Gautam Adani-backed Vishakha Renewables files DRHP for Rs 1,250-crore IPO

As per the latest business developments, Gautam Adani-promoted solar components maker Vishakha Renewables has tapped the capital markets by filing its draft red herring prospectus (DRHP) with SEBI on September 30 to mobilize funds through an initial public offering (IPO), including a fresh offering of Rs 1,250 crore.

The IPO additionally comprises an offer-for-sale (OFS) of 1.81 crore equity shares by existing shareholders, including promoters.

The firm may consider raising up to Rs 250 crore through a pre-IPO placement. If the proposed pre-IPO placement is undertaken, the fresh offering size will be reduced to the extent of the amount boosted through the placement.

Promoters, including Jigish Nagindas Doshi and his son Akshat Doshi, Gautam Adani, Rajesh Adani, Vinod Adani, Adani Properties, Adani Commodities and S B Adani Family Trust, hold a 75.61% stake in Vishakha Renewables. Adani Properties is the largest shareholder, with a 39.14% stake, followed by Jigish Nagindas Doshi, who holds a 30.92% stake.

With four manufacturing facilities in Mundra, Gujarat, Vishakha Renewables manufactures critical components used in solar modules, including solar glass, aluminium frames, encapsulants such as ethylene vinyl acetate (EVA) and expandable polyethylene (EPE), and back sheets for solar panels.

According to the CRISIL report, the firm is the second-largest manufacturer of solar glass in India, with an installed capacity of 660 tonnes per day (TPD) as of March 2026. In addition, its 1,260 TPD solar glass manufacturing capacity is in advanced stages of commissioning.

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Of the net fresh offering proceeds, Rs 900 crore will be utilised to repay debt, against total outstanding borrowings of Rs 2,700.5 crore as of June 2026. The remaining proceeds will be used for general corporate purposes, while the proceeds from the offer-for-sale will accrue to the selling shareholders.

Vishakha Renewables noted a firm earnings of Rs 173.4 crore for the year ended March 2026, up significantly from Rs 56.5 crore in the previous year. Topline during the same period increased 24.8% to Rs 1,893.4 crore from Rs 1,517 crore.

SBI Capital Markets, ICICI Securities and IIFL Capital Services have been appointed as the merchant bankers for managing the Vishakha Renewables IPO.