Smart energy solutions company Rayzon Solar Ltd. has filed its preliminary papers with the Securities and Exchange Board of India to raise funds via an initial public offering.
The public offer will include a fresh issue of shares aggregating to Rs 1,500 crore, according to the draft red herring prospectus that was filed on Wednesday.
The proceeds from the fresh issue will be utilised for investment in the company’s wholly owned subsidiary, Rayzon Energy, for the establishment of a manufacturing facility in Surat, and for general corporate purposes.
SBI Capital Markets Ltd., IIFL Capital Services Ltd. and Ambit Pvt. are the book-running lead managers for the issue and Kfin Technologies Ltd. will be the registrar of the issue.
The equity shares are proposed to be listed on the National Stock Exchange of India Ltd. and BSE Ltd.
About Rayzon Solar
Rayzon Solar ranks among the top 10 solar photovoltaic module manufacturers in India, with an installed capacity of 6.00 GW as of March 31, 2025. The company is certified under the Ministry of New and Renewable Energy’s approved list of module manufacturers, with an enlisted capacity of 3 GW.
The company operates two manufacturing facilities in Surat, each with a module manufacturing capacity of 3 GW. Rayzon Solar is currently expanding its capacity by adding 2 GW at the Sava facility in Mangrol, Surat, which is expected to be operational by October.
The company reported revenue from operations worth Rs 1,272.8 crore for the financial year ended March 2024, as compared to Rs 698 crore in the preceding fiscal. Net profit for the period stands at Rs 60 crore, up from Rs 29 crore in fiscal 2023.
As of March 31, 2025, the company has a debt pile of Rs 380.5 crore.
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