Solar cell manufacturer Jupiter International plans $300 million IPO

The company currently has a 1 gigawatt (GW) manufacturing capacity for making solar cells.

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26 Aug, 2025 12:21

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Kolkata-based homegrown solar cell manufacturer Jupiter International Limited is planning to  raise $300 million (approximately Rs 2,600 crore) through an initial public offering (IPO), people aware of the development told Moneycontrol on condition of anonymity.

The proceeds will be used by the company to fund its capex plans, which includes expansion of its manufacturing capability beyond just solar cells and become an integrated player manufacturing cells, wafers as well as modules, the sources said. The company currently has a 1 gigawatt (GW) manufacturing capacity for making solar cells.

“Jupiter is currently a pure play third party maker of solar cells and has a strong expertise in the area, which is technically more challenging than making solar modules. Thus they have an edge over other players in the country who have cell manufacturing but largely cater to their own in-house module manufacturing requirements. The company will deploy money towards becoming an integrated player in the solar value chain,” said one of the people cited above.

The proposed IPO will largely be a primary share sale, though a small offer for sale is also expected to be part of the deal, they added.

Jupiter International declined to comment on the development.

In January, Jupiter International announced that it will be investing Rs 6,500 crore over the next three years to become a fully integrated solar manufacturing player.

“The investment will bolster Jupiter’s position in the solar sector by significantly expanding its capacity across wafer production, solar cell manufacturing, and module assembly,” the company said in a statement.

Jupiter plans to invest in building a 3 GW manufacturing capacity for wafer, 9.4 GW for cells and 6 GW for modules. “The integration of wafer production, along with enhanced module assembly capabilities, positions Jupiter as a fully integrated solar manufacturer with complete control over its value chain,” the company said.

In 2024, Jupiter International raised Rs 300 crore led by ValueQuest S.C.A.L.E. PE fund to drive capacity expansion.

For the financial year ending March 31, 2024, Jupiter International reported a revenue of Rs 579 crore, compared to a revenue of Rs 430 crore in the previous fiscal, as per a report by credit rating agency Crisil.

The solar cell maker recorded a profit of Rs 41 crore in FY24 against a loss of Rs 35.89 crore in the previous financial year, the report said.

In recent months, the Indian market has seen several IPOs from the renewable energy sector across manufacturing and power generation.

NTPC Green Limited's massive Rs 10,000 crore IPO in November was the biggest initial public offering ever seen from the renewable energy sector. In the same month, renewable energy producer Acme Solar Holdings raised Rs 2,900 crore from its initial public offering.

On the manufacturing side, India’s biggest independent solar module manufacturer Waaree Energies Limited went public in October raising Rs 4,321 crore. Earlier in August, solar cells and module maker Premier Energies raised Rs 2,830 crore in its IPO.