Mumbai, Aug. 3 -- Jupiter International Ltd is planning an initial public offering in the first quarter of calendar 2027, subject to statutory approvals, the chief executive, Dhruv Sharma, indicated to a national newspaper. The intention is to enlarge the investor base and raise funds for the next phase of growth, with management saying the company is already profitable and has established managerial and execution capability to accept retail investment.
The company began cell manufacturing with a capacity of 30 megawatt (MW) in 2009 and has since scaled output to around 4.5 gigawatt (GW). It currently operates four manufacturing units in Himachal Pradesh and another facility in Odisha through a joint venture partner. These operations underpin the firm's confidence in pursuing a market listing to support further expansion.
A new 3 GW TopCon manufacturing unit with advanced technology is under construction in Nagpur and is expected to be commissioned between December 2026 and March 2027, which would raise cell manufacturing capacity to about 7.5 GW by the end of the current financial year. The company also plans a 5 GW ingot and wafer manufacturing facility in Nagpur over the next 20 months, with the overall expansion programme estimated at Rs 30 bn.
The expansion is expected to drive a sharp increase in revenue, with last financial year revenue at about Rs 9.75 bn and a target of roughly Rs 32 bn for the current financial year, management noted. Jupiter International is also pursuing overseas markets, with the United States identified as a key geography for potential entry with a local partner, and the company believes that declining storage costs will strengthen the competitiveness and viability of solar power in the coming years.
Published by HT Digital Content Services with permission from Construction World.