Cosmic PV Power Ltd., an Indian solar photovoltaic module manufacturer and EPC services provider, has received final observations from the Securities and Exchange Board of India (SEBI) for its proposed INR 640 crore initial public offering (IPO), marking a key regulatory milestone ahead of the company’s planned listing.
The proposed IPO comprises a fresh issue of equity shares worth up to INR 540 crore and an offer for sale (OFS) of up to INR 100 crore by existing shareholders. The company had filed its Draft Red Herring Prospectus (DRHP) with SEBI on March 30, 2026.
A significant portion of the fresh issue proceeds is planned to be utilised for establishing a greenfield solar manufacturing facility in Narmadapuram, Madhya Pradesh. According to the company’s offer documents, around INR 497.1 crore of the net proceeds is proposed to be allocated towards the new facility, with the balance intended for general corporate purposes.
Cosmic PV Power currently operates two automated solar PV module manufacturing facilities in Tadkeshwar, Surat, Gujarat, with a combined manufacturing capacity of 3 GW. The facilities manufacture modules ranging from 420 Wp to 750 Wp. The company is also developing a proposed 1.1 GW TOPCon solar cell manufacturing facility in Narmadapuram.
The company operates across three business verticals: solar PV module manufacturing, engineering, procurement and construction (EPC) services, and aluminium frame manufacturing. Cosmic PV Power is also an approved manufacturer under the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers (ALMM) List-I, with 1.30 GW of enlisted capacity as of September 30, 2025.
The proposed equity shares are intended to be listed on both the BSE and the National Stock Exchange of India. Systematix Corporate Services and Valmiki Leela Capital are acting as the book-running lead managers for the issue.
The receipt of SEBI observations allows Cosmic PV Power to move forward with preparations for its public offering and represents an important step in its planned expansion of solar manufacturing capacity.
