The Securities and Exchange Board of India (SEBI) has approved Cosmic PV Power's proposed initial public offering, with the regulator issuing its observations on the draft papers on September 2, 2026. According to reports from Moneycontrol, the Gujarat-based solar panel maker can now launch its IPO within the next one year following this approval. The company had filed its draft red herring prospectus (DRHP) with SEBI in March 2026.
Cosmic PV Power has proposed to raise up to ₹640 crore through its IPO, comprising a fresh issue of shares worth ₹540 crore and an offer for sale (OFS) of shares worth ₹100 crore. As reported by Moneycontrol, the promoters, along with RPV Holdings, Chanakya Opportunities Fund and Shubhalakshmi Polyesters, will be among the selling shareholders in the OFS. The company may also consider raising up to ₹108 crore through a pre-IPO placement, which would form part of the fresh issue, with the fresh issue size being reduced by the amount raised through the placement if it materialises.
According to Moneycontrol reports, the company plans to utilise ₹497.1 crore of the net proceeds from the fresh issue to set up a proposed manufacturing facility in Narmadapuram, Madhya Pradesh. The remaining proceeds will be used for general corporate purposes. Cosmic PV Power currently operates two automated manufacturing facilities in Gujarat and has the capacity to manufacture solar PV modules ranging from 420 Wp to 750 Wp, with a total manufacturing capacity of 3.0 GW.
As reported by Moneycontrol, Systematix Corporate Services and Valmiki Leela Capital have been appointed as the merchant bankers for managing Cosmic PV Power's public issue. The appointment of these merchant bankers will be crucial for the successful execution of the IPO process.
