Goldi Solar To Launch IPO Likely Within 12-15 Months

Goldi Solar Likely To Launch IPO Likely Within 12-15 Months

Indian solar module manufacturer Goldi Solar has planned to launch its Initial Public Offering (IPO) and enter into the Indian Stock Market likely in the next one year. The top management of the firm told Saur Energy that work towards the same has already begun.

The Surat-based company is on an expansion spree. It has also planned to commence solar cell manufacturing. In light of the higher capital needed for the expansion and solar cell plan, the company has planned to raise public money.

Last year at REI-Greater Noida, the Founder of the firm Captain Ishver Dholakiya while talking to Saur Energy revealed its plan to launch an IPO. In the latest interaction with Saur Energy, Dhruv Dholakiya, Director of the company said that work towards the same has already started.

“By God’s grace, we are likely to launch our IPO in the next 12-15 months,” he told Saur Energy.

Solar Cell Manufacturing

Dholakiya said that it is also likely to commission its solar cell manufacturing by year-end. The firm has planned solar cell manufacturing with a capacity of 4 GW. He said that in the first phase, the firm will start with a 2 GW of solar cell line. However, Dholakiya also said that the firm does not want to do it in haste and taking careful steps to do it judiciously.

“We have been doing R&D on starting solar cells for the last four years while the majority of the industry is talking about it now. We do not want to do it in haste. We aim to produce India’s best-quality solar cells,” he told Saur Energy.

He also said that the whole exercise of starting and operating a solar cell line is complex and mixed with its own inherent challenges. “The sector involves the use of hazardous gases. It also requires the use of fresh water. So doing it scientifically and safely is a challenge that we are trying to ensure. Another challenge is the dearth of skilled manpower who can handle solar cell production-related works. Despite all these we are moving ahead cautiously,” Dholakiya said.

20 GW Of Solar Module Production By Year End

Goldi Solar said that it has planned to expedite the expansion of its solar module production. Dhruv Dholakiya told Saur Energy that the firm has planned to achieve a total solar module production capacity of 20 GW-21 GW by the end of the year.

“On the solar module capacity front, Goldi Solar currently operates at 6.2 GW, with an additional 10 GW under installation. By June 2025, the total capacity is expected to reach 14 GW, with further expansions pushing it to 20-21 GW by year-end. We have already order equipment and installations are underway,” he said.

When asked about the demand for mono-PERC and TOPCOn, he said that while the market is shifting towards TOPCon, the demand for mono-PERC is still aggressive. “While mono-PERC technology remains in demand, the company has significantly scaled up its TOPCon production—80% of its facility now focuses on TOPCon, while 20% is dedicated to mono-PERC.Demand for mono-PERC is still aggressive, especially from the southern Indian market.”

You can watch a cut of the full video interview with Dhruv Dholakiya here (Linkedin). Full interview coming soon.