New Delhi: Solar module manufacturer Cosmic PV Power Ltd has filed draft papers with markets regulator Sebi to raise Rs 640 crore through an Initial Public Offering (IPO). The proposed IPO comprises a fresh issue of equity shares aggregating up to Rs 540 crore and an Offer For Sale (OFS) of shares worth up to Rs 100 crore by existing shareholders, taking the total issue size to Rs 640 crore, according to the Draft Red Herring Prospectus (DRHP) filed on Monday.
The company proposes to utilise the proceeds from the fresh issue towards setting up a greenfield manufacturing facility in Narmadapuram, Madhya Pradesh, and for general corporate purposes. Cosmic PV Power is engaged in the manufacturing of solar photovoltaic (PV) modules and is among the fastest-growing players in the segment, recording a compound annual growth rate (CAGR) of 125.8 per cent in revenue from operations during FY23-FY25, according to a Care report.
The company operates across three verticals -- manufacturing of solar PV modules, EPC services, and manufacturing of aluminium frames. It is listed under the Ministry of New and Renewable Energy's Approved List of Module Manufacturers (ALMM-I), with an enlisted capacity of 1.30 GW as of September 30, 2025, enabling it to supply modules for government and government-backed renewable energy projects.
The company has also applied for inclusion of its second manufacturing facility under the ALMM-I list. Systematix Corporate Services Ltd and Valmiki Leela Capital Pvt Ltd are the book running lead managers to the issue.
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