Adani Group-backed Vishakha Renewables files for IPO with Rs.1,250-Cr fresh issue

Ahmedabad-based Vishakha Renewables , a manufacturer of solar module components, has filed its Draft Red Herring Prospectus (DRHP) for an IPO. The proposed transaction includes a fresh issue of shares worth up to Rs.1,250 crore and an offer for sale of up to 1.82 crore equity shares. The company is considering a pre-IPO placement of up to Rs.250 crore, which would reduce the size of the fresh issue accordingly. The offering is being managed by SBI Capital Markets, ICICI Securities, and IIFL Capital Services.The company is jointly promoted by the Vishakha Group and the Adani Group, with Adani Properties acting as a promoter and selling shareholder. Vishakha Renewables specializes in the production of solar glass, EVA/EPE encapsulants, aluminium frames, and backsheets.The firm intends to allocate Rs.900 crore from the net proceeds of the fresh issue toward the repayment or pre-payment of certain borrowings, while the remainder will be utilized for general corporate purposes. Currently, the company is expanding its manufacturing capacity at its facility in Mundra, Gujarat, to support its long-term offtake arrangements with Mundra Solar PV and Mundra Solar Energy.