Cosmic PV Power Gets SEBI Clearance For ₹640 Crore IPO; Eyes New Madhya Pradesh Plant
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Cosmic PV Power has received SEBI approval to proceed with its proposed IPO. The ₹640 crore issue will include a ₹540 crore fresh issue and a ₹100 crore OFS.
Gujarat-based solar panel maker Cosmic PV Power received the Securities and Exchange Board of India’s (SEBI) observations on its draft papers on 02 September 2026.
The regulator has allowed the company to launch its initial public offering (IPO) within the next one year. The company had filed its draft red herring prospectus (DRHP) in March 2026.
The proposed issue combines fresh capital raising with an offer for sale (OFS) by existing shareholders. The company also plans to use a substantial portion of the fresh issue proceeds to expand its solar manufacturing capacity.
Cosmic PV Power IPO Details
Here are the key details of Cosmic PV Power IPO:
Issue Size | Up to ₹640 crore |
Fresh Issue | ₹540 crore |
OFS | ₹100 crore |
Merchant Bankers | Systematix Corporate Services and Valmiki Leela Capital |
The selling shareholders include the promoters, RPV Holdings, Chanakya Opportunities Fund and Shubhalakshmi Polyesters, among others.
The proposed pre-IPO placement of up to ₹108 crore would be part of the fresh issue. If completed, the amount raised through the placement would reduce the size of the fresh issue.
Fresh Issue To Fund New Solar Manufacturing Facility
The company plans to utilise ₹497.1 crore of the fresh issue proceeds for setting up a manufacturing facility in Narmadapuram, Madhya Pradesh. The remaining proceeds are earmarked for general corporate purposes.
Cosmic PV Power currently operates two automated manufacturing facilities in Gujarat. The company can manufacture solar photovoltaic modules ranging from 420 Wp to 750 Wp.
The planned facility is therefore central to the company's expansion plans, with the IPO providing fresh capital for the proposed manufacturing investment.
Solar Manufacturing Capacity Stands At 3 GW
Cosmic PV Power's current total manufacturing capacity across its Gujarat facilities is 3.0 GW. The company operates in the solar panel manufacturing segment and has built its production capabilities around solar photovoltaic modules.
The company will now have up to one year from SEBI's observations to launch the public issue. However, the latest approval does not disclose the Cosmic PV Power IPO's price band, subscription dates, lot size or proposed listing date.
Also Read - Simple Energy Plans Major Fundraise Ahead Of IPO
This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
At Kotak Neo, she drives content strategy for neoshorts, Kotak News Desk, and Investing Guide, turning market noise into something worth reading.
When she's not decoding markets, she trades charts for canvases, chasing art, painting, and architecture across cities she's yet to explore.
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