Rayzon Files for INR 1,500 Cr IPO to Expand Manufacturing

Rayzon Solar, a Gujarat-based solar module manufacturer, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch an Initial Public Offering (IPO) worth INR 1,500 crore.

The issue will be entirely a fresh equity offer, with no Offer For Sale (OFS) component by the promoters.

The company is also considering raising INR 300 crore via a pre-IPO placement, which would reduce the final IPO size accordingly. The funds will primarily be used to part-finance a 3.5 GW solar cell manufacturing facility in Surat, being developed by Rayzon’s wholly owned subsidiary, Rayzon Energy Pvt Ltd. This facility, based on TOPCon technology, is slated to be commissioned by Fiscal 2027.

Rayzon Solar, founded in 2017 by Chirag Nakrani and Hardik Kothiya, has a manufacturing capacity stands at 6 GW across two facilities in Karanj and Sava, with a third facility expected to become operational by October 2025.

The company is also venturing into backward integration with an aluminium extrusion and anodizing plant, scheduled to launch in July 2025, enhancing its control over the supply chain.

Rapid Growth

The company’s financial performance reflects its rapid growth. Revenue from operations jumped from INR 261 crore in FY22 to over INR 1,272 crore in FY24, and further surged to INR 1,957 crore in the nine months ending December 2024. Net profit for the same nine-month period stood at INR 239.03 crore, up from INR 60.94 crore in FY24.

Rayzon has a diversified customer base including Panasonic, ACME Cleantech, Mahindra Solarize, and V-Guard Industries. Its order book stood at 3.6 GW as of May 2025. The company has also expanded its presence to the US and Europe.

The IPO will be managed by SBI Capital Markets, IIFL Capital Services, and Ambit, while KFin Technologies will act as the registrar. With growing investor interest in renewable energy, Rayzon Solar’s IPO is expected to be valued upwards of INR 10,000 crore.

The successful launch of the IPO and entry of the firm into the Indian stock market is set to add a new name among the listed Indian solar manufacturers. A number of other solar module, cell and solar glass makers have already ventured into the market to boost their business and operations. These include-Premier Energies, Waaree Energies, Alpex Energy, Insolation Energy, Websol Energy, Solex and Borosil Renewables.