Cosmic PV Power Ltd Files for Rs 640 Crore IPO Boost
Cosmic PV Power Ltd plans to raise Rs 640 crore via an IPO to fund a new manufacturing facility and corporate expenses. The IPO includes a fresh equity issue and an Offer For Sale by current shareholders. The company is a top player in solar PV module manufacturing with significant growth rates.
- Country:
- India
Cosmic PV Power Ltd, a dynamic player in solar module manufacturing, has filed draft papers with SEBI to initiate an Initial Public Offering (IPO) worth Rs 640 crore. This includes a fresh issue of equity shares worth Rs 540 crore and an Offer For Sale (OFS) of shares valuing up to Rs 100 crore by current stakeholders.
The proceeds will be allocated to establishing a greenfield manufacturing plant in Narmadapuram, Madhya Pradesh, alongside general corporate purposes. Aligning with the Ministry of New and Renewable Energy's directives, the firm is listed under the approved module manufacturers' list, with plans to expand its operational capacity significantly.
Systematix Corporate Services Ltd and Valmiki Leela Capital Pvt Ltd are managing the book-running for the issue. Cosmic PV Power has shown remarkable growth, with a CAGR of 125.8% from FY23 to FY25, indicating robust market expansion in the renewable energy sector.
Google News