The Vishakha Renewables IPO has moved a step closer. The solar glass maker, in which Adani Properties Pvt Ltd is a promoter, filed its draft red herring prospectus with SEBI on 30 September 2026 for a fresh issue of ₹1,250 crore. ₹900 crore of that money is set aside to repay borrowings, as per a PTI report on the filing.
A DRHP is the draft prospectus a company files with SEBI before an IPO. It carries no price band and no dates yet. The filing also proposes an offer for sale of up to 1.82 crore shares by the promoters and an existing shareholder.
Where the money actually goes
| Item | Figure |
|---|---|
| Fresh issue | ₹1,250 crore |
| Offer for sale | Up to 1.82 crore shares |
| Towards repaying or pre-paying borrowings | ₹900 crore |
| Rest of the fresh proceeds | General corporate purposes |
| Possible pre-IPO placement | Up to ₹250 crore |
| Consolidated borrowings, 30 June 2026 | ₹2,700.57 crore |
Read that table from the bottom up. The company owes ₹2,700.57 crore. The fresh issue is ₹1,250 crore, and 72 per cent of it is going to lenders. So the IPO clears roughly a third of the debt and leaves the balance for general corporate purposes.
Two things follow from that structure. Only the fresh issue money reaches the company. Whatever the offer for sale fetches goes to the shareholders selling, not into the business. And if the pre-IPO placement of up to ₹250 crore happens, the fresh issue shrinks by that amount, so the final number you see in the RHP can be smaller than ₹1,250 crore.
What Vishakha Renewables makes
It is one of India's larger solar glass makers. Solar glass is the toughened front sheet of a solar panel, and most of it used to be imported. The company ran four operating facilities as of March 2026 with capacity of 660 tonnes of solar glass a day, and another 1,260 tonnes a day of capacity is in its final stages, as per reports on the draft prospectus.
For the year to 31 March 2026 it reported revenue of ₹1,893.4 crore, up 24.8 per cent on the previous year, and profit of ₹173.4 crore against ₹56.5 crore a year earlier. Those figures come from reports on the DRHP and we have not yet seen the document itself on SEBI's site.
Who owns the company
Adani Properties holds 39.14 per cent and Jigish Nagindas Doshi holds 30.92 per cent, with total promoter holding of 75.61 per cent including Gautam, Rajesh and Vinod Adani, as per reports on the filing. Adani Properties is itself one of the sellers in the offer for sale.
What happens next
SEBI now reviews the draft and comes back with observations, which usually takes one to three months. Only after that does the company file an RHP with the price band, lot size and dates, and only then can you apply. The approval, once given, is valid for 12 months.
This is the second large clean energy filing in two days. We covered the ₹10,000 crore Inox Clean Energy draft papers on 30 September. Both will show up on our upcoming mainboard IPO tracker as they clear each step. The filing was first reported by PTI.
