Solar module manufacturer Cosmic PV Power has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India to raise up to ₹6.4 billion (~$69 million) through an initial public offering (IPO) comprising a fresh issue and an offer for sale (OFS).

The IPO consists of a fresh issue of equity shares aggregating up to ₹5.4 billion (~$58.27 million) and an OFS of shares aggregating up to ₹1 billion (~$10.79 million) by existing shareholders.

The gross proceeds from the IPO are estimated at ₹5.4 billion (~$58.27 million), out of which ₹4.97 billion (~$53.63 million) is proposed to be allocated to capital expenditure for the establishment of a greenfield solar manufacturing facility in Narmadapuram, Madhya Pradesh.

The company expects to utilize ₹4.70 billion (~$50.72 million) in the financial year (FY) 2027 and the remaining ₹264.10 million (~$2.85 million) in FY 2028.

The remaining funds will be allocated to general corporate purposes, growth opportunities, marketing, and working capital requirements, with such allocation capped at 25% of the gross proceeds.

The company may also undertake a pre-IPO placement of up to ₹1.08 billion (~$11.65 million), equivalent to 20% of the fresh issue size. If completed, the size of the fresh issue will be reduced accordingly.

Cosmic PV Power manufactures modules of N-Type TOPCon, Mono PERC, and bifacial technologies. Apart from module manufacturing, its offerings include engineering, procurement, and construction of solar projects, as well as rooftop solar installations.

As of the six-month period ended September 30, 2025, and the financial performance for FY 2025, 2024, and 2023, Cosmic derived 60.49%, 67.24%, 60.64%, and 43.73% of its revenue from the sale of solar modules to Original Equipment Manufacturers.

Earlier this year, Cosmic PV Power commissioned an additional 1.6 GW TOPCon G12R solar module line at its Surat, Gujarat facility, bringing its total manufacturing capacity to 3 GW.