Cosmic PV Power files DRHP for Rs 6,400 million IPO

Cosmic PV Power Limited has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 6,400 million through an initial public offering (IPO).

The issue comprises a fresh equity component of up to Rs 5,400 million and an offer for sale (OFS) of Rs 1,000 million by existing shareholders. The equity shares have a face value of Rs 10 each. 

Out of the fresh issue, Rs 4,971.43 million is proposed to be allocated toward setting up a greenfield solar manufacturing facility in Narmadapuram, Madhya Pradesh. The investment will part-finance a fully integrated solar cell manufacturing plant with a planned capacity of 1.1 GW. The remaining proceeds are intended for general corporate purposes.

Systematix Corporate Services Limited and Valmiki Leela Capital Private Limited have been appointed as book running lead managers for the issue.

Cosmic PV Power operates across solar photovoltaic (PV) module manufacturing and engineering, procurement, and construction (EPC) services. The company is listed under the Approved List of Models and Manufacturers (ALMM) issued by the Ministry of New and Renewable Energy (MNRE), with an enlisted capacity of 1.30 GW as of September 30, 2025. It has also applied for inclusion of its second manufacturing facility under the same list.

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