Latest news with #TOPCon
Mint
2 days ago
- Business
- Mint
Upcoming IPO: Rayzon Solar files draft papers with SEBI for ₹1,500 crore IPO
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. 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.
Time of India
2 days ago
- Business
- Time of India
Rayzon Solar files DRHP with Sebi for Rs 1,500 crore IPO
Gujarat-based Rayzon Solar plans to use the bulk of the proceeds from its planned Rs 1,500 cr-IPO to set up a 3.5 GW solar cell manufacturing facility and expand its green energy manufacturing footprint. With a current module capacity of 6 GW and robust financial growth, Rayzon is positioning itself as a key player in India's solar push. Tired of too many ads? Remove Ads IPO details Use of proceeds Capacity growth and manufacturing expansion Tired of too many ads? Remove Ads Product portfolio & clients Financial Performance IPO Book Runners and Listing The company has an installed module manufacturing capacity of 6.00 GW as of March 31, 2025. Rayzon Solar is targeting the next phase of its growth by expanding into solar cell manufacturing The IPO will have a face value of Rs 2 per share and includes a reservation for eligible employees at a discounted rate. The company may also explore a pre-IPO placement of up to Rs 300 crore. If completed, this will reduce the fresh issue size the planned Rs 1,500 crore IPO, Rs 1,265 crore will be invested in its wholly owned subsidiary, Rayzon Energy Private Limited (REPL), to partially fund the establishment of a 3.5 GW solar cell manufacturing facility using TOPCon (Tunnel Oxide Passivated Contact) technology in Kathvada, Surat. The remainder will be allocated to general corporate began operations in 2017 and scaled its module capacity from 40 MW in 2018 to 6.00 GW by 2025. It currently operates two manufacturing plants in Karanj and Sava, each with 3.00 GW capacity. An additional 2.00 GW capacity at Sava is expected to become operational by October REPL, the company is building a 3.5 GW solar cell unit (operational by FY 2027) and a 19,800 MT aluminium extrusion and anodising unit via another subsidiary, Rayzon Industries, expected to go live in July company is a certified manufacturer under the Ministry of New and Renewable Energy's Approved List of Module Manufacturers ('ALMM'), with an enlisted capacity of 3.00 GW, constituting 3.8% of the total ALMM enlisted capacity as of April 21, 2025. (Source: CRISIL Report).Also read: Last chance: HDB Financial's Rs 12,500 crore IPO closes today. Should you chase 8% listing gains? The company offers a wide range of modules, including: Bifacial modules with N-type TOPCon and P-type Mono PERC cells, Monofacial and full black variants with PERC and TOPCon technology,Rayzon serves over 500 clients, including major names like Panasonic Life Solutions, Mahindra Solarize, ACME Cleantech, V-Guard Industries , and Hero Rooftop Energy. It also supplies modules under key government schemes like PM Surya Ghar Muft Bijlee Yojana and of May 31, 2025, Rayzon had an order book of 3.60 GW for PV modules and a distribution network of 68 channel partners across 59 cities in 20 states and union Solar has delivered impreesice growth over the past financial years, with revenue from operations rising from Rs 261.65 crore in FY22 to Rs 1,272.85 crore in FY24, reflecting a CAGR of 120.56%, while EBITDA surged from Rs 13.47 crore to Rs 101.41 crore (CAGR: 174.35%) and profit after tax increased from Rs 3.91 crore to Rs 60.94 crore. For the nine months ended December 31, 2024, the company reported revenue of Rs 1,957 crore and PAT of Rs 239.03 Capital Markets, Ambit Private Limited, and IIFL Capital Services are the book-running lead managers, while KFin Technologies is the registrar. The equity shares will be listed on the BSE and the NSE.
Economic Times
2 days ago
- Business
- Economic Times
Rayzon Solar files DRHP with Sebi for Rs 1,500 crore IPO
IPO details Use of proceeds Capacity growth and manufacturing expansion Live Events Product portfolio & clients Financial Performance IPO Book Runners and Listing (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The company has an installed module manufacturing capacity of 6.00 GW as of March 31, 2025. Rayzon Solar is targeting the next phase of its growth by expanding into solar cell manufacturing The IPO will have a face value of Rs 2 per share and includes a reservation for eligible employees at a discounted rate. The company may also explore a pre-IPO placement of up to Rs 300 crore. If completed, this will reduce the fresh issue size the planned Rs 1,500 crore IPO, Rs 1,265 crore will be invested in its wholly owned subsidiary, Rayzon Energy Private Limited (REPL), to partially fund the establishment of a 3.5 GW solar cell manufacturing facility using TOPCon (Tunnel Oxide Passivated Contact) technology in Kathvada, Surat. The remainder will be allocated to general corporate began operations in 2017 and scaled its module capacity from 40 MW in 2018 to 6.00 GW by 2025. It currently operates two manufacturing plants in Karanj and Sava, each with 3.00 GW capacity. An additional 2.00 GW capacity at Sava is expected to become operational by October REPL, the company is building a 3.5 GW solar cell unit (operational by FY 2027) and a 19,800 MT aluminium extrusion and anodising unit via another subsidiary, Rayzon Industries, expected to go live in July company is a certified manufacturer under the Ministry of New and Renewable Energy's Approved List of Module Manufacturers ('ALMM'), with an enlisted capacity of 3.00 GW, constituting 3.8% of the total ALMM enlisted capacity as of April 21, 2025. (Source: CRISIL Report).Also read: Last chance: HDB Financial's Rs 12,500 crore IPO closes today. Should you chase 8% listing gains? The company offers a wide range of modules, including: Bifacial modules with N-type TOPCon and P-type Mono PERC cells, Monofacial and full black variants with PERC and TOPCon technology,Rayzon serves over 500 clients, including major names like Panasonic Life Solutions, Mahindra Solarize, ACME Cleantech, V-Guard Industries , and Hero Rooftop Energy. It also supplies modules under key government schemes like PM Surya Ghar Muft Bijlee Yojana and of May 31, 2025, Rayzon had an order book of 3.60 GW for PV modules and a distribution network of 68 channel partners across 59 cities in 20 states and union Solar has delivered impreesice growth over the past financial years, with revenue from operations rising from Rs 261.65 crore in FY22 to Rs 1,272.85 crore in FY24, reflecting a CAGR of 120.56%, while EBITDA surged from Rs 13.47 crore to Rs 101.41 crore (CAGR: 174.35%) and profit after tax increased from Rs 3.91 crore to Rs 60.94 crore. For the nine months ended December 31, 2024, the company reported revenue of Rs 1,957 crore and PAT of Rs 239.03 Capital Markets, Ambit Private Limited, and IIFL Capital Services are the book-running lead managers, while KFin Technologies is the registrar. The equity shares will be listed on the BSE and the NSE.
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Business Standard
2 days ago
- Business
- Business Standard
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.
Mint
2 days ago
- Business
- Mint
Upcoming IPO: Rayzon Solar files draft papers with SEBI for ₹1,500 crore IPO
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. 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. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
