Mumbai, March 20 -- 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 sola...