Rayzon Solar Limited IPO

Rayzon Solar Limited IPO

Mainboard NSE & BSE 100% Book Built Offer
Open

Price Band

₹

Total Issue

₹1,500.00 Cr

Bid Dates

TBA - TBA

Subscription

-

Est. GMP

₹0 (-)

Website DRHP

Business Overview

Rayzon Solar is among the top 10 solar PV module manufacturers in India, with an installed capacity of 6.00 GW as of March 31, 2025, as per the CRISIL Report. It is an ALMM-certified manufacturer operating two production facilities in Karanj and Sava, Gujarat, each with an installed capacity of 3.00 GW. The product portfolio includes bifacial and monofacial solar PV modules based on Mono PERC and TOPCon cell technologies. These modules are designed to cater to utility-scale projects as well as residential, commercial, and industrial installations, reflecting the company’s strong technological capability and market reach.

Objects of Issue

  1. Investment in our wholly owned Subsidiar REPL, for part financing the cost of establishing the manufacturing facility with 3.5 GW installed capacity, to produce solar cells using TOPCon technology
  2. General corporate purposes

Financial Performance

(Rs. in crores)

Financial Performance Metrics for Rayzon Solar IPO
Particulars Dec-24 Mar-24 Mar-23 Mar-23
Revenue 1,957.00 1,272.85 698.02 261.65
PAT 239.03 60.94 25.48 3.91
Net Worth 326.34 87.31 26.37 14.46
Borrowings 172.62 102.88 54.87 45.93
Assets 996.99 352.80 138.20 111.19
NAV (₹) 10.88 2.91 0.88 144.57
EPS (₹) 7.97 2.03 1.45 39.12

KPIs

EBITDA

7.95%

PAT

4.78%

ROE

107.34%

ROCE

66.33%

Debt to Equity

1.18

All the data pertains to FY 2023-24. PE, PB, and market capitalization are calculated based on the Upper Price Band.

Shareholding

Promoter

98.10%

Public

1.90%

Hardik Kothiya 16.35%
Chirag Nakrani 16.35%
Ramilaben Kothiya 16.34%
Induben Nakrani 16.34%
Others 32.72%

Management

Chirag Devchandbhai Nakrani MD
Hardik Ashokbhai Kothiya Joint MD & Chairman
Ankit Shah CFO

Registrar & Lead Managers

Registrar

KFin Technologies

KFin Technologies

Lead Managers (1)

IIFL Capital Services IIFL Capital Services

Frequently Asked Questions

What is Rayzon Solar IPO?
Rayzon Solar IPO is a Mainboard IPO having an issue size of ₹1,500.00 Crs. Rayzon Solar IPO is priced at ₹ - ₹ per share. The issue opens on 03 Apr 26 and closes on 03 Apr 26.
When will Rayzon Solar IPO open?
Rayzon Solar IPO opens on 03 Apr 26 and closes on 03 Apr 26.
What is the GMP of Rayzon Solar IPO?
The estimated Grey Market Premium of Rayzon Solar IPO is ₹0 per share (-).
What is the lot size of Rayzon Solar IPO?
The minimum lot size of Rayzon Solar IPO is shares & the minimum application amount is Rs. 0.
When is the allotment of Rayzon Solar IPO?
The allotment date of Rayzon Solar IPO is 03 Apr 26.
What is the listing date of Rayzon Solar IPO?
The listing date of Rayzon Solar IPO is 03 Apr 26.
What is the subscription of Rayzon Solar IPO?
Rayzon Solar IPO is subscribed -.
What is the price band of Rayzon Solar IPO?
Rayzon Solar IPO is priced at ₹ - ₹ per share.
How to check allotment status of Rayzon Solar IPO?
Click the allotment link on Rayzon Solar IPO page of IPO360.
How to apply Rayzon Solar IPO in Zerodha?
  1. Go to Kite App → Tap on Bids → Tap on IPO
  2. Select the IPO → Tap on apply → Enter UPI ID
  3. Enter Qty and Price
  4. Submit the application
  5. Approve the UPI Mandate on your UPI app
How to apply Rayzon Solar IPO in Groww?
  1. Go to Groww App → Stocks Section → Select IPO option
  2. Select the IPO you want to apply
  3. Enter your bid details and price
  4. Enter UPI ID & submit
  5. Approve the UPI Mandate on your UPI app
How to apply Rayzon Solar IPO using ASBA?
  1. Log in to your bank's net banking portal.
  2. Navigate to the 'IPO' or 'ASBA' section.
  3. Select Rayzon Solar IPO from the list of available IPOs.
  4. Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
  5. Submit the application.
  6. Money will remain blocked till the refund date