RCRSIL Files its Draft Red Herring Prospectus with NSE Emerge

India’s leading Lithium-Ion battery manufacturer RCRS Innovations Limited (RCRSIL) said it has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge.

The company’s proposed Initial Public Offering (IPO) comprises a fresh issuance of 48.24 lakh equity shares with a face value of INR 10 each through the book-building process.

RCRSIL has appointed Corporate Capital Ventures as the sole Book Running Lead Manager to the issue, while Skyline Financial Services Private Limited is the registrar for the issue. Corporate Capital Ventures has completed a string of successful SME IPOs in the recent months, including Trust Fintech, Creative Graphics, Alpex Solar, Rockingdeals, Accent Microcell, Oriana Power, Droneacharya and Crayons Advertising, among others. The company is part of the MSMEx SME IPO Cohort program.

Headquartered in Noida, RCRSIL manufactures and markets Lithium-Ion batteries and solar panels under EXEGI brand. The company’s products, manufactured in two separate plants in the Delhi-NCR region, are primarily used for clean energy storage and solar lighting.

RCRSIL is the largest supplier of battery packs for solar lighting applications in India. It is also among the leading suppliers of Battery Energy Storage Solutions in India. The company also manufactures monocrystalline and polycrystalline PV panels in power outputs ranging from 40W to 400W.

According to the DRHP, RCRSIL intends to utilise net proceeds from the offering to meet its working capital requirement and expand its battery manufacturing capacity. The company’s current battery manufacturing facility in Noida is equipped with state-of-the-art laboratories and testing equipment. RCRSIL or its products has over 20 certifications and test reports.

RCRSIL recorded revenues of INR 78.68 crore and earned profit after tax (PAT) of INR 5.71 crore during the first nine months of the fiscal year, which ended December 31, 2023. The company had reported revenues of INR 67.80 crore and profit after tax (PAT) of INR 1.35 crore for the full FY 2022-23.