Rayzon Solar Receives SEBI Nod for INR 1,500 Crore IPO
Rayzon Solar has received SEBI approval to raise INR 1,500 crore through an IPO to fund its upcoming 3.5 GW TOPCon solar cell manufacturing facility in Surat, Gujarat.
October 28, 2025. By Mrinmoy Dey
The IPO will comprise entirely a fresh issue of up to INR 1,500 crore with no offer for sale component, according to the draft red herring prospectus (DRHP) the company filed with SEBI in June 2025.
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 of 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.
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.
Rayzon also holds an enlisted capacity of 3,406 MW 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.
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.
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