Cosmic PV Power, an Indian solar PV module manufacturer and EPC services provider, has received final observations from the Securities and Exchange Board of India (SEBI) for its proposed INR 640-crore initial public offering (IPO).
The company filed its draft red herring prospectus (DRHP) with SEBI on March 30, 2026. The proposed IPO comprises a fresh issue of equity shares aggregating up to INR 540 crore and an offer for sale (OFS) of equity shares worth up to INR 100 crore by the selling shareholders. The face value of each equity share is INR 10.
The company plans to use INR 497 crore of the net proceeds from the fresh issue to finance the establishment of a greenfield solar cell manufacturing facility in Narmadapuram, Madhya Pradesh. The remaining proceeds will be used for general corporate purposes. The company will not receive any Offer proceeds, and all the Offer proceeds will be received by the selling shareholders, in proportion to their respective share of the offered shares sold by them as part of the Offer.
Cosmic PV Power currently operates two automated solar module manufacturing facilities in Tadkeshwar, Surat, Gujarat. The facilities have a combined manufacturing capacity of 3 GW and can produce a range of solar PV modules with power ratings from 420 W to 750 W.
Through its subsidiary, Cosmic Greentech Private Limited, the company also operates an aluminium frame manufacturing facility.
Cosmic PV Power is in the process of establishing a 1.1 GW TOPCon solar cell manufacturing facility in Narmadapuram, Madhya Pradesh. The proposed greenfield project is being developed on 24.66 hectares of land allotted by Madhya Pradesh Development Corp. Ltd.
Cosmic PV Power is an approved manufacturer under the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers (ALMM) List-I. As of Sept. 30, 2025, the company had an enlisted capacity of 1.3 GW under ALMM-I.
The certification enables the company to supply solar PV modules for government and government-assisted grid-connected utility projects, as well as projects under government schemes that require sourcing of modules from ALMM-I-listed manufacturers.
The company has also applied for the inclusion of solar PV modules manufactured at its second manufacturing facility in ALMM-I.
The equity shares offered through the red herring prospectus are proposed to be listed on the BSE Ltd and the National Stock Exchange of India Ltd (NSE).
Systematix Corporate Services Limited and Valmiki Leela Capital Private Limited are the book-running lead managers to the issue.
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