Rayzon Solar Files DRHP for INR 1,500 Crore IPO to Fund Cell Manufacturing Facility

Solar module manufacturer Rayzon Solar has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise INR 1,500 crore (~USD 175 million) through an initial public offering (IPO).

A major portion of the proceeds, up to INR 1,265 crore, will be invested in its wholly owned subsidiary, Rayzon Energy, to partly fund a 3.5 GW TOPCon solar cell manufacturing facility coming up in Surat, Gujarat. The project, with a total estimated cost of INR 1,651 crore, is expected to be operational by FY2027.

Axis Bank has approved a loan of INR 300 crore to support the project, as per the DRHP. The balance IPO proceeds will be used for general corporate purposes.

SBI Capital Markets, Ambit, and IIFL Capital are acting as the book-running lead managers for the IPO. In parallel, Rayzon is developing a 2 GW solar module manufacturing plant and a 19,800 MT per annum aluminum extrusion and anodizing unit in Sava, Gujarat. The aluminum frame facility is scheduled to commence operations by July 2025.

Currently, Rayzon operates two solar module factories with a combined capacity of 6 GW, 3 GW each in Karanj and Sava, Gujarat. The company manufactures bifacial and monofacial solar modules based on N-type TOPCon and Mono PERC technologies.

As of December 31, 2024, the company reported revenue of INR 1,936 crore from selling 1.3 GW of solar modules. Its order book stood at 3.6 GW as of May 31, 2025. Rayzon also holds an enlisted capacity of 3 GW under the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers (ALMM).

Rayzon was among the top six module suppliers in India in 2024, according to the India Solar Market Leaderboard 2025. The IPO filing follows a similar move by Vikram Solar, which recently secured SEBI approval for its own INR 1,500 crore IPO, comprising a fresh issue and an offer for sale of 17.45 million equity shares.