Cosmic PV Power Files Draft IPO Papers with SEBI, Aims for Rs 640-Crore Listing

Cosmic PV Power Files Preliminary Papers for ₹640 Crore IPO

Gujarat-based solar panel maker Cosmic PV Power has filed preliminary papers with the Securities and Exchange Board of India (SEBI) on March 30 as it plans to raise ₹640 crore via an initial public offering (IPO).

The IPO will be a combination of a fresh issuance of equity shares worth ₹540 crore and an offer-for-sale of ₹100 crore worth shares by 10 existing shareholders, including promoters and investors. Among the selling shareholders are Jenishkumar Deepakkumar Ghael, Chanakya Opportunities Fund, RPV Holdings, and Shubhalakshmi Polyesters.

In addition to the IPO, the company may consider raising funds up to ₹108 crore in a pre-IPO round, which is part of the fresh issue component. This will be used to support the company's expansion plans.

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Cosmic PV Power has operations across three business verticals: solar PV modules, EPC services, and aluminium frames. The company commenced manufacturing operations in 2021 with an installed solar photo-voltaic modules capacity of 100 MW, which expanded to 3.00 GW per annum as of March 30, 2026.

The company plans to utilise ₹497.1 crore of the proceeds from the fresh issue for setting up a new manufacturing facility in Narmadapuram, Madhya Pradesh, and the remaining amount for general corporate purposes. Currently, the company maintains two automated manufacturing facilities in Surat, Gujarat, with capabilities to manufacture solar PV modules ranging from 420WP to 750 WP with a capacity of 3.0 GW.

Cosmic PV Power competes with peers like Waaree Energies, Premier Energies, Vikram Solar, Emmvee Photovoltaic Power, and Solex Energy, all of which have listed in the last one-and-half-year period.

The company's financial performance in the past years has been strong, with a profit of ₹12.8 crore and revenue of ₹181.6 crore for the six months period ended September 2025. Further, the profit in the financial year 2024-25 increased nearly four-fold to ₹24.4 crore from ₹6.5 crore in the previous year, while revenue spiked 2.5-fold to ₹245.1 crore from ₹99.9 crore.

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The book running lead managers for the Cosmic PV Power IPO are Systematix Corporate Services and Valmiki Leela Capital.