Solar module maker Rayzon Solar has received approval from the Securities and Exchange Board of India (SEBI) to raise ₹1,500 crore through an initial public offering (IPO).
The IPO will consist entirely of a fresh issue of shares with no offer for sale by existing shareholders. According to the company’s DRHP filed with SEBI in June 2025, the money raised from the IPO will be used to expand its solar manufacturing capacity and grow its overall business operations.
A major part of the funds, around ₹1,265 crore, will be invested in Rayzon Solar’s wholly owned subsidiary, Rayzon Energy, to partly finance a 3.5 GW TOPCon solar cell manufacturing plant in Surat, Gujarat. The total cost of the project is estimated to be ₹1,651 crore, and it is expected to start running by FY 2027.
To help with this project, Axis Bank has approved a loan of ₹300 crore, as mentioned in the company’s DRHP. The rest of the money raised from the IPO will be used for day-to-day business needs and to support the company’s future growth.
SBI Capital Markets, Ambit, and IIFL Capital will act as the main managers for handling the IPO process.
At present, Rayzon operates two solar module factories with a combined production capacity of 6 GW, 3 GW each in Karanj and Sava, Gujarat. The company produces both bifacial and monofacial solar modules using N-type TOPCon and Mono PERC technologies.
Rayzon also holds a total capacity of 3,406 MW under the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers (ALMM). It was ranked among the top six solar module suppliers in India in 2024, according to the India Solar Market Leaderboard 2025.
The company recorded a revenue of ₹1,936 crore from the sale of 1.3 GW of solar modules as of December 31, 2024. Its order book stood at 3.6 GW as of May 31, 2025, showing strong demand and growth momentum in the renewable energy sector.
Source
https://www.energetica-india.net/news/rayzon-solar-receives-sebi-nod-for-inr-1500-crore-ipo
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