Rayzon Solar Shines Bright with Rs 1,500 Crore IPO Launch

Gujarat-based Rayzon Solar has filed for a Rs 1,500 crore IPO to expand its solar cell production. The proceeds will fund a new facility using TOPCon technology. The company is among India's top solar PV module manufacturers with esteemed clients and an impressive revenue stream.

Rayzon Solar, a leading solar photovoltaic module manufacturer based in Gujarat, has taken a significant step towards expansion by filing a draft paper with the Securities and Exchange Board of India (Sebi) to initiate a Rs 1,500 crore Initial Public Offering (IPO).

The upcoming IPO is purely a fresh issue without any offer for sale component. Additionally, there is a reserved portion for employees with a subscription discount, as stated in the draft red herring prospectus. In anticipation of the IPO, the company plans to raise about Rs 300 crore through a pre-IPO round, potentially impacting the fresh issue size.

The bulk of the proceeds, Rs 1,265 crore, will be directed towards Rayzon Solar's subsidiary, Rayzon Energy, for establishing a new solar cell manufacturing facility with a 3.5 GW capacity in Surat. This expansion will employ TOPCon technology. As of the fiscal year ending in December 2024, Rayzon Solar recorded Rs 1,957 crore in revenue and reported a profit after tax of Rs 239.03 crore.