Cosmic PV Power, Kay Jay Forgings, Gujarat Victory Forgings files DRHPs to launch IPO

Three companies — Cosmic PV Power, Kay Jay Forgings, and Gujarat Victory Forgings— have filed their draft red herring prospectuses (DRHPs) with SEBI to launch initial public offerings (IPOs).

Cosmic PV Power, a manufacturer of solar photovoltaic (PV) modules, plans a fresh equity issue worth Rs 540 crore and an offer for sale (OFS) of Rs 100 crore. The company intends to use the proceeds to set up a new manufacturing facility in Narmadapuram, Madhya Pradesh, and for general corporate purposes. It operates across three verticals: Solar PV modules, EPC services, and aluminium frame manufacturing. The issue will be managed by Systematix Corporate Services and Valmiki Leela Capital.

Ludhiana-based Kay Jay Forgings, a precision engineering company serving automotive and non-automotive sectors, proposes a fresh issue of Rs 300 crore and an OFS of Rs 60 crore. Funds will support capital expenditure, including a new forging and machining facility and a solar power plant, along with debt reduction. The company reported revenues of Rs 750.46 crore in FY25. PL Capital is the sole lead manager for this issue.

Gujarat Victory Forgings, engaged in manufacturing non-ferrous metal products like copper cathodes and alloys, plans a fresh issue of up to 6.5 million shares and an OFS of up to 13.2 million shares. Proceeds will be used to expand its Vadodara plant, repay borrowings, and for corporate purposes. Monarch Networth Capital and Nirbhay Capital Services are the lead managers.

All three companies intend to list their shares on the BSE and NSE. The offers include both fresh equity and shares sold by existing shareholders, with face values of Rs 10 per share.

Cosmic PV Power is recognised under the Ministry of New and Renewable Energy’s Approved List of Module Manufacturers List-1 (ALMM-I), enabling it to supply government and government-assisted projects. Kay Jay Forgings is a leading supplier of crankshafts to Indian two-wheeler OEMs, holding a 36 per cent domestic market share. Gujarat Victory Forgings caters to industries including power infrastructure, EVs, construction, and renewable energy.

The filings reflect ongoing activity in sectors ranging from renewable energy to automotive components and non-ferrous metals, with companies aiming to expand capacity and strengthen financial positions through the IPO proceeds.