The Securities and Exchange Board of India (SEBI), which oversees the capital markets, has received the draft red herring prospectus (DRHP) for an initial public offering (IPO) from Gujarat-based Rayzon Solar Ltd.

With a focus on producing solar PV modules, Rayzon Solar started out as M/s Rayzon Green Energies, a partnership organization, in 2017. 

Since then, it has rapidly expanded its manufacturing capacity for solar PV modules, going from 40 MW as of March 31, 2018, to 6.00 GW as of March 31, 2025.

With a current manufacturing capacity of 3.00 GW at each location and plans to expand its manufacturing capacity by an additional 2.00 GW at the Sava facility, which is expected to be operational by October 2025, it manufactures solar PV modules at two manufacturing sites located in Karanj and Sava.

Using tunnel oxide passivated contact (TOPCon) technology, the business is developing a 3.50 GW solar cell manufacturing facility in Kathvada, Mangrol, through its subsidiary, Rayzon Energy Private Limited. It is expected to begin operations in Fiscal 2027.

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Additionally, through its subsidiary Rayzon Industries Private Limited, it is currently building an aluminum extrusion and anodizing production facility in Sava, Mangrol, Surat, Gujarat, with an annual capacity of 19,800 MT for the production of aluminum frames. This project is anticipated to be finished in July 2025.

The company's clientele is varied and includes Hero Rooftop Energy Private Ltd, BluPine Energy Private Ltd, Purushotam Profiles Private Ltd, Balark Solar Private Ltd, Mahindra Solarize Private Ltd, ACME Cleantech Solutions Private Ltd, V-Guard Industries Ltd, O2 Power Private Ltd, Megha Engineering and Infrastructure Ltd, Panasonic Life Solutions India Private Ltd, Axitec Energy India Private Ltd, KPI Green Energy Ltd, Microtek International Private Ltd, and Vardhan Sales.

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The Rs.1,265 crore in funds raised from this new issue will be used for general corporate purposes as well as to invest in its wholly owned subsidiary, Rayzon Energy Private Ltd, to help finance the construction of a 3.5 GW installed manufacturing facility in Gujarat that will produce solar cells using TOPCon technology.

KFin Technologies Limited is the offering's registrant, and SBI Capital Markets Limited, Ambit Private Limited, and IIFL Capital Services Limited are the lead managers for the book-running procedure.