Upcoming IPO: Gujarat-based Rayzon Solar Ltd has filed its draft red herring prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI), for an initial public offering (IPO).
Rayzon Solar began its journey in 2017 as a partnership entity known as M/s Rayzon Green Energies, specializing in the production of solar PV modules, and has swiftly increased its manufacturing capacity for solar PV modules from just 40 MW as of March 31, 2018, to 6.00 GW as of March 31, 2025.
It produces solar PV modules at two manufacturing sites situated in Karanj and Sava, currently possessing a manufacturing capacity of 3.00 GW at each location and planning to enhance its manufacturing capability by an additional 2.00 GW at the Sava facility, which is set to be operational by October 2025.
Through its subsidiary, Rayzon Energy Private Limited, the company is working on establishing a 3.50 GW solar cell manufacturing facility in Kathvada in Mangrol, utilizing tunnel oxide passivated contact (TOPCon) technology, anticipated to start operations in Fiscal 2027.
Furthermore, it is in the process of creating an aluminum extrusion and anodizing production unit in Sava, Mangrol, Surat, Gujarat, with an annual capacity of 19,800 MT for manufacturing aluminum frames via its subsidiary, Rayzon Industries Private Limited, with expectations for completion in July 2025.
The company serves a diverse clientele, including Panasonic Life Solutions India Private Ltd, Axitec Energy India Private Ltd, KPI Green Energy Ltd, Microtek International Private Ltd, Mahindra Solarize Private Ltd, ACME Cleantech Solutions Private Ltd, V-Guard Industries Ltd, O2 Power Private Ltd, Megha Engineering and Infrastructure Ltd, Hero Rooftop Energy Private Ltd, BluPine Energy Private Ltd, Purushotam Profiles Private Ltd, Balark Solar Private Ltd, and Vardhan Sales.
IPO Details
The IPO, having a face value of ₹2 each, consists entirely of a fresh issuance of up to ₹1,500 crore, and does not include any offer for sale component.
The funds raised from this fresh issuance, amounting to ₹1,265 crore, will be directed toward investment in its wholly owned subsidiary, Rayzon Energy Private Ltd, to partially finance the establishment of a manufacturing facility with an installed capacity of 3.5 GW, dedicated to producing solar cells utilizing TOPCon technology in Gujarat, as well as for general corporate purposes.
SBI Capital Markets Limited, Ambit Private Limited, and IIFL Capital Services Limited are acting as the lead managers for the book-running process, while KFin Technologies Limited serves as the registrar for the offering.
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