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Rayzon Solar Files Rs1,500 Cr IPO to Fund 3.5 GW TOPCon Solar Cell Plant

Rayzon Solar, a leading Indian solar module manufacturer, has filed a draft red herring prospectus (DRHP) with SEBI to raise Rs1,500 crore through an initial public offering (IPO). The company plans to invest Rs1,265 crore of the net proceeds into its wholly owned subsidiary, Rayzon Energy, to support the construction of a 3.5 GW TOPCon solar cell manufacturing facility in Surat, Gujarat. The total project cost is estimated at Rs1,651 crore, and Axis Bank has approved a Rs300 crore loan to aid the project, which is expected to be operational by FY 2027.

The remaining IPO proceeds will be used for general corporate purposes. SBI Capital Markets, Ambit, and IIFL Capital are acting as the book-running lead managers. In addition to the new facility, Rayzon is also setting up a 2 GW solar module plant and a 19,800 MT aluminum extrusion and anodizing unit in Sava, Gujarat, with operations slated to begin by July 2025.

Rayzon currently operates two 3 GW solar module plants in Gujarat and earned Rs1,936 crore from 1.3 GW of module sales as of December 2024. It holds a 3 GW ALMM-listed capacity and has a 3.6 GW order book. Vikram Solar is also pursuing a similar Rs1,500 crore IPO.