Cosmic PV Power Files for ₹640 Crore IPO
Solar module manufacturer Cosmic PV Power Ltd has submitted draft papers to the Securities and Exchange Board of India (Sebi) to raise ₹640 crore through an Initial Public Offering (IPO).IPO Composition and Proceeds
The IPO includes a fresh issue of equity shares worth up to ₹540 crore and an Offer For Sale (OFS) of shares valued up to ₹100 crore by existing shareholders. The total issue size is ₹640 crore. The company intends to use the proceeds from the fresh issue to establish a greenfield manufacturing facility in Narmadapuram, Madhya Pradesh, and for general corporate purposes.Company Overview and Growth
Cosmic PV Power is engaged in the manufacturing of solar photovoltaic (PV) modules and operates across three verticals: manufacturing of solar PV modules, EPC services, and manufacturing of aluminium frames. According to a Care report, the company has achieved a compound annual growth rate (CAGR) of 125.8 per cent in revenue from operations during FY23-FY25.Approved List of Module Manufacturers Status
Cosmic PV Power 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. This listing allows the company 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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