Bookbuilding IPO | ₹1,500 Cr | Listing at BSE, NSE |
SEBI has approved the Initial Public Offer (IPO) of Rayzon Solar Ltd. on October 13, 2025. The company will proceed with next steps to launch the Initial Public Offer (IPO) subject to market conditions and other approvals. The SEBI approval is valid for 12 months.
Rayzon Solar Ltd. IPO is a Book Build Issue of ₹1,500.00 crores consisting solely of fresh issue of shares with no offer for sale component.
The equity shares are proposed to be listed on NSE and BSE. SBI Capital Markets Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced.
Refer to Rayzon Solar IPO DRHP for more details.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Price Band | |
| Lot Size | |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | [.] shares (agg. up to ₹1,500 Cr) |
| Fresh Issue | [.] shares (agg. up to ₹1,500 Cr) |
| Share Holding Pre Issue | 30,58,89,092 shares |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Wed, Jul 2, 2025 |
| SEBI/Exchange approval received | Mon, Oct 13, 2025 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue size |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII Shares Offered | Not less than 15% of the Net Issue |
Incorporated in 2017, Rayzon Solar Limited is a solar panel manufacturer based in India, known for producing high-efficiency photovoltaic (PV) modules.
The company specializes in monocrystalline and polycrystalline solar modules used across residential, commercial, and industrial solar projects.
The company manufactures the solar PV modules at their two manufacturing facilities located in Karanj and Sava in Surat, Gujarat, India, each with an existing solar PV module manufacturing installed capacity of 3.00 GW.
The company has rapidly expanded its installed manufacturing capacity for solar PV modules from 40 MW as of March 31, 2018, to 2.10 GW by March 31, 2024, 3.00 GW by December 31, 2024, and further to 6.00 GW by March 31, 2025.
Product Portfolio:
The company offers TOPCon, Mono PERC, bifacial, monofacial, and black modules with high efficiency, various power ratings (up to 750 Wp), and warranties up to 30 years for diverse applications.
As of December 31, 2024, the company had 1,115 permanent employees,
Competitive Strengths:
| Period Ended | 31 Dec 2024 |
|---|---|
| Assets | 996.99 |
| Total Income | 1,964.00 |
| Profit After Tax | 239.03 |
| EBITDA | 354.85 |
| NET Worth | 326.34 |
| Reserves and Surplus | 323.08 |
| Total Borrowing | 172.62 |
| 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, 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 (the “Project”), at RS No. 198, 197, 199/002, 196/002, Kathvada, Mangrol, Surat, 394 405, Gujarat, India (collectively, the “Project Site”) | 1,265.00 |
| 2 | General corporate purposes |
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | |
| Assets | 352.80 | 138.20 | 111.19 | |
| Revenue | 1,275.38 | 698.19 | 265.39 | |
| Profit After Tax | 60.94 | 25.48 | 3.91 | |
| EBITDA | 101.41 | 44.98 | 13.47 | |
| Net Worth | 87.31 | 26.37 | 14.46 | |
| Reserves and Surplus | 84.20 | 23.34 | ||
| Total Borrowing | 102.88 | 54.87 | 45.93 | |
| Amount in ₹ Crore | ||||
Lead Manager Reports
Rayzon Solar IPO is a main-board IPO of 0 equity shares of the face value of ₹2 aggregating up to ₹1,500 Crores. The issue is priced at To be declared. The minimum order quantity is .
The Rayzon Solar IPO open and close dates are not available as of now.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Rayzon Solar IPO using UPI as a payment gateway. Zerodha customers can apply in Rayzon Solar IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Rayzon Solar IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Rayzon Solar IPO dates are not announced. Please check back again after some time.
Rayzon Solar IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Rayzon Solar 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 Rayzon Solar IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Rayzon Solar IPO allotment status.
The Rayzon Solar IPO listing date is not yet announced. The tentative date of listing is .
