Rayzon Solar Limited IPO DRHP
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.
Rayzon Solar IPO Objects
- 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
- General corporate purposes
Rayzon Solar IPO Details
Price Band₹ |
Listing AtNSE & BSE |
IPO Issue Type100% Book Built Offer |
Fresh Issue₹1,500.00 Cr (0.00 Shares) |
Offer For Sale₹0.00 (0.00 Shares) |
Total Issue₹1,500.00 Cr (0.00 Shares) |
Face Value₹2 per equity share |
Category Allocation
| Particulars | Allocation |
|---|---|
| QIBs | Not more than 50% of Net Offer |
| Big HNIs (NII) | Not less than 10% of Net Offer |
| Small HNIs (NII) | Not less than 5% of Net Offer |
| Retail | Not less than 35% of Net Offer |
Rayzon Solar IPO Financials
| 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 |
The financial information presented is on a consolidated basis.
Key Performance Indicators
| KPI | VALUES |
|---|---|
| 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.
Promoter Details
| Name | Shareholding |
|---|---|
| Hardik Kothiya | 16.35% |
| Chirag Nakrani | 16.35% |
| Ramilaben Kothiya | 16.34% |
| Induben Nakrani | 16.34% |
| Others | 32.72% |
| Total | 98.10% |
Management Details
| Name | Designation |
|---|---|
| Chirag Devchandbhai Nakrani | MD |
| Hardik Ashokbhai Kothiya | Joint MD & Chairman |
| Ankit Shah | CFO |
Company Details
Name: Rayzon Solar Limited
Address: 1104 - 1107 & 1109 - 1110, 11th Floor, Millennium Business Hub, Opp. Deep Kamal Mall, Varachha Road, Sarthana Jakatnaka, Surat City, Surat – 395006, Gujarat, India
Number: +91-9898089173
Email: ir@rayzonenergies.com
Website: https://rayzonsolar.com/
Book Running Lead Managers (BRLMs)
RTAs
KFin Technologies
Visit WebsiteFrequently Asked questions?
Find answers to common questions that come in your mind related to IPO.
Rayzon Solar IPO is a Mainboard IPO having an issue size of Rs. ₹1,500.00 Crs. Rayzon Solar IPO is priced at ₹ - ₹ per share. The issue opens on 08 Mar 26 and closes on 08 Mar 26.
Rayzon Solar IPO opens on 08 Mar 26 and closes on 08 Mar 26.
The estimated Grey Market Premium of Rayzon Solar IPO is ₹0 per share (-).
The minimum lot size of Rayzon Solar IPO is shares & the minimum application amount is Rs. 0.
The allotment date of Rayzon Solar IPO is 08 Mar 26.
The listing date of Rayzon Solar IPO is 08 Mar 26.
Rayzon Solar IPO is subscribed -.
Rayzon Solar IPO is priced at ₹ - ₹ per share.
Click the allotment link on Rayzon Solar IPO page of IPO360.
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