issue are expected to support the company’s expansion plans as demand for domestically manufactured solar modules and cells continues to rise under India’s renewable energy push.

The filing comes amid a rush of renewable energy and solar manufacturing companies heading to the capital markets to fund new module, cell and storage capacities, with investors betting big on India’s clean energy build-out.