New Delhi, March 31 Solar module manufacturer Cosmic PV Power Ltd has filed draft papers with the markets regulator, Sebi, to raise ₹640 crore through an Initial Public Offering (IPO).
The proposed IPO comprises a fresh issue of equity shares amounting to up to ₹540 crore and an Offer For Sale (OFS) of shares worth up to ₹100 crore by existing shareholders, bringing the total issue size to ₹640 crore, according to the Draft Red Herring Prospectus (DRHP) filed on Monday.
The company proposes to utilize 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.