Bookbuilding IPO | ₹1,150 Cr | Listing at BSE, NSE |
Rays Power Infra Ltd. has withdrawn its Initial Public Offer (IPO) documents filed with SEBI on March 13, 2026.
Rays Power Infra Ltd. IPO was a Book Build Issue of ₹1,150.00 crores consisting of a fresh issue of shares worth Rs ₹900.00 crores and an offer for sale (OFS) of ₹250.00 crores.
The equity shares were proposed to be listed on NSE and BSE. Anand Rathi Advisors Ltd. was the book running lead manager and Bigshare Services Pvt.Ltd. was the registrar of the issue.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Price Band | |
| Lot Size | |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | [.] shares (agg. up to ₹1,150 Cr) |
| Fresh Issue | [.] shares (agg. up to ₹900 Cr) |
| Offer for Sale | [.] shares of ₹2 (agg. up to ₹250 Cr) |
| Share Holding Pre Issue | 28,57,88,851 shares |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Mon, Sep 29, 2025 |
| Offer document withdrawn | Fri, Mar 13, 2026 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% Net Offer |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Incorporated in 2011, Rays Power Infra Ltd. is engaged in providing utility-scale end-to-end renewable energy solutions with a primary focus on solar energy.
The company has executed and commissioned 50 renewable power projects with an aggregate installed capacity of 1,771.18 MWp as of July 31, 2025. It operates through two business models – Co-Development, involving land aggregation, grid connectivity, approvals, and transfer of special purpose vehicles (SPVs) to developers; and EPC, offering complete solutions including design, procurement, construction, testing, and commissioning of renewable energy projects.
As of July 31, 2025, the company had a robust order book of ₹80,342.61 million covering 30 contracted projects under execution. Its clientele includes private sector developers such as Serentica Renewables India, Radiance KA Sunshine Seven, and Ampin Energy Transition, as well as public sector undertakings like SJVN Green Energy and Indore Municipal Corporation.
Rays Power Infra has executed or is executing projects across 13 states and 1 union territory in India, including Madhya Pradesh, Maharashtra, Karnataka, Telangana, Gujarat, Rajasthan, Punjab, and Jammu & Kashmir.
As of July 31, 2025, the company employed 392 full-time employees.
Rays Power Infra Ltd.'s revenue increased by 15% and profit after tax (PAT) rose by 52% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 1,432.71 | 750.66 | 652.54 |
| Total Income | 1,238.13 | 1,072.51 | 890.51 |
| Profit After Tax | 139.35 | 91.39 | 128.99 |
| NET Worth | 615.79 | 348.79 | 188.87 |
| Reserves and Surplus | 558.85 | 294.57 | 175.76 |
| Total Borrowing | 270.45 | 139.32 | 110.30 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Investment in our Wholly Owned Subsidiary, Rays Green Energy Manufacturing Private Limited (“Rays Green Energy”) for part-financing the establishment of a 1.5 GW PV Solar n-type TOPCon G12R cell manufacturing plant at Manufacturing Zone for Power and Energy Equipment, Plot no. P-23, Mohasa- Babai Industrial Area, Narmadapuram, Madhya Pradesh, India (“Project”); | 500.00 |
| 2 | Part funding of the incremental working capital requirements of the Company; and | 200.00 |
| 3 | General corporate purposes |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 28.89% |
| ROCE | 29.80% |
| Debt/Equity | 0.04 |
| RoNW | 28.89% |
| PAT Margin | 11.42% |
| EBITDA Margin | 11.42% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 4.88 | |
| Promoter Holding | 89.74% |
Lead Manager Reports
Rays Power Infra IPO is a main-board IPO of 0 equity shares of the face value of ₹2 aggregating up to ₹1,150 Crores. The issue is priced at To be declared. The minimum order quantity is .
The Rays Power Infra IPO open and close dates are not available as of now.
Bigshare Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Rays Power Infra IPO using UPI as a payment gateway. Zerodha customers can apply in Rays Power Infra IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Rays Power Infra IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Rays Power Infra IPO dates are not announced. Please check back again after some time.
Rays Power Infra IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Rays Power Infra IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Rays Power Infra IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Rays Power Infra IPO allotment status.
The Rays Power Infra IPO listing date is not yet announced. The tentative date of listing is .
