Goldi Solar plans to go public to fund Rs 2,700-crore expansion

New Delhi: Solar panel maker Goldi Solar plans to enter the public market in 15-18 months to fund its ₹2,700-crore expansion, joining the wave of Indian solar companies such as Waaree, Vikram Solar, ACME and Saatvik that have already filed for initial public offering (IPO) or are planning to do so.

The funds raised from the public market will help the company expand its manufacturing capacity, Goldi Solar managing director Ishver Dholakiya told ET. Dholakiya said the company has yet to decide on the amount of money it would target to raise in the IPO.

As for whether the company would sell some stake to private equity players ahead of an IPO, Dholakiya said the matter was still being deliberated, and no decision has been made yet.


Several solar companies are queuing up with their IPO plans as public markets are offering mouth-watering valuations. Panel maker Premier Energies' shares listed at double the issue price in early September and have traded higher since. Waaree Energies, the country's largest solar module maker, received Sebi's nod last month to launch an IPO. Kolkata-based Vikram Solar filed IPO papers on September 30.