Rayzon Solar Ltd. IPO Details
Rayzon Solar was incorporated on February 13, 2017. The company is among India’s top 10 solar PV module manufacturers with 6.00 GW installed capacity as of March 31, 2025. It operates two facilities in Surat and is expanding capacity by 2.00 GW at its Sava unit
| Bidding Dates |
|---|
| To Be Announced |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| - | - | - | - | 0 | - | - | ₹15,000.0 M | DRHP DOC |
Rayzon Solar issue details
Rayzon Solar IPO issue size is ₹ 15,000.0 M
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
Rayzon Solar IMPORTANT IPO DATES
| Issue Open Date | - |
| Issue close Date | - |
| Allotment Date | - |
| Refund Date | - |
| Demat Account Credit Date | - |
| Listing Date | - |
| Listing on Exchange(s) | NSE and BSE |
Rayzon Solar NUMBER OF SHARES ON OFFER
Rayzon Solar FINANCIALS
| Period | Net Profit (Rs in crore) | Revenue from Operations (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| 9MFY25 | 239.0 | 1,957.0 | 93.1 | -75.4 | 18.1% |
| FY24 | 60.9 | 1,272.8 | 70.1 | -18.8 | 8.0% |
| FY23 | 25.5 | 698.0 | 25.7 | 10.1 | 6.4% |
| FY22 | 3.9 | 261.6 | -3.5 | -31.4 | 5.1% |
| Note: FY22, FY23 & FY24 financials are standalone basis | |||||
Rayzon Solar INFORMATION ON IPO ISSUE
About Rayzon Solar
Rayzon Solar was incorporated on February 13, 2017. The company is among India’s top 10 solar PV module manufacturers with 6.00 GW installed capacity as of March 31, 2025. It operates two facilities in Surat and is expanding capacity by 2.00 GW at its Sava unit
Object of the Issue
- Investment in its wholly owned subsidiary, Rayzon Energy Private Limited (“REPL”), for part financing the cost of establishing the manufacturing facility with 3.5 GW installed capacity, to produce solar cells using TOPCon technology at Surat
- General corporate purposes
Rayzon Solar - PROMOTERS
| Name |
|---|
| Chirag Devchandbhai Nakrani |
| Hardik Ashokbhai Kothiya |
| Ashokbhai Manjibhai Kothiya |
| Devchandbhai Kalubhai Nakrani |
| Ramilaben Ashokbhai Kothiya |
| Induben Devchnadbhai Nakrani |
Rayzon Solar Book Running Lead Manager
SBI Capital Markets Limited
rayzonsolar.ipo@sbicaps.com
Ambit Private Limited
rayzonsolar.ipo@ambit.co
IIFL Capital Services Limited
rayzonsolar.ipo@iiflcap.com
Rayzon Solar Registrar to the Offer
KFin Technologies Limited
rayzonsolar.ipo@kfintech.com
Rayzon Solar Strengths
Distribution network
The company has built a strong pan-India distribution network for its solar products, with 68 channel partners across 59 cities in 20 States/UTs as of December 31, 2024. This ensures efficient delivery, supply chain management, and customer service
Diversified customer base
The company has expanded its operations and integrated backward into solar cell manufacturing to strengthen supply chain control and production efficiency. This strategy supports competitive pricing, boosts market share, and led to the addition of 243, 295, 440, and 1,785 new customers in 9MFY25, and FY24, FY23, and FY22, respectively
Renewable Energy Potential
The company is well-positioned to benefit from strong growth in the renewable energy sector, especially in India, which had the world’s third-largest renewable energy base in 2024. With installed capacity expected to rise from 475 GW in FY25 to 730–780 GW by FY30, this growth offers significant opportunities
Rayzon Solar Risks
Storage & handling
The company’s inventory includes materials with limited shelf life and hazardous properties, requiring careful handling and storage. Despite established safety protocols, any mishap during storage, transport, or manufacturing could lead to accidents, legal liabilities, or facility shutdowns
Regulatory risks
The company operates in a highly regulated solar PV module manufacturing sector in India, where changes in government policies like ALMM and PM-KUSUM can impact demand. Alterations in subsidies, tariffs, or delays in approvals may adversely affect project timelines, costs, and overall business performance
Depend on Government subsidies
The company plans to utilize government subsidies for its project. Any reduction, delay, or non-approval of these subsidies may increase investment costs and reduce product affordability, negatively affecting overall sales
IPO FAQs
The promoters of the company are Chirag Devchandbhai Nakrani, Hardik Ashokbhai Kothiya, Ashokbhai Manjibhai Kothiya, Devchandbhai Kalubhai Nakrani, Ramilaben Ashokbhai Kothiya and Induben Devchnadbhai Nakrani.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.