Rayzon Solar, a fast growing player in India’s solar panel manufacturing space, is expected to file its draft red herring prospectus (DRHP) with SEBI by end of June 2025. The issue is valued at around INR 1,500 crore, according to sources. The issue will be a fresh equity issue with proceeds to be used to fund the company’s next phase of growth. Rayzon has appointed top investment banks to manage the IPO process.
Capacity and Growth
Founded in 2017, the Surat based solar panel manufacturer has grown meteorically in India’s renewable energy landscape. From an initial capacity of 40 MW, Rayzon now has a combined capacity of 6,000 MW across two advanced manufacturing facilities in Karanj and Sava, Gujarat.
This rapid scale up is not only a testament to strong operational execution but also a response to growing demand for domestic solar modules.
Read Also: Sachin Tendulkar, Others Back Rayzon Solar’s Pre-IPO Round, Valuation Soars to INR 7,207 Cr
Capital Raised Before IPO
In March 2025, Rayzon raised INR 138 crore through a private placement of equity shares, a precursor to the IPO. This capital will be used for strategic investments and operational ramp up before listing.
Rayzon Solar – Financial Snapshot
For the financial year ending 31 March 2024, Rayzon Solar reported:
- Operating Revenue: INR 1,273 crore
- Net Profit: INR 61 crore
These figures reflect solid profitability and operational scale, making it a compelling contender among India’s new-generation solar tech firms aiming for the capital markets.
Rayzon Solar IPO Timing is Right
Rayzon’s IPO plans are well timed as India’s solar manufacturing sector is booming with government led import restrictions, production linked incentives (PLI) and global preference for non-China supply chains. These tailwinds are creating an environment for domestic manufacturers to scale up capacity and attract institutional investment as India targets ambitious renewable energy goals.
Market Strategy and Future Outlook
While Rayzon has not confirmed the exact filing date or further IPO details—emails sent to the company for comment remained unanswered—market observers believe the move is to capitalize on strong investor interest in green energy companies.
The proceeds will be used to scale up capacity, launch new products and possibly enter international markets and strengthen Rayzon’s position in India’s clean energy transition.
Company Overview and Expansion Plans
Founded in 2017 by Chirag Nakrani and Hardik Kothiya, Rayzon Solar operates on both B2B and B2C models, manufacturing high-efficiency solar photovoltaic (PV) modules for a wide customer base ranging from distributors and EPC companies to residential and commercial end-users. The company serves both domestic and international markets.
Rayzon has emerged as one of the most aggressive players in India’s burgeoning solar sector, not just in manufacturing but also in marketing—having recently marked its presence at the IPL. Rayzon Solar is the official renewable energy partner for both Gujarat Titans and Chennai Super Kings in the IPL 2025 season.
The company has expanded capacity rapidly—from a few hundred megawatts to over 7 GW, with plans to add another 5 GW by September 2025. Additionally, a 1.2 GW solar cell production line is expected by year-end, underscoring Rayzon’s vertical integration ambitions.
In the first five months of 2025, a total of 13 Mainboard IPOs were listed in the Indian markets. Notably, there were no IPO listings in March and April 2025, and three listing in May 2025. Together these IPOs raised INR 21,258.74 crore. Hexaware Technologies was the biggest IPO in the last 5 months, which raised INR 8,750 crore. Out of the 13 IPOs, four delivered negative listing returns. Despite this, the average listing gain for the period stood at an impressive 15.06%. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.