Jupiter International Ltd (JIL), a Kolkata-based homegrown solar cell manufacturer, has appointed bankers to help raise $300 million through an initial public offering (IPO), three people familiar with the matter said.
The company has appointed IIFL, Axis Capital, Nomura and ICICI Securities, the people said, adding that the draft papers are likely to be filed in May. “The issue will be largely to raise primary capital to fuel expansion plans,” one of the people cited above said on the condition of anonymity.
Jupiter, IIFL, Axis, and ICICI did not respond to Mint’s requests for a comment till the time of publishing. Nomura declined to comment.
Incorporated in 1978 by Raj Kumar Garodia, JIL is in the business of solar cell manufacturing and has set up a 301 MW plant at its existing manufacturing facility, which commenced operations in January 2017, according to a report by CareEdge Ratings. Its subsidiary Jupiter Solar Power Ltd was set up to foray into the manufacturing of solar photo voltaic cell (SPC) by setting up a unit at Baddi, Himachal Pradesh.
Last year, the company raised ₹500 crore from ValueQuest’s SCALE fund to build on its capabilities and become an integrated player in solar manufacturing. This move was aimed at forward integration and reducing import dependency, in line with the country’s vision on clean energy transition. It also raised capital from the Edelweiss Group in 2022 to scale its operations.
Jupiter International announced in January 2025 that it plans to invest ₹6,500 crore over three years to become a fully integrated solar manufacturer spanning wafers, cells, and modules.
For the financial year ending 31 March 2024, Jupiter International reported revenue of ₹579 crore, compared to ₹430 crore in the previous fiscal, according to a report by credit rating agency Crisil.
Clean energy momentum
Broadly, India is seeing renewed investor appetite in the clean energy and transition space, driven by a convergence of policy push towards national sustainability goals, push for local manufacturing, increasing employment, and technological disruption in the sector.
As the country accelerates its transition to decarbonization, several companies, including Waaree Energy Storage and Magenta Mobility, have raised capital or are in the process of securing it from private investors, Mint reported earlier.
Other examples include Yash Kela-led Singularity AMC infusing capital in Bhilwara Energy Ltd to create an integrated energy transition platform, HEG Greentech.
India—with its scale, urbanization, trends, and decarbonization ambitions—represents one of the most significant opportunities for the sector globally.
Earlier this week, global private equity firm KKR said it plans to commit over $300 million in India’s PMI Electro to scale its e-bus platform, Allfleet.