Rayzon Solar, the Gujarat-based solar cell manufacturer, is going for a Rs 1,500 crore IPO. The company has filed the DRHP with the Securities and Exchange Board of India (SEBI) to raise Rs 1,500 crore via a fresh issue. The promoters of the company are not selling any stake via Offer For Sale (OFS).
The company is also considering raising Rs 300 crore in the pre-IPO placement through the issue of specified securities. The company said that if the pre-IPO placement plans go through, the fresh issue size in the IPO will be reduced.
Rayzon Solar financials
Rayzon Solar claims to be among the top ten solar PV module manufacturers in India. As per the DRHP documents, the company reported Rs 1272.85 crore revenue from operations in the financial year 2023-24. In FY22, the company reported a revenue of Rs 261.65 crore.
Rayzon Solar reported an Ebitda of Rs 101.41 crore in FY24. For comparison, the company’s Ebitda in FY22 stood at Rs 13.47 crore. Its Ebitda margins also improved from 5.08 percent in FY22 to 7.95 percent in FY24.
Rayzon Solar’s manufacturing capabilities
Rayzon Solar says that it commenced its manufacturing operations in 2017. The PV module manufacturer says that its installed capacity stood at 6 GW in March 2025. The company has 2 manufacturing facilities in Karanj and Sava, Gujarat. Further, the company says that its third manufacturing facility in Sava will be operational from October 2025.
Rayzen Solar said that it will utilise the proceeds of the Initial Public Offering for partly financing a 3.5 GW manufacturing facility that the company plans to set up through its wholly owned subsidiary, Rayzon Energy Pvt Ltd.