Adani-Promoted Vishakha Renewables Files ₹1,250 Crore Fresh Issue Papers With SEBI
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Vishakha Renewables' proposed IPO also includes an OFS of 1.81 crore shares. The solar glass maker reported a 24.8% rise in FY26 revenue, while profit increased to ₹173.4 crore.
Adani-promoted Vishakha Renewables has filed its draft red herring prospectus (DRHP) with SEBI for an IPO comprising a fresh issue of ₹1,250 crore and an offer for sale (OFS) of 1.81 crore shares.
The company filed the papers on September 30, marking its entry into the IPO pipeline. Of the fresh issue proceeds, ₹900 crore will be used to repay debt. Vishakha Renewables had total outstanding borrowings of ₹2,700.5 crore as of June 2026.
The balance of the fresh issue proceeds will be used for general corporate purposes. Proceeds from the OFS will go to the shareholders selling their shares in the issue.
The IPO comes after a sharp improvement in the company's financial performance. Vishakha Renewables reported a 24.8% rise in revenue to ₹1,893.4 crore in FY26 from ₹1,517 crore in the previous year. Profit jumped to ₹173.4 crore from ₹56.5 crore.
##Vishakha Renewables IPO Details
The proposed IPO consists of a ₹1,250 crore fresh issue and an OFS of 1.81 crore shares. The company has appointed SBI Capital Markets, ICICI Securities and IIFL Capital Services as merchant bankers for the issue.
The IPO price band and issue dates have not been announced. The ₹900 crore debt repayment will cover part of the company's outstanding borrowings. As of June 2026, total debt stood at ₹2,700.5 crore.
The remaining fresh issue proceeds will be used for general corporate purposes.
Vishakha Renewables Financials
Vishakha Renewables' revenue from operations rose to ₹1,893.4 crore in FY26 from ₹1,517 crore in FY25, a growth of 24.8%. Profit increased to ₹173.4 crore in FY26 from ₹56.5 crore a year earlier.
The company had solar glass manufacturing capacity of 660 tonnes per day as of March 2026. Another 1,260 tonnes per day of capacity was in advanced stages of commissioning.
Vishakha Renewables manufactures solar glass and other components used in the solar power supply chain.
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Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
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