Rayzon Solar Set To File First DRHP By March

Highlights :

  • The company plans to submit its first Draft Red Herring Prospectus (DRHP) by March 2025, according to top management speaking with Saur Energy.
Rayzon Solar Set To File First DRHP By March Rayzon Solar Set To File First DRHP By March

Indian solar module manufacturer Rayzon Solar is gearing up to enter the Indian stock market with its maiden Initial Public Offering (IPO). The company plans to submit its first Draft Red Herring Prospectus (DRHP) by March 2025, according to top management speaking with Saur Energy.

Darshil Gondhaliya, President (EPC) at Rayzon Solar, told Saur Energy, “We are planning to file our first DRHP likely by February or March of 2025 with SEBI. If all goes well, our IPO is expected to be listed between September and October this year.”

The company aims to bolster its liquidity through public funding, aligning with its ambitious plan to venture into solar cell manufacturing. Rayzon Solar plans to set up a 2 GW solar cell production line, expected to be operational by June 2026. This timeline coincides with the Ministry of New and Renewable Energy’s (MNRE) proposed implementation of the Approved List of Cell Manufacturers (ALCM). Gondhaliya revealed that the upcoming production line will primarily be based on TOPCon technology.

Known for leveraging cricket and IPL teams to enhance its brand visibility, Rayzon Solar is also eyeing a significant expansion of its solar module production capacity. The company currently operates at 4 GW and is working towards ramping up capacity to 9 GW in the near future.

On the complexities of solar cell manufacturing, Gondhaliya commented, “Enhanced domestic production of solar cells could significantly boost the local solar market and help address the shortage of DCR solar cells. However, the involvement of chemicals and gases makes solar cell production a more complex process.”

Additionally, Rayzon Solar plans to commence in-house production of aluminium frames within the next two months. “This will augment our vertical integration and strengthen our supply chain,” Gondhaliya added.

"Want to be featured here or have news to share? Write to info[at]saurenergy.com
      SUBSCRIBE NEWS LETTER
Scroll