Goldi Solar Announces $350M IPO Plan
•February 11, 2026
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Why It Matters
The offering would provide significant capital for scaling solar production while underscoring India’s broader push toward renewable‑energy financing, attracting both domestic and international investors.
Key Takeaways
- •IPO could raise $350 million for Goldi Solar.
- •Fresh shares dominate; small secondary component.
- •Targets India's 500 GW renewable capacity by 2030.
- •Part of $4 billion green‑energy IPO pipeline.
- •Recent ₹1,422 crore funding backs expansion plans.
Pulse Analysis
India’s equity market is witnessing a renewable‑energy renaissance, driven by ambitious government targets to reach 500 gigawatts of non‑fossil capacity by 2030. After a record year for IPO proceeds, more than a dozen green‑energy firms are lining up listings, collectively seeking over $4 billion. This surge reflects heightened investor appetite for climate‑aligned assets and the country’s policy framework that incentivizes clean‑tech financing, positioning the market as a global benchmark for sustainable capital formation.
Goldi Solar, one of the nation’s largest photovoltaic module producers with roughly 14.7 GW annual capacity, is poised to tap this momentum. The company’s upcoming IPO, likely to feature predominantly fresh shares, aims to raise $350 million, supplementing a recent ₹1,422 crore equity infusion that brought in strategic investors such as Havells and Zerodha co‑founder Nikhil Kamath. The blend of fresh capital and a modest secondary sale signals confidence in scaling manufacturing, expanding downstream services, and meeting the escalating domestic demand for solar installations.
For investors, Goldi Solar’s listing offers exposure to a high‑growth segment of India’s energy transition, where capacity additions are projected to outpace traditional power sources. The capital raised will enable technology upgrades, capacity expansion, and potential entry into export markets, enhancing the company’s competitive edge. Moreover, the broader wave of renewable IPOs provides a diversified platform for capital allocation, reinforcing the narrative that clean energy is not just an environmental imperative but a robust financial opportunity in the coming decade.
Deal Summary
India's solar module maker Goldi Solar Pvt is preparing an initial public offering that could raise up to $350 million. The company has shortlisted advisers and aims to file a draft prospectus by April, with the offering expected to include fresh shares and a small secondary component. The IPO is part of a broader wave of green‑energy listings in India.
Article
Source: The Hindu BusinessLine – Markets
Goldi Solar plans $350 million IPO
Goldi Solar has shortlisted advisers for the proposed share sale and is likely to file a draft prospectus as early as April, says people familiar with the matter
Updated – February 11, 2026 at 02:14 PM
The green energy industry is shaping up as a key contributor to another banner year for India’s equity capital market after last year’s record for IPO proceeds.
Goldi Solar Pvt is weighing an initial public offering that could raise as much as $350 million, according to people familiar with the matter, potentially adding to a revival in listings among India’s renewable‑energy companies.
The Gujarat‑based solar module maker has shortlisted advisers for the proposed share sale and is likely to file a draft prospectus as early as April, the people said, asking not to be identified because the information is private. The offering is expected to comprise largely fresh shares, with a small secondary component from existing investors, and could take place this year, the people said.
Details including the size, structure and timing of the deal are still being finalised and may change, they added. A representative for Goldi Solar didn’t respond to requests for comment.
The green energy industry is shaping up as a key contributor to another banner year for India’s equity capital market after last year’s record for IPO proceeds, driven by the country’s goal of increasing non‑fossil‑fuel power capacity to 500 gigawatts by 2030. More than a dozen green‑energy firms are preparing to go public, targeting combined proceeds of more than $4 billion.
Clean Max Enviro Energy Solutions Ltd is among companies expected to launch a share sale later this month.
Founded in 2011, Goldi Solar is one of India’s largest solar photovoltaic module manufacturers, with an annual production capacity of about 14.7 gigawatts, according to the company website. In October, it announced a capital infusion of ₹1,422 crore ($157 million). Investors in that round included Havells India Ltd, Zerodha co‑founder Nikhil Kamath and Ambit Global Private Client.
Published on February 11, 2026
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