Rayzon Solar, a major player in Indian solar energy manufacturing has filed draft papers with the Securities and Exchange Board of India (SEBI) for an IPO to raise INR 1500 crore The IPO will be a fresh issue of equity shares only and part of the company’s strategy to increase production capacity and vertically integrate through backward integration into solar cell and aluminium component manufacturing.
The proposed listing will take place on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), with SBI Capital Markets, IIFL Capital Services, and Ambit serving as book-running lead managers. KFin Technologies has been appointed as the registrar for the issue.
A Rapidly Ascending Contender
Founded in 2017 in Surat, Gujarat by Chirag Nakrani and Hardik Kothiya, Rayzon Solar has grown rapidly in a short span. From 40 MW production capacity in its early days to 6 GW as of 31 March 2025, it is one of the top 10 solar PV module manufacturers in India. Both its facilities in Surat—Karanj and Sava—offer a 3 GW capacity each, with an additional 2 GW expansion at the Sava unit expected to be operational by October 2025.
Rayzon Solar is listed on the Ministry of New and Renewable Energy’s Approved List of Module Manufacturers (ALMM), with an enlisted capacity of 3 GW, representing 3.8% of total ALMM enlisted capacity.
Proceeds to Power Forward Integration
According to the draft red herring prospectus (DRHP), the INR 1,500 crore from the IPO will largely be allocated towards part-financing a 3.5 GW solar cell manufacturing facility at Kathvada in Mangrol, Surat. This facility, to be developed by Rayzon’s wholly owned subsidiary, Rayzon Energy (REPL), will utilise advanced tunnel oxide passivated contact (TOPCon) technology and is slated for commissioning in Fiscal 2027.
Out of the total project cost of INR 1,650.65 crore, Rayzon Solar plans to deploy INR 1,265 crore from IPO proceeds in FY 2026 and 2027. The balance amount will be financed through a term loan of INR 300 crore from Axis Bank and INR 85.65 crore through internal accruals or additional borrowings.
Rayzon Solar will also operationalise an aluminium extrusion and anodizing plant through its subsidiary, Rayzon Industries by July 2025. This plant with a capacity of 19,800 MT per annum will produce aluminium frames for PV modules and will further strengthen the company’s control over its supply chain.
Rayzon Solar IPO: Exceptional Financial Trajectory
Rayzon Solar’s numbers tell a great story. Revenue from operations has grown from INR 261.65 crore in FY22 to INR 1272.85 crore in FY24—a 120.56% growth. For the nine months ended 31 Dec 2024, revenue was INR 1957.0 crore.
EBITDA has grown from INR 13.47 crore in FY22 to INR 101.41 crore in FY24 and INR 354.85 crore for the nine months ended 31 Dec 2024. PAT has grown even faster from INR 3.91 crore in FY22 to INR 60.94 crore in FY24 and INR 239.03 crore for 9 months in FY25.
Rayzon’s PAT margin has grown to 12.17% by the end of Dec 2024 from 1.47% in FY22. ROE and ROCE have also gone up with ROE at 115.67% and ROCE at 96.88% as of Dec 2024.
Diversified Client Base, Robust Order Book
Rayzon’s operational excellence is matched by its market reach. Rayzon Solar serves a wide range of customers including Panasonic Life Solutions, ACME Cleantech, KPI Green Energy, Mahindra Solarize, and V-Guard Industries. As of 31 May 2025, Rayzon has an order book of 3.60 GW, up from 3.00 GW as of 31 Dec 2024. 243 new customers have been added in the 9 months of FY 2025.
Rayzon’s revenue distribution by customer segment for the 9 months ended Dec 2024 was almost even: Commercial & Industrial (31.68%), OEMs (22.75%), IPP/EPC (31.57%), distributors (13.76%). Top 10 customers accounted for 40.29% of total revenue in that period, and the company is going global, with a presence in Europe and the US expanding.
Rayzon Solar IPO: Brand Building
Rayzon Solar has invested in brand awareness campaigns, with sponsorship deals with the Gujarat Titans and Chennai Super Kings of the Indian Premier League and entrepreneurial TV platforms. Managing Director Chirag Nakrani was also an investor on a business reality show on TV in March 2025.
Competitive Landscape and Market Timing
Rayzon is listing at a time when India’s renewable energy space is buzzing. Recent IPOs have been Premier Energies, Waaree Energies, and NTPC Green Energy. Others like Tata Power Renewable Energy, ACME Solar, and Renew Power are also gearing up for listing.
Industry sources suggest Rayzon’s IPO could be valued at over INR 10,000 crore. A pre-IPO placement of up to INR 300 crore is being considered, which if done will reduce the IPO size accordingly.
Conclusion
Rayzon Solar IPO is not just a fund raise – it’s an attempt to consolidate its leadership in India’s solar manufacturing space. With big plans, strong financials, expanding global presence and growing order book, it’s positioning itself as a vertically integrated, innovation-led player in the renewable energy space.
Whether you should buy into India’s green energy story now is to be seen but Rayzon’s journey so far is worth a look. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.