Rays Power Infra is a utility-scale solar power company, it develops “ready-to-build” renewable-energy infrastructure (solar parks) under a co-development model and provides full engineering, procurement, and construction (EPC) services for solar and renewable-energy projects.
Rays Power Infra has filed DRHP to raise ~ ₹ 1,150 Cr via IPO out of which Fresh Issue is ~ ₹ 900 Crore & Offer for Sale of ~ ₹ 250 Crore.
Subscription date to apply for Rays Power Infra Limited is yet to be announced.
Price band for the IPO is also pending to be declared.
| Issue Size: | ₹ 1,150 Cr |
| Fresh Issue: | ₹ 900 Cr |
| Offer for Sale: | ₹ 250 Cr |
| Price Range: | TBA |
| Lot Size: | TBA |
Revenue, PAT, EBITDA of Rays Power Infra
| Year | Fiscal 2025 |
| Networth | ₹ 615.8 Cr |
| Revenue: | ₹ 1220.6 Cr |
| EBITDA | ₹ 194.2 Cr |
| PAT | ₹ 139.4 Cr |
| EBITDA Margin: | ~15.9% |
| PAT Margin | ~11.4% |
| Face Value: | ₹ 02 per Eq. Share |
Rays Power Infra IPO important dates
| IPO Open Date: | TBA |
| IPO Close Date: | TBA |
| Anchor Investor Bidding | TBA |
| IPO Allotment Date: | TBA |
| Refunds & Demat Credit | TBA |
| Tentative Listing Date: | TBA |
Rays Power Infra Use of Proceeds
| Purpose | Amount |
| Working Capital Requirement | ₹ 200 Cr |
| General Corporate Purpose | Balance |
| Technology & Infrastructure | ₹ 500 Cr |
| Borrowing payment | – |
Rays Power Infra Limited Promoters – Pre offer equity (Approx)
| Ketan Mehta | ~30.15% |
| Pawan Kumar Sharma | ~16.33% |
| Sanjay Garudapally | ~16.33% |
| Mehta Family Trust | ~12.92% |
| Sharma Family Trust | ~7% |
| Garudapally Family Trust | ~7% |
Rays Power Infra Limited Financial Data
| 2023 | 2024 | 2025 | |
| Revenue (₹ Cr) | ₹ 776.6 | ₹ 1,048.8 | ₹ 1,220.6 |
| Profit (₹ Cr) | ₹ 129.0 | ₹ 91.4 | ₹ 139.4 |
| Asset (₹ Cr) | ₹ 652.5 | ₹ 750.7 | ₹ 1,432.7 |
| Net Worth (₹ Cr) | ₹ 188.9 | ₹ 348.8 | ₹ 615.8 |
Rays Power Infra IPO Grey Market Premium
| Date | IPO Price | IPO GMP | Profit per lot |
| 20-Dec | ₹ – | ₹ – | ₹ – |
| 19-Dec | ₹ – | ₹ – | ₹ – |
| 18-Dec | ₹ – | ₹ – | ₹ – |
| 17-Dec | ₹ – | ₹ – | ₹ – |
| 16-Dec | ₹ – | ₹ – | ₹ – |
Rays Power Infra Limited IPO Pros & Cons
Strengths:
- Strong 1,700+ MW solar execution track record gives high project credibility and visibility for future growth.
- Diversified EPC, co-development and O&M model generate multiple revenue sources and reduces business risk.
- Rapid revenue growth and improving order book signal strong industry demand and solid financial momentum.
- Planned solar-cell manufacturing boosts backward integration potential and might strengthen long-term margins.
- Positioned in India’s rapidly expanding renewable-energy market offering multi-year growth tailwinds.
Risks:
- High working-capital needs and rising debt may strain short-term liquidity and cash flow.
- Project delays or cost overruns can significantly impact profitability in EPC-heavy business models.
- Customer and project concentration raises vulnerability if a major contract is delayed or cancelled.
- Heavy dependence on government solar policies creates regulatory and tariff-change uncertainty.
- Large capex plans for manufacturing add execution risk and require sustained demand visibility.
Rays Power Infra Limited Lot Size details
| Application Type | Lot Size | No. of Lots | No. of Shares | Investment Amount |
| Retail(Min) | – | 1 | – | ₹ – |
| Retail (Max) | – | 13 | – | ₹ – |
| Small HNI (Min) | – | 14 | – | ₹ – |
| Small HNI (Max) | – | 66 | – | ₹ – |
| Big HNI (Min) | – | 67 | – | ₹ – |
Core Offerings of Rays Power Infra Limited
Rays Power Infra Limited offers co-development of solar power assets, turnkey EPC (design, procurement, construction, commissioning) for renewable-energy projects, O&M services, and energy-storage/BESS solutions.
Lead Managers / Registrars of Rays Power Infra Limited
| Lead / Book Running Lead Managers | Anand Rathi Advisors Ltd, Pantomath Capital Advisors Pvt Ltd |
| Registrar (RTA) | Bigshare Services Pvt Ltd |
Founding Year of Rays Power Infra Limited & Managing Director
Rays Power Infra Limited was incorporated on 13 June 2011.
The company’s Managing Director is Mr. Ketan Mehta.
Rays Power Infra Limited FAQ
- Q1. What is the business of Rays Power Infra Limited?
Rays Power Infra develops “ready-to-build” renewable-energy infrastructure, and offers full engineering, procurement & construction, O&M and co-development services for solar projects. - Q2. Why is the company raising funds via IPO?
Rays Power Infra is raising fund for 1.5 GW solar-cell manufacturing plant via its subsidiary, support working-capital needs, and meet general corporate growth plans. - Q3. What is the size of the issue and where will it list?
The issue size is ₹ 1,150 crore comprising ₹900 crore fresh issue & ₹250 crore as Offer for Sale. It will be listed on the BSE NSE platform. - Q4. What are the risks to an investor?
Risks of investing includes heavy capital expenditure for manufacturing setup, dependence on project-execution & timely approvals, exposure to solar-policy and subsidies and regulatory shifts that may affect renewables demand. - Q5. What are the potential upsides?
It has an order book of over ₹8,000 crore and 1.77 GW + commissioned capacity, plus plans for in-house solar-cell manufacturing, Rays could ride India’s green-energy boom and scale margin and growth significantly. - Q6. How to apply for the IPO?
You can apply through the usual book-building ASBA route via your brokerage/demat account when the IPO opens. - Q 7. When is the tentative listing date?
Expected listing date is yet to be announced.
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