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Adani-backed Vishakha Renewables files ₹1,250 crore IPO plan
Vishakha Renewables wants to sell shares to the public through an IPO.
It has submitted an initial IPO document to India’s market regulator, SEBI.
The company wants to raise up to ₹1,250 crore by issuing new shares.
Some existing shareholders may also sell up to 1.82 crore shares.
The company may first raise up to ₹250 crore from investors before the IPO.
It plans to use ₹900 crore to reduce its loans.
Vishakha Renewables makes important parts used in solar panels.
It is also building bigger factories in Mundra, Gujarat.
Vishakha Renewables has filed a DRHP with SEBI for an IPO featuring a fresh issue of up to ₹1,250 crore.
The IPO will also include an offer for sale of up to 1.82 crore equity shares, including shares sold by Adani Properties.
The company may conduct a pre-IPO placement of up to ₹250 crore, which would reduce the fresh issue size if completed.
It plans to use ₹900 crore of the fresh issue proceeds to repay or pre-pay borrowings.
Vishakha Renewables manufactures solar glass, encapsulants, aluminium frames and backsheets, and is expanding its Mundra, Gujarat facilities.
- Who
- Vishakha Renewables Ltd, jointly promoted by the Vishakha Group and the Adani Group.
- What
- The company filed a DRHP for an IPO with a fresh issue of up to ₹1,250 crore and an OFS of up to 1.82 crore shares.
- Where
- The company’s manufacturing facilities are located in Mundra, Gujarat, India.
- When
- The filing was published on October 1, 2026; capacity rankings cited in the DRHP are as of March 31, 2026.
- Why
- The company plans to use ₹900 crore of the fresh issue proceeds to repay or pre-pay borrowings, with the remainder for general corporate purposes.
Key facts
- Fresh issue
- Up to ₹1,250 crore
- Offer for sale
- Up to 1.82 crore equity shares
- Potential pre-IPO placement
- Up to ₹250 crore
- Planned debt repayment
- ₹900 crore
- Outstanding borrowings
- ₹2,700 crore as of June 30
- Solar glass capacity
- Planned expansion from 660 TPD to 1,920 TPD
- IPO lead managers
- SBI Capital Markets, ICICI Securities and IIFL Capital Services
Sources
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