Rayzon Solar to file draft papers for ₹1,500-cr IPO

Solar panel manufacturer Rayzon Solar Ltd is planning to file draft papers with markets regulator SEBI by the end of the month, as it prepares for a ₹1,500-crore initial public offering (IPO), people familiar with the plan said on Friday.

The Surat-based company has already roped in top investment banks to manage the public offering.

The company is looking to raise funds through fresh issuance of equity shares, and the proceeds are expected to be used for its expansion plans.

An email to Rayzon Solar seeking confirmation of the filing of draft papers and IPO details did not elicit a response.

The company is considering entering the public market at a time when the domestic solar manufacturing industry is gaining traction, driven by import curbs, and rising global interest in non-China supply chains.

Founded in 2017, Rayzon Solar has emerged as one of the fastest-growing solar PV module manufacturers in the country. As per its website, the company has grown from an initial installed module manufacturing capacity of just 40 MW to 6,000 MW, across two facilities in Karanj and Sava, Gujarat, and is likely to expand further.

In March, the company raised around ₹138 crore through private placement of equity shares.

Published on June 13, 2025