Mumbai – Two Gujarat-based companies, Cosmic PV Power and Gujarat Victory Forgings, have filed their Draft Red Herring Prospectuses (DRHP) with the market regulator SEBI to launch their initial public offerings (IPOs).
1. Cosmic PV Power (Surat)
The Surat-based solar module manufacturer aims to raise ₹640 crore through its maiden public issue.
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Fresh Issue: ₹540 crore.
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Offer for Sale (OFS): ₹100 crore.
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Objective: The proceeds are expected to be used for expanding manufacturing capacities and general corporate purposes as the renewable energy sector continues to gain investor traction.
2. Gujarat Victory Forgings (Vadodara)
The Vadodara-based manufacturer, specializing in non-ferrous metal products and recycling, has also moved toward a public listing.
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Structure: The IPO consists of a fresh issue of 65 lakh shares and an OFS of 1.32 crore shares by promoter Vijendrakumar Bishamber Gupta.
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Financial Performance: The company reported a significant jump in net profit to ₹22.59 crore in FY25, up from ₹10.12 crore the previous year.
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Objective: Funds will be used to finance capital expenditure for expanding its copper cathode manufacturing unit and for debt repayment.
Market Context
These filings come as the primary market shows signs of renewed activity following a volatile March. In addition to these two, Sathya Agencies (a consumer electronics retailer) also filed draft papers for a ₹600-crore IPO earlier this week, and the unicorn Zetwerk reportedly initiated its IPO process via a confidential filing.
