Rayzon Solar Limited

Rayzon Solar Limited (New IPO): GMP, Price, Review, Profit

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Rayzon Solar Limited is a renewable energy company engaged in manufacturing high-efficiency solar photovoltaic (PV) modules used in residential, commercial, and utility-scale projects. The company focuses on sustainable energy solutions, leveraging advanced technology and large-scale production capabilities to serve domestic and export markets.

It manufactures and supplies high‑efficiency solar photovoltaic (PV) modules including Mono/Mono‑PERC, Bifacial, and TOPCon modules for India and global markets.

It has rapidly expanded manufacturing capacity to ~6.0 GW+ of PV modules and serves customers across India and several international markets through a broad distribution network.

Rayzon Solar Limited was incorporated in 2017 & currently Mr. Chirag Nakrani serves as the Managing Director of the company.

Rayzon Solar Limited has filed its DRHP with SEBI for a proposed IPO featuring entirely as a Fresh Issue of ₹ 1500 Crore and no Offer for Sale (OFS).

Subscription date to apply for the IPO is yet to be announced. Price band for the IPO is also pending to be declared.

Check DRHP
Check IPO Allotment
Visit Official Website
Issue Size:₹ 1500 Cr
Fresh Issue:₹ 1500 Cr
Offer for Sale:NA
Price Range:TBA
Lot Size:TBA
GMPPending

Rayzon Solar Limited important data points

Revenue, PAT, EBITDA

YearFiscal 2024
Networth₹ 87.31 Cr
Revenue:₹ 1272.84 Cr
EBITDA₹ 101.41 Cr
PAT₹ 60.93 Cr
EBITDA Margin:~ 7.95%
PAT Margin~ 4.78%
Face Value:₹ 02

IPO important dates

Open Date:TBA
Close Date:TBA
Anchor Investor BiddingTBA
Allotment Date:TBA
Refunds & Demat CreditTBA
Tentative Listing Date:TBA

Use of Proceeds

PurposeAmount
Subsidiary Investment₹ 1265 Cr
Working Capital Requirement₹ 00 Cr
Borrowing prepayment/repayment₹ 00 Cr
General Corporate PurposeBalance

Rayzon Solar Limited Financial Data

202220232024
Revenue (₹ Cr)₹ 261.6₹ 698.0₹ 1,272.8
PAT (₹ Cr)₹ 3.9₹ 25.5₹ 60.9
Asset (₹ Cr)₹ 111.2₹ 138.2₹ 352.8
Net Worth (₹ Cr)₹ 14.5₹ 26.4₹ 87.3

Rayzon Solar Limited IPO Grey Market Premium

DateIPO PriceIPO GMPProfit per lot
23-May₹ –₹ –₹ –
22-May₹ –₹ –₹ –
21-May₹ –₹ –₹ –
20-May₹ –₹ –₹ –
19-May₹ –₹ –₹ –
Rayzon Solar Limited

Rayzon Solar Limited Pro’s and Con’s

Strengths:

  • Rayzon Solar is a high-growth solar PV manufacturer catering to India’s renewable energy push.
  • Strong expansion plans with large-scale manufacturing capacity (~6 GW+) to enhance market presence.
  • Diversified product portfolio including Mono, Mono-PERC, Bifacial, and TOPCon modules.
  • Government incentives and solar adoption in India support long-term demand.
  • Experienced management and promoters with a technology-driven approach in PV module production.

Risks:

  • High competition from established domestic and global solar module manufacturers.
  • Thin margins typical in solar manufacturing due to price volatility of polysilicon and raw materials.
  • Dependence on government policies and subsidies can impact profitability.
  • Global supply chain risks might affect production and exports.
  • Limited operational track record as a large-scale manufacturer, increasing execution risk.

Rayzon Solar Limited Promoters – Pre offer equity (Approx)

Promoters%Shares
Chirag Devchandbhai Nakrani~ 16.35 %
Hardik Ashokbhai Kothiya~ 16.35 %
Ramilaben Ashokbhai Kothiya~ 16.34 %
Induben Devchandbhai Nakrani~ 16.34 %
Ashokbhai Manjibhai Kothiya~ 12.26 %
Devchandbhai Kalubhai Nakrani~ 12.26 %

Rayzon Solar Limited Lot Size details

Application TypeLot SizeNo. of LotNo. of SharesInvestment Amount
Retail (Min)–1–₹ –
Retail (Max)–13–₹ –
HNI (Min)–14–₹ –
HNI (Max)–66–₹ –
Big HNI (Min)–67–₹ –

Lead Managers / Registrars of Rayzon Solar Limited

Lead / Book Running Lead ManagersSBI Capital Markets Limited,
Ambit Private Limited,
IIFL Capital Services Limited
Registrar (RTA)Kfin Technologies Limited

Rayzon Solar Limited FAQ’s

  • It manufactures and supplies high‑efficiency solar photovoltaic (PV) modules, powering residential, commercial and utility‑scale solar projects with advanced technology.
  • Rayzon Solar Limited is raising funds via IPO to finance a 3.5 GW TOPCon solar cell facility via subsidiary Rayzon Energy.
  • The issue size of the IPO comprises entirely as a Fresh Issue of ₹1500 Crore. It will be listed on BSE and NSE platform.
  • Key risks include raw material price volatility, high competition, regulatory dependency, and execution challenges in scaling manufacturing.
  • Upsides include rapid solar demand growth, strong existing manufacturing capacity, scalable expansion plans, and government solar initiatives boosting outlook.
  • Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.

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