Cosmic PV Power has submitted draft papers to the Securities and Exchange Board of India (SEBI) on March 30 to raise ₹640 crore through an Initial Public Offering (IPO),as per PTI report.
The issue includes a fresh issue of ₹540 crore and an offer-for-sale (OFS) of ₹100 crore by existing shareholders.
The OFS will be carried out by 10 shareholders, including promoter Jenishkumar Deepakkumar Ghael and investors such as Chanakya Opportunities Fund, RPV Holdings and Shubhalakshmi Polyesters.
The company has also indicated that it may raise up to ₹108 crore through a pre-IPO placement, which would reduce the size of the fresh issue.
A major portion of the fresh issue proceeds, amounting to ₹497.1 crore, is proposed to be used for setting up a new manufacturing facility in Narmadapuram, Madhya Pradesh.
The remaining funds are intended for general corporate purposes, as outlined in the draft papers.
The company operates across 3 segments: solar photovoltaic modules, EPC services and aluminium frames. It has 2 automated manufacturing facilities in Surat, Gujarat, with an installed capacity of 3.0 GW. The modules manufactured range from 420WP to 750WP.
Cosmic PV Power started operations in 2021 with a capacity of 100 MW. It is included in the Ministry of New and Renewable Energy’s Approved List of Module Manufacturers (ALMM-I), which allows participation in government-supported projects.
The company reported revenue of ₹245.1 crore in FY25, compared with ₹99.9 crore in the previous year.
Profit after tax rose to ₹24.4 crore from ₹6.5 crore. For the 6 months ended September 2025, revenue stood at ₹181.6 crore and profit at ₹12.8 crore.
Systematix Corporate Services and Valmiki Leela Capital have been appointed as the book-running lead managers for the issue.
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Most of the funds raised are planned for a new manufacturing unit, while a portion will go towards general corporate use. The offer includes both fresh shares and an offer-for-sale component.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Apr 1, 2026, 12:53 PM IST
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