Vishakha Renewables Files DRHP for INR 1,250 Cr IPO

Vishakha Renewables, a solar components manufacturer producing solar glass, aluminium frames, EVA, EPE and back sheets, has filed its DRHP with SEBI for an IPO comprising a fresh issue of up to INR 1,250 crore and an OFS of 1.81 crore equity shares.

October 03, 2026. By Mrinmoy Dey

Gujarat-based solar components manufacturer Vishakha Renewables has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), proposing to raise funds through an initial public offering (IPO) comprising a fresh issue of up to INR 1,250 crore and an offer-for-sale (OFS) of 1.81 crore equity shares by existing shareholders, including promoters.

The company may also raise up to INR 250 crore through a pre-IPO placement. If completed, the amount raised through the placement will be deducted from the fresh issue size.

The promoters collectively hold 75.61 percent of Vishakha Renewables. The promoter group includes Jigish Nagindas Doshi, Akshat Doshi, Gautam Adani, Rajesh Adani, Vinod Adani, Adani Properties, Adani Commodities and S B Adani Family Trust. Adani Properties is the largest shareholder with a 39.14 per stake, followed by Jigish Nagindas Doshi with 30.92 percent.

The company operates four manufacturing facilities producing solar module components, including solar glass, aluminium frames, ethylene vinyl acetate (EVA), expandable polyethylene (EPE) and back sheets.

According to a CRISIL report cited in the DRHP, Vishakha Renewables was the second-largest solar glass manufacturer in India by installed capacity as of March 2026, with a capacity of 660 tonnes per day (TPD). A further 1,260 TPD of solar glass capacity is in advanced stages of commissioning.

As per the DRHP, the company plans to use INR 900 crore of the fresh issue proceeds to repay debt. Its total outstanding borrowings stood at INR 2,700.5 crore as of June 2026. The balance of the fresh issue proceeds will be used for general corporate purposes, while proceeds from the OFS will accrue to the selling shareholders.

Vishakha Renewables reported a 24.8 percent year-on-year increase in revenue to INR 1,893.4 crore in FY26, compared with INR 1,517 crore in the previous year. Profit rose to INR 173.4 crore from INR 56.5 crore during the same period.

SBI Capital Markets, ICICI Securities and IIFL Capital Services have been appointed as merchant bankers for the proposed IPO.

Tags:

Initial public offering

DRHP for IPO

Renewable energy IPO

Solar glass manufacturing

Solar Ancillary Components Maker