Adani Group-backed solar components manufacturer Vishakha Renewables Ltd has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) comprising a fresh issue of equity shares worth up to ₹1,250 crores.
The proposed Vishakha Renewables IPO will also include an offer-for-sale (OFS) of up to 1.81 crore equity shares by existing shareholders, including promoters. The company may also consider raising up to ₹250 crores through a pre-IPO placement. If the placement is completed, the amount raised will be adjusted against the fresh issue size.
₹900 crore of IPO Proceeds Planned for Debt Repayment
A substantial portion of the fresh issue proceeds is proposed to be used to reduce the company’s borrowings. Vishakha Renewables plans to utilize ₹900 crore from the net proceeds of the fresh issue towards repayment or pre-payment of debt.
The company had total outstanding borrowings of around ₹2,700.5 crore as of June 2026. The remaining proceeds from the fresh issue are proposed to be used for general corporate purposes, while funds raised through the OFS will go to the shareholders selling their shares.
The proposed debt reduction is expected to help strengthen the company’s balance sheet as it continues to expand its manufacturing operations.
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Solar Manufacturing Capacity To Expand
Vishakha Renewables operates four manufacturing facilities in Mundra, Gujarat, where it produces components used in solar modules and panels. Its product portfolio includes solar glass, aluminium frames, encapsulants such as ethylene vinyl acetate (EVA) and expandable polyethylene (EPE), as well as back sheets for solar panels.
The company is also progressing with an additional 1,260 TPD of solar-glass manufacturing capacity, which was in advanced stages of commissioning. The expansion would significantly increase the company’s solar-glass production capabilities and support its presence across the solar component manufacturing value chain.
Vishakha Renewables Reports Higher Profit and Revenue
The company recorded a significant improvement in its financial performance during the financial year ended March 2026.
Vishakha Renewables reported a profit of ₹173.4 crores for FY 2026, as compared to a profit of ₹56.5 crores for the previous year. Its revenue has increased 24.8% to ₹1,893.4 crores from ₹1,517 crores during the same period.
The proposed IPO comes as the company seeks to strengthen its financial position while continuing to invest in its solar manufacturing capacity. With a significant part of the fresh capital earmarked for debt repayment, the proposed issue could help Vishakha Renewables lower its borrowing burden while providing additional financial flexibility for its business operations.
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SBI Capital Markets, ICICI Securities among IPO bankers
SBI Capital Markets, ICICI Securities and IIFL Capital Services have been appointed as the merchant bankers for the proposed Vishakha Renewables IPO.
