- Cosmic PV Power received SEBI approval for a Rs 640 crore initial public offering
- The IPO includes Rs 540 crore fresh equity and Rs 100 crore offer-for-sale shares
- Funds will support a new solar PV module plant in Narmadapuram, Madhya Pradesh
Solar module manufacturer Cosmic PV Power Ltd has received Sebi's approval to float a Rs 640-crore initial public offering (IPO), paving the way for its proposed listing on the stock exchanges.
The company received the final observations from the Securities and Exchange Board of India (Sebi) on September 2, an update with the markets regulator showed. Cosmic PV Power had filed its draft IPO papers in March.
The receipt of Sebi's observations is a key step in the IPO process, following which the company can proceed with further preparations for the public issue.
ALSO READ | Zerodha Is Entering A New Business After SEBI Approval: Here's What It Means
The proposed IPO comprises a fresh issue of equity shares worth up to Rs 540 crore and an offer-for-sale (OFS) of up to Rs 100 crore by existing shareholders, taking the total issue size to Rs 640 crore, according to the draft red herring prospectus (DRHP).
Proceeds from the fresh issue will be used primarily to set up a greenfield solar PV module manufacturing facility in Narmadapuram, Madhya Pradesh, besides meeting general corporate requirements.
Cosmic PV Power manufactures solar photovoltaic (PV) modules. The company operates across three verticals – solar PV module manufacturing, engineering, procurement and construction (EPC) services and aluminium frame manufacturing.
It is listed under the Ministry of New and Renewable Energy's Approved List of Module Manufacturers (ALMM-I), with an enlisted capacity of 1.30 GW as of September 30, 2025, allowing it to supply modules for government and government-backed renewable energy projects. Cosmic PV Power has also applied for inclusion of its second manufacturing facility under the ALMM-I list.
Systematix Corporate Services and Valmiki Leela Capital are the book-running lead managers to the issue.
ALSO READ | Ex-MP Kirit Somaiya Seeks SEBI Probe Into 2,000-Point Sensex Swing On Aug 27
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.