Solar component manufacturer Vishakha Renewables has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India for an initial public offering (IPO).

The IPO will comprise a fresh issue of equity shares aggregating up to ₹12.5 billion (~$129.85 million) and an offer for sale (OFS) of up to 18.15 million equity shares by existing shareholders. The equity shares have a face value of ₹10 (~$0.10) each.

The company may also consider a pre-IPO placement of up to ₹2.5 billion (~$25.97 million). If completed, the amount raised through the pre-IPO placement will be reduced from the fresh issue.

Of the net proceeds, ₹9 billion (~$93.49 million) is proposed to be utilized to repay outstanding borrowings of the company. The remaining proceeds will be used for general corporate purposes.

Vishakha Renewables manufactures solar glass, aluminum frames, encapsulants such as ethylene vinyl acetate (EVA) and expandable polyethylene (EPE), and back sheets for solar modules.

The company is jointly promoted by the Vishakha Group, through its individual promoters, and the Adani Group, which is its co-promoter through Adani Properties, an investment holding entity of the Adani Group holding a 40.65% stake

As of March 31, 2026, the company had an installed solar glass manufacturing capacity of 660 tons per day (TPD), corresponding to 4.4 GW. It plans to add another 1,260 TPD, corresponding to 8.4 GW, of solar glass manufacturing capacity, by January 2027.

The company also had 14,508.75 tons per annum (TPA) of aluminum frame manufacturing capacity as of March 31, 2026. An additional 32,120 TPA of manufacturing capacity is under development and is expected to be commissioned on September 5, 2026.

As of March 31, 2026, its encapsulant manufacturing capacity stood at 23.2 million linear meters,. The company is adding 6.74 million linear meters, which is expected to be commissioned by March 31, 2027.

Following the extension of the Approved List of Models and Manufacturers mandate for solar cells, the demand for solar encapsulants is rising alongside the temporary surge in module demand.

For fiscal year (FY) 2026, Vishakha Renewables reported revenue from operations of ₹18.93 billion (~$196.64 million), up from ₹15.17 billion (~$157.58 million) in FY 2025.

Solar glass accounted for ₹10.73 billion (~$111.46 million) of revenue from operations in FY 2026. Aluminum frames contributed ₹4.56 billion (~$47.37 million), while EVA/EPE encapsulants contributed ₹3.05 billion (~$31.68 million). Back sheets accounted for ₹176.57 million (~$1.83 million).