Cosmic PV Power plans IPO to fund 1.1 GW
Indian solar manufacturer Cosmic PV Power has secured SEBI approval for a 640 crore rupee IPO. The company will use most of the fresh issue proceeds to build a new TOPCon solar cell plant in Madhya Pradesh.
Cosmic PV Power has received final observations from India's Securities and Exchange Board of India (SEBI) for its proposed 640 crore rupee initial public offering. The company filed its draft prospectus on March 30, 2026.
The IPO consists of a fresh issue of equity shares worth up to 540 crore rupees and an offer for sale by existing shareholders worth up to 100 crore rupees. Each share has a face value of 10 rupees. The company plans to use 497 crore rupees from the fresh issue to establish a greenfield solar cell manufacturing facility. The remaining funds are earmarked for general corporate purposes.
Manufacturing Expansion Plans
The core objective of the capital raise is to finance a new solar cell production plant. According to the company's draft red herring prospectus, 497 crore rupees of the net proceeds will fund the establishment of a greenfield facility in Narmadapuram, Madhya Pradesh.
The proposed project is a 1.1 GW TOPCon solar cell manufacturing plant. It is being developed on 24.66 hectares of land allotted by the Madhya Pradesh Development Corp. Ltd. This expansion moves the company further up the solar supply chain, from module assembly into cell production.
Current Manufacturing Operations
Cosmic PV Power is not a new entrant to the market. It currently operates two automated solar module manufacturing facilities located in Tadkeshwar, Surat, Gujarat. These plants provide the company's existing production base.
The facilities have a combined manufacturing capacity of 3 GW. They can produce a range of solar PV modules below.
| Module Power Rating |
|---|
| 420 W |
| 750 W |
Through its subsidiary, Cosmic Greentech Private Limited, the company also operates an aluminium frame manufacturing facility. This provides a degree of vertical integration for its module production.
ALMM Certification and Market Access
The company's regulatory status is a key asset. 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 September 30, 2025, the company had an enlisted capacity of 1.3 GW under ALMM-I. This certification enables it to supply solar PV modules for government and government-assisted grid-connected utility projects. It also qualifies the company for projects under government schemes that mandate sourcing from ALMM-listed manufacturers.
The company has also applied for the inclusion of modules from its second manufacturing facility in the ALMM-I list. This would further increase its eligible capacity for tendered projects.
IPO and Listing Details
The equity shares offered through the red herring prospectus are proposed to be listed on both the BSE Ltd and the National Stock Exchange of India Ltd (NSE). The book-running lead managers for the issue are Systematix Corporate Services Limited and Valmiki Leela Capital Private Limited. All proceeds from the offer for sale component will go to the selling shareholders, not to the company.
The report was published by pv magazine India.
