Rayzon Solar Files for ₹15 Billion IPO to Fund Cell Manufacturing
Solar module manufacturer Rayzon Solar has submitted a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India in a bid to raise ₹15 billion (approximately $175 million) through an initial public offering (IPO) of shares. The company plans to allocate up to ₹12.65 billion (around $147.5 million) of the net proceeds to invest in its wholly-owned subsidiary, Rayzon Energy, which will help finance the development of a 3.5 GW TOPCon solar cell manufacturing facility in Surat, Gujarat.
According to the DRHP, Axis Bank has approved a loan of ₹3 billion (around $34.98 million) for the cell facility. Rayzon estimates the total cost to establish the solar cell manufacturing plant at ₹16.51 billion (approximately $192.51 million). The facility is currently under construction and is expected to become operational by FY 2027. The remaining funds from the IPO will be used for general corporate purposes.
The book-running lead managers for the IPO are SBI Capital Markets, Ambit, and IIFL Capital. In addition to the solar cell facility, Rayzon is also setting up a 2 GW solar module manufacturing plant and an aluminum extrusion and anodizing unit with a capacity of 19,800 MT per annum in Sava, Gujarat. The aluminum frame factory is projected to start operations by July 2025.
Rayzon operates two solar module manufacturing facilities in Gujarat, each with a capacity of 3 GW, located in Karanj and Sava. The company’s revenue is generated from manufacturing bifacial and minifacial solar modules that utilize N-type TOPCon cells and Mono PERC cells. As of December 31, 2024, Rayzon Solar reported earnings of ₹19.36 billion (approximately $225.74 million) from the sale of 1.3 GW of solar modules. By May 31, 2025, the company had an order book totaling 3.6 GW of solar modules.
Rayzon has an enlisted capacity of 3 GW under the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers. In 2024, it ranked among the top six module suppliers according to the India Solar Market Leaderboard 2025.
Recently, another solar module manufacturer, Vikram Solar, received approval from the Securities and Exchange Board of India to proceed with its own IPO, which will consist of a fresh issue of equity shares worth up to ₹15 billion (approximately $176.25 million) along with an offer for the sale of up to 17.45 million equity shares.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/rayzon-solar-seeks-%e2%82%b915-billion-through-ipo-to-boost-solar-cell-manufacturing-capacity/
