Q1. What is the business of Rayzon Solar Limited?

It manufactures and supplies high‑efficiency solar photovoltaic (PV) modules, powering residential, commercial and utility‑scale solar projects with advanced technology.

Q2. Why is the company raising funds via IPO?

Rayzon Solar Limited is raising funds via IPO to finance a 3.5 GW TOPCon solar cell facility via subsidiary Rayzon Energy.

Q3. What is the size of the issue and where will it list?

The issue size of the IPO comprises entirely as a Fresh Issue of ₹1500 Crore. It will be listed on BSE and NSE platform.

Q4. What are the key risks to an investor?

Key risks include raw material price volatility, high competition, regulatory dependency, and execution challenges in scaling manufacturing.

Q5. What are the potential upsides?

Upsides include rapid solar demand growth, strong existing manufacturing capacity, scalable expansion plans, and government solar initiatives boosting outlook.

Q6. How to apply for the IPO?

Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.

Rayzon Solar Limited

Upcoming

Rayzon Solar Limited

Market Cap

—

IPO Issue Size

₹ 1500 cr

Expected Price by IPOCorner

—

IPO Score

*Score varies on actual price

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.

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

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.

Subscription date to apply for Rayzon Solar Limited is yet to be announced. Price band for the IPO is yet to be declared.

Year	2025
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	Rs.02 per Equity Share

IPO Important Dates

#	Date
Open Date	TBA
Close Date	TBA
Anchor Investor Bidding	TBA
Allotment Date	TBA
Refunds& Demat Credit	TBA
Tentative Listing Date	TBA

Use Of Proceeds

Purpose	Amount
Subsidiary Investment	₹ 1265 Cr
-	-
-	-
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	261.64	698.01	1272.84
PAT (₹ Cr)	3.91	25.47	60.93
Asset (₹ Cr)	111.18	138.2	352.79
Net Worth (₹ Cr)	14.45	26.37	87.31

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
23-Aug	₹ –	₹ –	₹ –
22-Aug	₹ –	₹ –	₹ –
21-Aug	₹ –	₹ –	₹ –
20-Aug	₹ –	₹ –	₹ –
19-Aug	₹ –	₹ –	₹ –

Pros

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.

Cons

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.

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 %

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	–	1	–	₹ –
Retail (Max)	–	13	–	₹ –
HNI (Min)	–	14	–	₹ –
HNI (Max)	–	66	–	₹ –
Big HNI (Min)	–	67	–	₹ –

Key Performance Index (KPI)

ROE	00
ROCE	00
RoNW	00

Lead / Book Running Lead Managers

SBI Capital Markets Limited, Ambit Private Limited, IIFL Capital Services Limited

Registrar (RTA)

KFin Technologies Limited

Q1. What is the business of Rayzon Solar Limited?
It manufactures and supplies high‑efficiency solar photovoltaic (PV) modules, powering residential, commercial and utility‑scale solar projects with advanced technology.
Q2. Why is the company raising funds via IPO?
Rayzon Solar Limited is raising funds via IPO to finance a 3.5 GW TOPCon solar cell facility via subsidiary Rayzon Energy.
Q3. What is the size of the issue and where will it list?
The issue size of the IPO comprises entirely as a Fresh Issue of ₹1500 Crore. It will be listed on BSE and NSE platform.
Q4. What are the key risks to an investor?
Key risks include raw material price volatility, high competition, regulatory dependency, and execution challenges in scaling manufacturing.
Q5. What are the potential upsides?
Upsides include rapid solar demand growth, strong existing manufacturing capacity, scalable expansion plans, and government solar initiatives boosting outlook.
Q6. How to apply for the IPO?
Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.