Rayzon Solar Powers Up ₹1,500 Cr IPO—Eyes Expansion Amid India’s Green Energy Boom

Rayzon Solar Ltd., one of India’s fastest-growing solar PV module manufacturers, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for a ₹1,500 crore initial public offering (IPO). The public issue will be a fresh equity offering, with proceeds earmarked for capacity expansion, investment in its subsidiary Rayzon Energy, and general corporate purposes.

 

Founded in 2017 and headquartered in Surat, Rayzon operates two manufacturing units with a combined capacity of 6 GW, and is currently adding 2 GW more at its Sava facility, expected to go live by October 2025. The company is certified under the MNRE’s Approved List of Module Manufacturers (ALMM) and is riding strong tailwinds from India’s push for domestic solar manufacturing.

 

The IPO will be managed by SBI Capital Markets, IIFL Capital Services, and Ambit Pvt., with KFin Technologies as the registrar. Rayzon reported FY24 revenue of ₹1,273 crore and net profit of ₹60 crore, nearly doubling YoY.

 

Key Highlights:

Source: NDTV Profit