by Suman Gupta
Link – https://www.sebi.gov.in/filings/processing-status/sep-2026/processing-status-issues_96940.html
Cosmic PV Power Limited, which is in the business of manufacturing solar photovoltaic (PV) modules has received observations from SEBI for its proposed Initial Public Offering (IPO).
Cosmic PV Power had filed its draft papers with the markets regulator on 30th March 2026, for the proposed public issue.
It is one of the fastest growing solar photo-voltaic modules (“Solar PV Modules”) manufacturers in India, based on CAGR of 125.8% for revenue from operations for the period Fiscal 2023 to Fiscal 2025 among its peers (Source: Care Report).
Jenishkumar Deepakkumar Ghael, Shravan Kumar Gupta, Surabhi Sureshchandra Sahu, and Maitry Jenishkumar Ghael are the promoters of the company.
The offer comprises a fresh issue of equity shares aggregating up to ₹ 5,400.00 million and an offer for sale of equity shares aggregating up to ₹ 1,000.00 million by the selling shareholders. The total offer size is up to ₹ 6,400.00 million. The face value of each equity share is ₹ 10.
The company proposes to utilize the net proceeds towards, financing the costs towards setting up of a planned manufacturing facility of the company in Narmadapuram, Madhya Pradesh (“Proposed Greenfield Project”) and general corporate purposes.
The company is a certified manufacturer under the Ministry of New and Renewable Energy’s Approved List of Module Manufacturers List-1, (“ALMM-I”), with an enlisted capacity of 1.30 GW as on September 30, 2025, which enables it to supply the Solar PV Modules to the government and for government assisted grid-connected utility projects as well as renewable energy projects and projects under government schemes that are mandated to source solar modules from ALMM-I certified manufacturers.
Further, the company has made an application for inclusion of Solar PV modules in ALMM-I for its Manufacturing Facility II. As on September 30, 2025, it operate across three business verticals, manufacturing of Solar PV Modules; EPC services; and manufacturing of aluminium frames.
The equity shares that will be offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges, being the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”, and together with BSE, the ” Stock Exchanges”).
Systematix Corporate Services Limited and Valmiki Leela Capital Private Limited are the book running lead managers to the issue.
