Fibe Aims for ₹1,500 Crore IPO, Eyes Billion-Dollar Valuation by 2026...
08 Aug, 2025
One of India's top producers of solar photovoltaic (PV) modules, Rayzon Solar, is based in Gujarat. The company has submitted draft documents to the Securities and Exchange Board of India (SEBI) seeking to raise 1,500 crore through an IPO of a 100% new issue of equity shares. The company intends to spend most of the proceeds to fund a significant increase in manufacturing solar cells and other related activities.
The IPO will be a ₹2 face value and will not have an offer-for-sale component; thus, all the money raised will be retained by the company. Rayzon Solar has also set aside a part of the issue for the eligible employees at a discounted price. Also, the company can look at a pre-IPO placement of up to 300 crore, which will bring down the fresh issue size.
₹1265 crores of the anticipated 1500 crores will be invested in Rayzon Energy Private Limited (REPL), in order to finance the establishment of a 3.5 GW solar cell manufacturing facility in Surat, Gujarat, using cutting-edge Tunnel Oxide Passivated Contact (TOPCon) technology. The rest will be used for general corporate purposes.
Rayzon Solar began operations in 2017 and has grown its manufacturing capacity from 40 MW in 2018 to 6 GW by March 2025 with two sizable factories in Gujarat's Karanj and Sava. The new 3.5 GW TOPCon cell factory is projected to start production in FY 2027. It is also building another 2 GW module production line at Sava, which will be launched in October 2025, and an aluminium extrusion and anodizing plant with a capacity of 19,800 MT per year, which will be launched in July 2025.
Rayzon Solar has shown a strong financial performance, with an increase in its revenue of operations between FY 2022 and FY 2024 of 120.56 percent, a compound annual growth rate (CAGR). The business made 1,957 crore in revenue and 239 crore in net profit during the nine months ending December 31, 2024. One of the top 10 producers of solar PV modules in India, Rayzon provides a variety of products, such as bifacial and monofacial modules with N-type TOPCon and P-type Mono PERC cells.
The IPO of Rayzon Solar is coming at a time when there is an increased interest in local solar manufacturing due to government initiatives to expand the renewable energy sector. The company is accredited by the Ministry of New and Renewable Energy's Approved List of Module Manufacturers (ALMM) and has an authorised capacity of 3 GW by April 2025. IIFL Capital Services, Ambit, and SBI Capital Markets will oversee the IPO.
Rayzon Solar will use the proceeds of the IPO to cement itself as a major player in the solar manufacturing industry in India, contributing to its aggressive growth strategy as well as the national renewable energy goals.
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