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05 Mar, 2026
Rayzon Solar IPO
Rayzon Solar Ltd. filed its DRHP on June 25, 2025, for its upcoming Rayzon Solar IPO, a 100% book-built issue that consists entirely of a fresh issue of equity shares with a face value of ₹2 each, aggregating up to ₹1,500 crore.
While the specific price band, IPO open/close dates, and the expected listing date will be decided and announced by the company later. The equity shares are proposed to be listed on both the BSE and the NSE platforms. The company has appointed professional BRLMs for its issue, including SBI Capital Markets Ltd., Ambit Private Ltd., and IIFL Capital Services Ltd., while KFin Technologies Ltd. serves as the registrar to the issue.
Company Background
Rayzon Solar Ltd. was established as a partnership firm named 'M/s. Rayzon Green Energies' on February 13, 2017. The company was later converted into a private limited company on June 20, 2022, and then a public limited company on May 13, 2025, to begin the preparation of its public debut via the Rayzon Solar IPO.
The headquarters of the company has been in Surat, Gujarat, for years, and in this period, Rayzon Solar has evolved from a partnership into one of India's recognized solar photovoltaic (PV) module manufacturers.
Operations and Product Range
Rayzon Solar Ltd. specializes in the manufacturing of Solar Photovoltaic (PV) modules in the market. The main activity includes the manufacturing of efficient solar photovoltaic modules, serving the increasing demand for renewable energy solutions in India.
Facilities and Capacity
Rayzon Solar Ltd.’s manufacturing base is in Gujarat. As of 21st April 2024, they rank among the top 10 solar PV module manufacturers in India and feature on the Approved List of Models and Manufacturers (ALMM), enlisted with a capacity of 3.00 GW.
The company also plans to expand with this IPO and is currently in the process of setting up a new solar cell manufacturing plant in the specific locations called Kathvada, Mangrol, Surat, and Gujarat, with a production capacity of 3.50 GW, using TOPCon technology.
Brands and Market Presence
Rayzon Solar Ltd. operates under the brand "RAYZON SOLAR." While it has a strong domestic presence as a top-tier manufacturer in India, it also aims to strengthen its position in the global solar value chain. The company's facilities and products adhere to necessary industry certifications and are listed under the ALMM issued by the Ministry of New and Renewable Energy.
Revenue Streams and Business Model
The major sources of revenue for Rayzon Solar Ltd. include the sale of solar PV modules, as its business is mainly the manufacturing and distribution of solar modules to project developers and distributors. For the 9 months ending on 31st December 2024, the EBITDA reported by the company is ₹354.85 Crore.
Management and Shareholding
The promoters of Rayzon Solar Ltd. include Hardik Ashokbhai Kothiya, Chirag Devchandbhai Nakrani, Ashokbhai Manjibhai Kothiya, Devchandbhai Kalubhai Nakrani, Ramilaben Ashokbhai Kothiya, and Induben Devchandbhai Nakrani, along with several family trusts (AMK, CDN, ADN, and DKN Family Trusts).
Before the Rayzon Solar IPO, the promoters and their group held the majority of the equity. Post-IPO, their percentage holding will be diluted as new equity shares are issued to the public.
Board and Key Management
Rayzon Solar Ltd. has multiple members on the board: Hardik Ashokbhai Kothiya, Joint M.D. & Chairman, together with Chirag Devchandbhai Nakrani, as the Managing Director. Key management running the company financially and strategically includes Amit Pandurang Barve, CEO; Ankit Shah, CFO; and Parmita Luv Saraiya, CS & CO.
The company also attempts to engage independent directors who bring oversight and professional expertise to the decision-making process, which ensures effective corporate governance and regulatory compliance.
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.
Rayzon Solar 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.**
Rayzon Solar IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹2 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Capital |
| Total Issue Size | [.] shares (agg. up to ₹1,500 Cr) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | - |
| Offer for Sale | - |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 30,58,89,092 shares |
| Share Holding Post Issue | - |
Rayzon Solar 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 |
Rayzon Solar 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 | - | Over ₹2,00,000 |
| B-HNI (Min) | 71+ | - | Over ₹10,00,000 |
Rayzon Solar IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 98.10% |
| Promoter Holding Post Issue | - |
Competitive Strength:
- • Strongest Market Position: Positioning itself among the top 10 solar PV module manufacturers in India by virtue of a 3.00 GW ALMM enlisted capacity.
- • Updated Technology: Entering the solar cell manufacturing business using updated TOPCon technology for vertical expansion.
- • Verifiable Track Record: The ability to grow a business from a partnership level in 2017 to a high-volume public company manufacturer.
Rayzon Solar IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2024 | 996.99 | 1,964.00 | 239.03 | 326.34 | 323.08 | 172.62 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 352.80 | 1,275.38 | 60.94 | 87.31 | 84.20 | 102.88 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 138.20 | 698.19 | 25.48 | 26.37 | 23.34 | 54.87 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 115.67% |
| ROCE | 96.88% |
| Debt/Equity | 0.53x |
| RoNW | 73.25% |
| PAT Margin | 12.17% |
| EBITDA Margin | 18.07% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 7.97 (basic/diluted) | |
| P/E (x) |
IPO Objectives
The funds raised through the Rayzon Solar IPO are planned to be used to fulfil the specific objective of the company; Key IPO objectives are
- • Funding its wholly-owned subsidiary, Rayzon Energy Private Limited (REPL), to part-finance the cost of establishing a 3.50 GW solar cell manufacturing facility using TOPCon technology in Surat, Gujarat.
- • General Corporate Purposes
Conclusion
The Rayzon Solar IPO is seen as a strategic move to raise capital for this expansion, which is capital-intensive, under the leadership of management who have, since 2017, demonstrated a proven ability to grow this business. The focus on TOPCon solar cells, as technology evolves to higher efficiencies, reflects the company’s intent to remain competitive.
Rayzon Solar Ltd. has positioned itself as a major contributor to the renewable energy sector in India. The company’s entry into the solar cell production market has been driven by its need to minimize dependence on imported products and increase its contribution to the solar energy value chain.
IPO DRHP Status
| # | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 02-07-2025 | View DRHP |
| 2 | SEBI/Exchange approval received | - | - |
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Frequently Asked Questions (FAQs)
-
What is the total issue size of the Rayzon Solar IPO?
The issue size is up to ₹1,500 crore, consisting entirely of a fresh issue of equity shares.
-
Who are the promoters of Rayzon Solar Ltd.?
The individual promoters are Hardik Ashokbhai Kothiya, Chirag Devchandbhai Nakrani, Ashokbhai Manjibhai Kothiya, Devchandbhai Kalubhai Nakrani, Ramilaben Ashokbhai Kothiya, and Induben Devchandbhai Nakrani.
-
How will the proceeds from the Rayzon Solar IPO be used?
The proceeds will primarily be invested in its subsidiary, Rayzon Energy Private Limited, to set up a new 3.50 GW solar cell manufacturing plant in Gujarat.
-
Is there an offer for sale (OFS) in this Rayzon Solar IPO?
Is there an offer for sale (OFS) in this Rayzon Solar IPO?
-
Where will the shares of Rayzon Solar Ltd. be listed?
The equity shares are proposed to be listed on both the BSE Limited and the National Stock Exchange of India Limited (NSE).
-
What is the face value of the shares in the Rayzon Solar IPO?
The face value of each equity share is ₹2.
