Adani Group-Backed Vishakha Renewables Files IPO Papers; Eyes Rs 1,250 Cr via Fresh Issue

New Delhi: Adani Group-promoted Vishakha Renewables Ltd has filed draft papers with capital markets regulator Sebi to raise Rs 1,250 crore through a fresh issue of shares, as the solar component maker looks to pare debt.

The proposed initial public offering (IPO) also comprises an offer-for-sale (OFS) of up to 1.82 crore equity shares by promoters and an existing shareholder, according to the draft red herring prospectus (DRHP) filed on Wednesday.

Adani Properties Pvt Ltd, a promoter of Vishakha Renewables, is also offloading shares in the OFS.

The company may also consider a pre-IPO placement of up to Rs 250 crore. If such a placement is completed, the size of the fresh issue will be reduced accordingly.

The Vishakha Group-promoted firm plans to utilise Rs 900 crore of the net proceeds from the fresh issue towards repayment or pre-payment of certain borrowings, while the remaining funds will be used for general corporate purposes.

As of June 30, 2026, the company had consolidated outstanding borrowings of Rs 2,700.57 crore. Vishakha Renewables manufactures solar glass and has an installed solar glass capacity of 660 tonnes per day (TPD) as of March 31, 2026.

The company is expanding its solar glass capacity to 1,920 TPD, equivalent to 12.80 GW, from the existing 660 TPD, or 4.40 GW. It is also expanding its manufacturing capacity for aluminium frames and encapsulants.

Upon completion of the solar glass expansion, the company’s facilities are expected to house the largest operational solar glass furnace in India, the draft papers noted.

The company has entered into long-term offtake arrangements with Mundra Solar PV Ltd and Mundra Solar Energy Ltd. ​ These include a 15-year take-or-pay arrangement for solar glass from its Phase I facility, an 8.5-year arrangement for aluminium frames and a 17-year arrangement for solar glass from its Phase II facility.

According to the company, these arrangements provide minimum offtake commitments and are intended to offer demand visibility for its products.

Vishakha Renewables operates manufacturing facilities in Mundra, Gujarat, close to the facilities of its key offtakers and Mundra Ports and Special Economic Zone. The company had 99 customers as of March 31, 2026.

SBI Capital Markets, ICICI Securities and IIFL Capital Services are the book-running lead managers to the issue, while MUFG Intime India is the registrar.

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