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Solar panel maker Rayzon Solar is preparing to file draft papers with SEBI by the end of the month for a planned ₹1,500 crore IPO.
The deets: the IPO will be a fresh issue of shares, with proceeds earmarked for the company’s expansion plans.
Surat-based Rayzon has grown rapidly, scaling from 40 MW initial capacity to a current 6,000 MW across two Gujarat plants including Karanj and Sava, with further expansion likely.
Simply speaking, the company makes photovoltaic (PV) solar panels, which it sells to infrastructure developers, solar EPC firms, and utility-scale power projects for use in rooftop, commercial, and industrial solar installations.
The why: Rayzon is looking to capitalise on strong tailwinds in India’s domestic solar manufacturing market, driven by import restrictions and the global push for non-China supply chains.
With demand for solar PV modules soaring, the company’s expansion play is well-timed.
