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Rayzon Solar Gets SEBI Approval To Issue IPO Photograph: (Archive)
Indian solar module manufacturer Rayzon Solar has received approval from the Securities and Exchange Board of India (SEBI) to launch an Initial Public Offering (IPO). The Gujarat-based firm, led by Chiraj Nakrani, is now set to enter the Indian stock market.
In its latest move, SEBI issued its final observations to the company, which were received on October 13. The company’s planned listing is expected to strengthen the range of solar module manufacturers in India. Earlier, Rayzon Solar had disclosed plans to enhance its backward integration by launching solar cell manufacturing.
In its Draft Red Herring Prospectus (DRHP), the company stated its intention to raise Rs 15,000 million through the IPO. Rayzon Solar claims to be among the top 10 solar module manufacturers in India, with an installed capacity of 6 GW as of March 2025. The company currently operates two manufacturing facilities, located in Karanj and Sava in Gujarat.
Rayzon Solar informed SEBI that it plans to use the majority of the IPO proceeds to fund investments in its newly formed subsidiary, Rayzon Energy Pvt Ltd, to establish a 3.5 GW solar cell manufacturing facility. The company aims to produce TOPCon solar cells to meet the demand for advanced technology. The proposed manufacturing site is expected to be set up in Surat.
The company reported a net worth of Rs 3,263.38 million as of December 31, 2024.
Over the past two years, several solar manufacturers, in addition to solar developers, have entered the Indian stock market. Many Indian solar module manufacturers have gone public to raise funds for backward integration. Recently, companies such as Premier Energies, Waaree Energies, and Vikram Solar entered the stock market to fund the establishment of solar cell manufacturing facilities. Solar cell manufacturer Websol Energy is already listed, alongside these manufacturers.