Gujarat-based solar PV module manufacturer Cosmic PV Power has received final observations from the Securities and Exchange Board of India (SEBI) for its proposed ₹640-crore Initial Public Offering (IPO). The regulatory approval marks a significant step forward for the company’s plans to access the public markets and list its equity shares on the stock exchanges. SEBI issued its observations on September 2, 2026, following the company’s filing of its Draft Red Herring Prospectus (DRHP) earlier this year.
The proposed IPO will consist of a fresh issue of equity shares worth up to ₹540 crore and an Offer for Sale (OFS) of shares worth up to ₹100 crore by existing shareholders. The company may also consider a pre-IPO placement of up to ₹108 crore. If completed, the pre-IPO placement would form part of the fresh issue and the size of the fresh issue would be reduced accordingly.
A major portion of the fresh issue proceeds is planned to support Cosmic PV Power’s manufacturing expansion in Narmadapuram, Madhya Pradesh. According to the offer documents, around ₹497.1 crore of the net proceeds is proposed to be used for setting up a new greenfield manufacturing facility. More detailed reporting based on the offer document identifies the planned project as a 1.10 GW TOPCon solar cell manufacturing facility, aimed at strengthening the company’s position across the solar PV value chain.
Cosmic PV Power currently operates two automated manufacturing facilities in Gujarat and manufactures solar PV modules ranging from 420 Wp to 750 Wp. Its total manufacturing capacity is reported at 3.0 GW. The company is also engaged in engineering, procurement and construction (EPC) services and aluminium frame manufacturing, giving it operations across multiple segments of the solar energy industry.
The company has been expanding its business alongside rising demand for solar equipment in India. Its offer documents indicate significant growth in its manufacturing operations and order book. As of September 30, 2025, the company had an order book of 1,577.47 MW, with an approximate value of ₹1,251.51 crore. Its revenue from operations also increased from ₹48.10 crore in FY2023 to ₹245.16 crore in FY2025.
With SEBI’s final observations in place, Cosmic PV Power can now proceed with the next stages of its proposed IPO. The company has appointed Systematix Corporate Services and Valmiki Leela Capital as the merchant bankers for the issue. The final IPO timeline, price band and other issue details are expected to be announced closer to the launch. The proposed listing is planned on both the BSE and NSE.
