Rays Power Infra Files Draft Papers For ₹1,150 Crore IPO

Renewable energy firm Rays Power Infra has filed draft papers with India’s markets regulator, SEBI (Securities & Exchange Board of India) to raise up to ₹1,150 Crore ($138 million) through an initial public offering (IPO).

The offer comprises a fresh issue of shares worth ₹9 billion and an offer-for-sale of up to ₹2.5 billion by promoters Ketan Mehta, Pawan Kumar Sharma and Sanjay Garudapally. Shareholder Vivek Jain will also sell shares.

Net Proceeds For Solar Cell Plant 

As per the Draft Red Herring Prospectus (DRHP), proceeds of about ₹5 billion will go to its subsidiary Rays Green Energy Manufacturing for part-funding a 1.5 GW solar cell manufacturing plant in Madhya Pradesh. About ₹2 billion will be used for working capital and the rest for general corporate purposes.

The shares carry a face value of ₹2 each and the issue will be made through a book-building process under SEBI’s ICDR rules. Up to 50% of the issue will be reserved for qualified institutional buyers, not less than 15% for non-institutional investors and at least 35% for retail investors.

The company may raise up to ₹1.8 billion through a pre-IPO placement, which would reduce the size of the fresh issue.

Renewable Journey 

Founded in 2011, Rays Power Infra provides utility-scale renewable energy solutions, with a focus on solar projects. It operates through two models – co-development of ready-to-build projects and engineering, procurement and construction (EPC) services.

As of July 31, 2025, the company had commissioned 50 projects with a combined capacity of 1,771 MWp. Its order book stood at ₹80.3 billion, covering 30 projects under execution. Clients include Serentica Renewables, Radiance, Ampin Energy Transition, SJVN Green Energy and Indore Municipal Corporation.

The company has also executed projects in Bangladesh and Vietnam and plans to expand into cell manufacturing through its Madhya Pradesh facility, using technology from Shenzhen S.C. New Energy Technology Corp.

Anand Rathi Advisors and Pantomath Capital Advisors are the book-running lead managers. Bigshare Services is the registrar. The shares will be listed on the NSE and BSE.