By ipomarket.in Editorial Team · Last reviewed: 2026-10-08
Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Please read the offer document carefully and consult a SEBI-registered investment advisor before investing.
Vishakha Renewables, a solar component manufacturer with the Adani Group as a backer, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on 30 September 2026. A DRHP is the preliminary offer document a company submits to begin the IPO approval process; it is not the final prospectus, and key terms such as the price band and issue dates are still to come.
This article sets out only what the draft filing and related reports confirm, and flags clearly what remains undisclosed.
What the IPO contains
The proposed issue combines two parts:
- A fresh issue of ₹1,250 crore, where the company raises new capital.
- An offer for sale (OFS) of 1.81–1.82 crore shares, where existing shareholders sell part of their holdings. Money from an OFS goes to the selling shareholders, not the company.
The equity shares carry a face value of ₹10 each. The company may also undertake a pre-IPO placement of up to ₹250 crore; if that happens, it could reduce the size of the fresh issue accordingly.
To understand how these components differ, see our explainer on types of IPOs in India.
Where the money goes
Of the net proceeds from the fresh issue, the company plans to use ₹900 crore to repay borrowings. This is significant given the balance sheet: the DRHP reports total outstanding borrowings of ₹2,700.5 crore as of June 2026. The remaining fresh-issue proceeds are earmarked towards expanding solar glass manufacturing capacity.
Readers assessing how the use of proceeds affects a business should look at the full DRHP; our guide on what a DRHP is and how to read it walks through the sections that matter most.
Capacity expansion
Vishakha Renewables operates a manufacturing facility at Mundra, Gujarat. Its current solar glass manufacturing capacity stood at 660 tonnes per day (TPD) as of 31 March 2026. The DRHP outlines a plan to expand this to 1,920 TPD, which the company states is equivalent to 12.80 GW.
Solar glass is a core input for photovoltaic modules, and domestic capacity in this segment has drawn policy and industry attention. Whether the expansion timeline and funding assumptions hold is something prospective investors would need to verify in the final offer document.
Financial snapshot
For FY26 (the year ended 31 March 2026), the company reported:
- Revenue from operations of ₹1,893.4 crore, up 24.8% year-on-year.
- Profit of ₹173.4 crore.
The revenue growth is reasonable for the sector, and the company is profitable. However, the debt load of ₹2,700.5 crore relative to a ₹900 crore planned repayment means a meaningful portion of borrowings would remain after the IPO. Investors typically weigh this against future interest costs and the capital intensity of capacity expansion. For a structured approach, see our guide to analysing IPO financials from the RHP.
Ownership and bankers
Adani Properties holds a 40.65% equity stake in Vishakha Renewables, according to the filing. The company was reportedly founded in 2015 and is reportedly headquartered in Gujarat, per media reports; these details are attributed to secondary sources rather than the primary filing excerpt we reviewed.
The IPO is being managed by three merchant bankers: SBI Capital Markets, ICICI Securities and IIFL Capital Services.
What is not yet known
Several of the most-asked details are still open:
- Price band: not yet disclosed.
- IPO open and close dates: not yet disclosed.
- Lot size, valuation and grey market activity: not yet disclosed.
The filing is at the draft stage. SEBI typically reviews the DRHP and issues observations before the company can finalise terms and launch the issue. Until then, any figure on valuation, listing gains or demand would be speculative.
FAQ
When is the Vishakha Renewables IPO date?
The open and close dates are not yet disclosed. The company only filed its DRHP with SEBI on 30 September 2026, which is the start of the approval process, not the launch.
What is the IPO size?
The DRHP proposes a fresh issue of ₹1,250 crore and an offer for sale of 1.81–1.82 crore shares. The company may also raise up to ₹250 crore through a pre-IPO placement, which could adjust the fresh-issue size.
What will the company do with the money?
It plans to use ₹900 crore of the net fresh-issue proceeds to repay borrowings, against total outstanding borrowings of ₹2,700.5 crore as of June 2026. The balance is earmarked for expanding solar glass manufacturing capacity.
How has the company performed financially?
For FY26, it reported revenue from operations of ₹1,893.4 crore, up 24.8% year-on-year, and a profit of ₹173.4 crore.
What is the price band and GMP?
Both are not yet disclosed. The price band is set closer to the issue launch, and grey market premium data is only meaningful once terms are announced. You can track updates on our IPO GMP page.
Last reviewed: 2026-10-08. Figures are drawn from the DRHP and related reports; please verify against the final offer document before making any decision.