Vishakha Renewables Limited, jointly promoted by the Vishakha Group and Adani Group, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for its proposed IPO.
The issue comprises a fresh issue of equity shares aggregating up to ₹1,250 crore and an Offer for Sale of up to 1.82 crore equity shares by selling shareholders. Adani Properties Private Limited is a promoter and promoter selling shareholder. The company may also consider a pre-IPO placement of up to ₹250 crore.
Vishakha Renewables proposes to use ₹900 crore from the net proceeds towards repayment or prepayment of certain borrowings, with the balance earmarked for general corporate purposes.
According to the CRISIL Report, as of March 31, 2026, the company was the second-largest solar glass manufacturer and EVA/EPE encapsulant manufacturer in India, and the largest aluminium frame manufacturer.
The company operates across four key solar module components and is expanding its manufacturing capacities in solar glass, aluminium frames and encapsulants.
Its manufacturing facilities are located in Mundra, Gujarat, close to key customers and Mundra Port.
SBI Capital Markets, ICICI Securities and IIFL Capital Services are the Book Running Lead Managers to the Offer.
