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Rays Power Infra IPO
Rays Power Infra Ltd. filed the DRHP with SEBI on September 29, 2025. This is a 100% book-built issue for up to ₹1,150 crore, comprising a fresh equity issue of ₹900 crore and an Offer for Sale (OFS) of ₹250 crore from existing shareholders.
The price band, listing dates, and subscription dates will be announced later. The equity shares are proposed to be listed on the BSE and NSE. The Book Running Lead Managers (BRLMs) are Anand Rathi Advisors Ltd. and Pantomath Capital Advisors Pvt. Ltd., with Bigshare Services Private Ltd. as the registrar.
Company Background
Rays Power Infra Ltd. was incorporated on June 13, 2011, in Jaipur, Rajasthan. Its registered office is now in Mumbai, and the corporate office operates in Gurugram, Haryana. The company is a leading player in India’s solar industry, operating under a differentiated "co-development" model and providing turnkey EPC services, with over 1,771 MWp executed across 50 projects.
In July 2015, the company moved its registered office from Rajasthan to Maharashtra. In August 2023, it became a public limited company to align with its expansion and IPO plans.
Operations & Product Range
Rays Power Infra specializes in utility-scale solar energy solutions. Its co-development business model focuses on preparing "ready-to-build" infrastructure for renewable energy projects. The company also provides full EPC solutions. As of July 31, 2025, the order book stood at ₹8,034.26 crore across 30 contracted projects in India.
Facilities & Capacity
The company executes projects across multiple states in India. While it is service-oriented rather than manufacturing-heavy, its operational scale is reflected in its multi-state project presence. Future expansion plans aim to strengthen execution capabilities further.
Brands & Market Presence
Rays Power Infra operates under the brand "Rays Power Infra" and has established itself as a leader in the co-development model. It maintains a strong domestic market presence in India’s renewable energy sector, which is expected to grow significantly by 2030.
Revenue Streams & Business Model
The company generates revenue through two main streams:
- • Co-development of solar projects: managing infrastructure and land to make projects ready for construction.
- • EPC services: providing technical implementation and construction of solar power plants.
Management & Shareholding
The IPO is led by promoters including Ketan Mehta, Pawan Kumar Sharma, Sanjay Garudapally, Sweta Mehta, Richa Sharma, Shruthi Gupta Garudapally, and family trusts of the Mehta, Sharma, and Garudapally families. Promoters hold a significant pre-IPO shareholding and have established a dividend policy as of September 2025.
Board & Key Management
The board is led by Ketan Mehta (Chairperson & Managing Director). Other whole-time directors include Pawan Kumar Sharma and Sanjay Garudapally. Financial and administrative operations are overseen by Ashish Jain (CFO) and Deepak Jangid (CS & Compliance Officer). Committees support efficient corporate governance.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Rays Power Infra IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Rays Power Infra IPO Details
| Detail | Description |
|---|---|
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹2 per Equity Share |
| Issue Price Band | [.] |
| Lot Size | [.] |
| Sale Type | Book Built Offer |
| Total Issue Size | Up to ₹11,500.00 million (₹1,150 Cr) |
| Fresh Issue(Ex Market Maker) | Up to ₹9,000.00 million (₹900 Cr) |
| Offer for Sale | Up to ₹2,500.00 million (₹250 Cr) |
| Issue Type | 100% Book Built Offer |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 28,57,88,851 shares |
Rays Power Infra IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | [.] |
| IPO Close Date | [.] |
| Tentative Allotment | [.] |
| Initiation of Refunds | [.] |
| Credit of Shares to Demat | [.] |
| Tentative Listing Date | [.] |
| Cut-off time for UPI mandate confirmation | 5:00 pm on the Bid/Offer Closing Date |
Rays Power Infra IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | [.] | ₹14,000 – ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | [.] | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | [.] | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | [.] | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | [.] | Over ₹10,00,000 |
Rays Power Infra IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 89.74% |
| Promoter Holding Post Issue | [.] |
Competitive Strength:
- • Established leadership as a frontier of the Co-Development Business model in the Indian solar industry.
- • Verified track record with a strong order book.
- • End-to-end service capabilities ranging from project development to EPC execution.
Rays Power Infra IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 (Mar 31) | ₹1,432.71 | ₹1,238.13 | ₹139.35 | ₹615.79 | ₹558.85 | ₹270.45 | ||||||||||||||||||||||||||||||||||
| FY 2025 (Mar 31) FY 2024 (Mar 31) | ₹750.66 | ₹1,072.51 | ₹91.39 | ₹348.79 | ₹294.57 | ₹139.32 | ||||||||||||||||||||||||||||||||||
| FY 2023 (Mar 31) | ₹652.54 | ₹890.51 | ₹128.99 | ₹188.87 | ₹175.76 | ₹110.30 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 28.89% |
| ROCE | 29.80% |
| Debt/Equity | 0.44x |
| PAT Margin | 11.25% |
| EBITDA Margin | 17.34% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ₹4.86 | [.] |
| P/E (x) | [.] | [.] |
IPO Objectives
The proceeds from the fresh issue will be used for:
- • Funding essential capital expenditure
- • Meeting working capital requirements
- • General corporate purposes
Conclusion
The Rays Power Infra IPO offers investors an opportunity in India’s growing solar power sector. With an order book exceeding ₹8,000 crore and a proven co-development model, the company is well-positioned to capitalize on the government’s renewable energy initiatives. The IPO’s success will depend on the company’s ability to execute its projects in a competitive environment.
IPO DRHP Status
| # | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 29-09-2025 | - |
| 2 | SEBI/Exchange approval received | - | - |
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Read More IPO ReviewsFrequently Asked Questions (FAQs)
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What is the total issue size of the Rays Power Infra IPO?
The total issue size is up to ₹1,150 crore, comprising a fresh issue of ₹900 crore and an offer for sale (OFS) of ₹250 crore.
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Who are the promoters of Rays Power Infra Ltd.?
The promoters of Rays Power Infra Ltd. are Ketan Mehta, Pawan Kumar Sharma, Sanjay Garudapally, Sweta Mehta, Richa Sharma, and Shruthi Gupta Garudapally.
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How does the company intend to use the funds from the Rays Power Infra IPO?
IPO proceeds from this issue will be used for the funding of capital expenditure, meeting the working capital requirement, and the rest for the general corporate expenses.
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What is the business model of Rays Power Infra Ltd.?
They provide end-to-end solar solutions through a co-development model (ready-to-build infrastructure) and EPC services for large-scale solar projects.
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Which stock exchanges will Rays Power Infra Ltd. list on?
The shares are likely to list on both the BSE and the NSE platforms of the Indian stock exchange.
