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Time of India
6 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
6 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.
Business Standard
10-06-2025
- Business
- Business Standard
TP Solar crosses 4 GW solar module manufacturing at its Tamil Nadu plant
TP Solar, a wholly owned subsidiary of Tata Power Renewable Energy (TPREL), a subsidiary of The Tata Power Company (Tata Power) and the manufacturing arm of Tata Power, today announced that it has crossed 4 GW solar module manufacturing at its Tamil Nadu plant. The plant has cumulatively produced 4049 MW of solar modules and 1441 MW of solar cells upto May 31, 2025. With a strategic focus on scaling up production, TP Solar is targeting 3.7 GW of solar cell output and 3.725 GW of module production in FY26, further solidifying its commitment to supporting India's clean energy transition. Strategically built to comply with Domestic Content Requirement (DCR) norms, the facility is equipped to manufacture next-generation Mono PERC (Passivated Emitter and Rear Cell) and advanced TopCon (Tunnel Oxide Passivated Contact) modules using cutting-edge automated and AI-driven technologies. The ramp-up aligns with Tata Power's goal to strengthen India's solar supply chain resilience by reducing dependency on imports and enabling faster deployment of clean energy projects nationwide. The facility is already supplying panels to meet Tata Power's order book requirementsincluding utility-scale solar farms, hybrid energy parks and distributed rooftop systems as well as serving marquee third-party installations across the country. With its rated capacity of 4.3 GW expected to be fully realized in FY26, the plant would continue to support the nation's target of achieving 500 GW of non-fossil fuel capacity by 2030. TPREL also has a 682MW solar module and a 530MW solar cell plant at Bengaluru, which operates at full capacity to support the DCR Cells and Modules production.
Time of India
10-06-2025
- Business
- Time of India
TP Solar crosses 4 GW module output, sets 3.7 GW solar cell target for FY26
New Delhi: TP Solar Limited, a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has said that it has achieved a cumulative solar module output of 4,049 MW and solar cell production of 1,441 MW at its Tamil Nadu facility as of May 31, 2025. The plant, built in compliance with Domestic Content Requirement ( DCR ) norms, is equipped to manufacture Mono PERC (Passivated Emitter and Rear Cell) and TopCon ( Tunnel Oxide Passivated Contact ) modules using automated and AI-driven technologies. According to the company, TP Solar is targeting 3.7 GW of solar cell output and 3.725 GW of solar module production for FY26. The Tamil Nadu plant's rated capacity of 4.3 GW is expected to be fully realised in FY26. The facility is supplying modules for Tata Power's order book, including utility-scale solar farms, hybrid energy parks, and distributed rooftop systems, in addition to third-party installations across the country. TPREL also operates a 682 MW solar module and a 530 MW solar cell plant in Bengaluru, which is functioning at full capacity to support DCR-based production. TP Solar stated that the ramp-up aligns with Tata Power's broader strategy to strengthen solar supply chain resilience and contribute to India's 2030 target of 500 GW non-fossil fuel capacity.
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Business Standard
09-06-2025
- Business
- Business Standard
TP Solar crosses 4 GW of solar module production at its Tamil Nadu unit
TP Solar Limited, a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL) and the manufacturing arm of The Tata Power Company Limited (Tata Power), on Monday announced that it has crossed 4 gigawatts (GW) of solar module manufacturing at its Tamil Nadu plant. The plant has cumulatively produced 4,049 megawatts (MW) of solar modules and 1,441 MW of solar cells up to May 2025. With a strategic focus on scaling up production, the company is targeting 3.7 GW of solar cell output and 3.725 GW of module production in FY26, further solidifying its commitment to supporting India's clean energy transition. Strategically built to comply with Domestic Content Requirement (DCR) norms, the facility is equipped to manufacture next-generation Mono PERC (Passivated Emitter and Rear Cell) and advanced TopCon (Tunnel Oxide Passivated Contact) modules using cutting-edge automated and AI-driven technologies. The ramp-up aligns with Tata Power's goal to strengthen India's solar supply chain resilience by reducing dependency on imports and enabling faster deployment of clean energy projects nationwide. The facility is already supplying panels to meet Tata Power's order book requirements — including utility-scale solar farms, hybrid energy parks, and distributed rooftop systems — as well as serving marquee third-party installations across the country. With its rated capacity of 4.3 GW expected to be fully realised in FY26, the plant will continue to support the nation's target of achieving 500 GW of non-fossil fuel capacity by 2030. Beyond its technological prowess, the Tamil Nadu facility also stands out for its inclusive and sustainability-first approach. Over 80 per cent of the plant's shop-floor workforce comprises women, reflecting Tata Power's strong focus on gender diversity and equitable job creation in advanced manufacturing. The plant itself has been built using green building principles, energy-efficient processes, and resource-conscious design, minimising its environmental footprint. As one of India's largest vertically integrated solar players, TP Solar is driving innovation and scale across the clean energy value chain — from manufacturing and engineering to deployment and digital energy services. The ramp-up of this 4.3 GW facility positions the company as a key enabler of India's clean energy independence while advancing the global movement towards sustainable energy security. TPREL also has a 682 MW solar module and a 530 MW solar cell plant at Bengaluru, which operates at full capacity to support the production of DCR-compliant cells and modules.
