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Time of India
27-06-2025
- 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
27-06-2025
- 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.
Time of India
04-06-2025
- Business
- Time of India
Vikram Solar gets SEBI nod for IPO with fresh issue of ₹1,500 crore, OFS of 17.45 million shares
New Delhi: Vikram Solar Ltd has received final observation from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO), comprising a fresh issue of shares worth up to ₹1,500 crore and an offer for sale (OFS) of up to 1.745 crore equity shares by promoter and promoter group selling shareholders. According to the draft red herring prospectus, the company plans to use ₹793.36 crore from the net proceeds for partial funding of capital expenditure via investment in its wholly owned subsidiary, VSL Green Power Private Limited. The funds will be utilised to set up a 3,000 MW solar cell and 3,000 MW solar module manufacturing facility. An additional ₹602.95 crore will be used to expand the existing solar module manufacturing facility under Phase I from 3,000 MW to 6,000 MW, also through VSL Green Power Private Limited. The remaining proceeds will be used for general corporate purposes. As of March 31, 2024, Vikram Solar had an installed manufacturing capacity of 4.5 GW for solar PV modules. The company is listed on the Ministry of New & Renewable Energy's Approved List of Module Manufacturers (ALMM) among pure-play non-captive manufacturers. The company operates manufacturing facilities at Falta SEZ in Kolkata, West Bengal, and Oragadam in Chennai, Tamil Nadu. It has plans to increase its installed capacity to 10.5 GW by fiscal 2026 and 15.5 GW by fiscal 2027. It is also setting up a 3 GW solar cell manufacturing facility in Tamil Nadu as part of its backward integration strategy. Vikram Solar reported a 21.11 per cent increase in revenue from operations, rising from ₹2,073.23 crore in FY23 to ₹2,510.99 crore in FY24. EBITDA grew from ₹186.18 crore in FY23 to ₹398.58 crore in FY24. The company's product portfolio includes Tunnel Oxide Passivated Contact (TOPCon) modules, Heterojunction Technology (HJT) modules, and Passivated Emitter and Rear Contact (PERC) modules in both bifacial and monofacial formats. The book-running lead managers to the issue are JM Financial Ltd, Nuvama Wealth Management Ltd, UBS Securities India Pvt Ltd, Equirus Capital Pvt Ltd, and PhillipCapital (India) Pvt Ltd. Link Intime India Pvt Ltd is the registrar to the issue.
