Rayzon Solar to file draft papers with Sebi for Rs 1,500 crore IPO

Solar panel manufacturer Rayzon Solar Ltd is planning to file its draft papers with markets regulator Sebi by the end of the month, as it prepares for about Rs 1,500-crore initial public offering (IPO), people familiar with the plan said on Friday.

The Surat-based company has already roped in top investment banks to manage the public offering.

According to the people familiar with the plan, the company is looking to raise funds through fresh issuance of equity shares and proceeds are expected to be used for for its expansion plans.

An email to Rayzon Solar seeking confirmation of the draft papers filing and IPO details did not elicit a response.

The company is considering to enter the public market at a time when the domestic solar manufacturing industry is gaining traction, driven by import curbs, and rising global interest in non-China supply chains.

Founded in 2017, Rayzon Solar has emerged as one of the fastest-growing solar PV module manufacturers in the country. As per its website, the company has grown from an initial installed module manufacturing capacity of just 40 MW to 6,000 MW, across two facilities in Karanj and Sava, Gujarat, and is likely to expand further.

In March, the company raised around Rs 138 crore through private placement of equity shares.