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Rayzon Solar files DRHP with Sebi for ₹1,500 crore IPO; check key details

Upcoming IPO: Gujarat-based Rayzon Solar, a solar photovoltaic module manufacturer, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its maiden public issue. The initial public offering (IPO), with a face value of ₹2 per share, is entirely a fresh issue to raise ₹1,500 crore, with no offer for sale (OFS) component. In addition, the offer includes a subscription reservation with a discount to eligible employees in the employee reservation portion. In the pre-IPO round, the company is planning to raise around ₹300 crore. Kfin Technologies is the registrar of the issue. SBI Capital Markets, Ambit, and IIFL Capital Services are the book-running lead managers. According to the DRHP, the company intends to utilise ₹1,265 crore from net fresh issue proceeds for investment in its wholly owned subsidiary, Rayzon Energy, for part financing the cost of establishing the manufacturing facility with 3.5 GW installed capacity, to produce solar cells using TOPCon technology in Surat, Gujarat. The remaining funds will be used for general corporate purposes. Rayzon Solar started operations in 2017 as a partnership firm named Rayzon Green Energies, manufacturing solar PV modules. It has since expanded its installed manufacturing capacity for solar PV modules from 40 MW as of March 31, 2018, to 6 GW as of March 31, 2025. The company manufactures solar PV modules at its two manufacturing modules in Karanj and Sava, with an existing solar PV capacity of 3 GW each. The company is increasing module manufacturing capacity at its Sava facility by 2 GW, expected to be operational by October 2025. Rayzon Energy, a subsidiary of Rayzon Solar, is setting up a 3.5 GW solar cell manufacturing unit in Kathcada in Mangrol, using tunnel oxide passivated contact (TOPCon) technology. This is expected to become operational in fiscal 2027. The company's product portfolio includes bifacial (dual glass or glass to glass) modules with N-type TOPCon cells and P-type Mono Passivated Emitter and Rear Contact (Mono PERC) cells, bifacial (glass to transparent backsheet) modules with Mono PERC cells, monofacial (single glass to white back sheet/black back sheet) modules with Mono PERC cells, a full black variant of bifacial modules with TOPCon cells, and a full black variant of bifacial and monofacial (glass to glass and glass to transparent backsheet) modules with Mono PERC cells. Its key clients include Panasonic Life Solutions India, Axitec Energy India, KPI Green Energy, Microtek International, Mahindra Solarize, ACME Cleantech Solutions, V-Guard Industries, O2 Power, Megha Engineering and Infrastructure, Hero Rooftop Energy, BluPine Energy, Purushotam Profiles, Balark Solar and Vardhan Sales. The company also supplies its modules under government programs such as the Pradhan Mantri Surya Ghar Muft Bijlee Yojana and the PM-KUSUM initiative, in the states of Gujarat, Rajasthan, Maharashtra, Madhya Pradesh and Tamil Nadu.