Cosmic PV Power Receives SEBI Observations for Proposed INR 640 Crore IPO

Cosmic PV Power Ltd. , a solar photovoltaic (PV) module manufacturer, has received observations from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).

The company had filed its draft red herring prospectus with SEBI on March 30, 2026, for the proposed public issue. The IPO comprises a fresh issue of equity shares aggregating up to INR 540 crore and an offer for sale (OFS) of equity shares aggregating up to INR 100 crore by the selling shareholders. The total offer size stands at up to INR 640 crore, with each equity share having a face value of INR 10.

Cosmic PV Power plans to use the net proceeds from the fresh issue to finance the cost of setting up a proposed greenfield manufacturing facility in Narmadapuram, Madhya Pradesh. A portion of the proceeds will also be used for general corporate purposes.

The company is a certified manufacturer under the Ministry of New and Renewable Energy’s Approved List of Module Manufacturers List I (ALMM I). As of September 30, 2025, it had an enlisted manufacturing capacity of 1.30 GW under ALMM I. This certification enables the company to supply solar PV modules for government and government assisted grid connected utility projects, as well as renewable energy projects and government schemes that require sourcing from ALMM I listed manufacturers.

Cosmic PV Power has also applied for the inclusion of solar PV modules manufactured at its Manufacturing Facility II in ALMM I.

As of September 30, 2025, the company operated across three business verticals: solar PV module manufacturing, engineering, procurement and construction (EPC) services, and aluminium frame manufacturing.

According to a CARE report cited by the company, Cosmic PV Power recorded a revenue from operations compound annual growth rate (CAGR) of 125.8 percent between Fiscal 2023 and Fiscal 2025, making it one of the fastest growing solar PV module manufacturers among its peers during the period.

Jenishkumar Deepakkumar Ghael, Shravan Kumar Gupta, Surabhi Sureshchandra Sahu and Maitry Jenishkumar Ghael are the promoters of the company. The equity shares offered through the red herring prospectus are proposed to be listed on the BSE Limited and the National Stock Exchange of India Limited.