Rays Power Infra Files ₹1,150 Crore IPO to Fund 1.5 GW Solar Cell Plant in Madhya Pradesh and Working Capital

Mumbai, September 30, 2025 – Rays Power Infra Limited has filed its draft papers for an initial public offering (IPO) that will raise ₹1,150 crore. This offer will comprise a fresh issue of equity shares of up to ₹900 crore and an offer for sale (OFS) of up to ₹250 crore by existing promoters and shareholders.

The proceeds of the fresh issue will be used to install a 1.5 GW n-type TOPCon G12R solar cell facility at Narmadapuram, Madhya Pradesh, to fund incremental working capital needs and meet general corporate requirements. The company is also envisaging a pre-IPO placement of up to ₹180 crore, which will be scaled down accordingly if implemented.

Rays Power Infra IPO Details of Rays Power Infra

Rays Power Infra Limited IPO has announced its initial public offering (IPO) of ₹1,150 crore. A fresh issue of ₹900 crore will be constituted to raise funds towards business development, and existing shareholders will make an offer for sale of ₹250 crore. This is a significant transaction that will enable the company to solidify its market presence and finance its development proposals.

Rays Power Infra IPO Offer for Sale (OFS) Details

In its IPO of ₹1,150 crore as part of its offerings, Rays Power Infra Limited has an offer of sale (OFS) of ₹250 crore from present shareholders. OFS portions are as follows: Ketan Mehta – ₹98.20 crore, Pawan Kumar Sharma – ₹73.60 crore, Sanjay Garudapally – ₹73.60 crore, and Vivek Jain – ₹4.60 crore. This offering allows present shareholders to reduce their holdings to some extent while the company raises capital through the IPO.

Rays Power Infra IPO Use of Proceeds

The proceeds of the IPO will mainly be utilized to finance the company’s development and meet its business requirements. Key use of proceeds is as follows:

• ₹500 crore to set up a 1.5 GW solar cell manufacturing plant in its subsidiary Rays Green Energy.
• ₹200 crore to meet working capital needs.
• Proceeds will be used to fund general corporate activities and provide the company with financial flexibility to implement its future developments.

Rays Power Infra IPO Financial Performance

The Rays Power Infra Limited has reported strong growth in its financials for FY25. The company’s revenue from operations rose to ₹1,220.64 crore, up 16.4% from ₹1,048.80 crore in FY24. Profit after tax (PAT) surged to ₹139.35 crore, marking a robust 52.5% increase year-on-year. The company’s net worth also grew significantly to ₹615.79 crore, up 76.6% from FY24, while borrowings nearly doubled to ₹270.45 crore, reflecting increased funding for expansion and operational activities.

The company’s business mix in FY25 constituted 65.66% of its EPC activities and 25.45% of its co-development business. As of July 31, 2025, the order book stood at ₹8,034.26 crore.

Rays Power Infra IPO Key Participants

The book running lead managers of the IPO are Pantomath Capital Advisors and Anand Rathi Advisors. Bigshare Services is the registrar of the IPO.

About the Company

Rays Power Infra Limited is a utility-scale solar power solution providing company that operates through EPC as well as co-development business models. Incorporated in Mumbai, it has its corporate office in Gurugram. Rays Power Infra Limited will list its equity shares on both the BSE and the NSE.

REF: https://www.bseindia.com/corporates/download/389799/IPO Prior/RPILDRHP_20250930112255.pdf

Disclaimer: At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations