Mumbai-based Rays Power Infra has filed its 1,150 Crores Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).
The IPO, with a face value of Rs 2, is a fresh issue up to Rs 900 crore and an offer for sale up to Rs 250 crore by promoters – Ketan Mehta, Pawan Kumar Sharma and Sanjay Garudapally. Other selling shareholder is Vivek Jain.
The proceeds from its fresh issuance worth Rs 500 crore will be utilised for investment in its wholly owned subsidiary, Rays Green Energy Manufacturing Private Limited (Rays Green Energy) for part-financing the establishment of a 1.5 GW PV Solar n-type TOPCon G12R cell manufacturing plant at Madhya Pradesh, Rs 200 crore for working capital requirements, and general corporate purposes.
The issue is being made through the book-building process, in line with SEBI ICDR Regulations, with up to 50% reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and at least 35% for Retail Individual Investors (RIIs).
The company, in consultation with the book-running lead managers, may consider a pre-IPO Placement for up to Rs 180 crore. The pre-IPO placement if completed, the fresh issue size will be reduced.
Incorporated in 2011, the company is engaged in the business of providing utility scale end-to-end renewable energy solutions with a focus on solar energy solutions. The company specializes in the development of ready-to-build infrastructure for renewable power projects under its co-development business model and provides engineering, construction and procurement (EPC) services for renewable power projects.
The company is among the leading players in the Indian solar industry with a demonstrated track record along with being one of the pioneers of the co-development business model in India. (Source: CRISIL Report).
As of July 31, 2025, the company has successfully executed and commissioned 50 renewable power projects with an aggregate installed capacity of 1,771.18 MWp across both of its business models. Further, as of July 31, 2025, the company has an order book of ₹ 80,34.2 crore, which includes 30 contracted projects under various stages of execution. The company serves reputed developers in the private sector, like Serentica Renewables India Limited, Radiance KA Sunshine Seven Private Limited, Ampin Energy Transition Private Limited and prominent public sector undertakings like SJVN Green Energy Limited and Indore Municipal Corporation.
Two key business models
i) Co-Development Business – This involves creating ‘ready-to-build’ infrastructure for renewable power project developers. The typical scope of work includes land aggregation, securing grid connectivity (both inter-state and intra-state as the case maybe), and assisting with approvals such as connectivity permissions, bay allocation, captive arrangements, and power purchase agreements (PPAs) (collectively referred to as Solar Power Asset) tailored to the customer’s requirements in a separate special purpose vehicle (SPV), followed by transferring these SPVs to the customers. And further undertaking EPC and O&M activities, the contractual arrangements with the company’s customers.
As of July 31, 2025, the company has commissioned 36 solar projects under this model, with an aggregate capacity of 824.03 MWp across 6 states including Karnataka, Tamil Nadu, Rajasthan, Telangana, Uttar Pradesh and Uttarakhand. As of July 31, 2025, the company has 2,300.00 MWp of State Transmission Utility (STU) and inter-state transmission system (ISTS) connectivity under the granted / agreed to be granted status.
Additionally, as of July 31, 2025, the company has applied for connectivity approvals aggregating to 3,565.00 MWp across solar, wind and hybrid renewable energy sources with scheduled commercial operation date (SCOD) extending to Fiscal 2031 in Karnataka, Andhra Pradesh and Rajasthan.
ii) EPC Business – The company offers a complete range of EPC solutions from designing engineering, procurement, construction, testing and commissioning of renewable energy (RE) power projects for customers who own solar power asset. In this model, the company’s customers are typically responsible for undertaking the entire capital expenditure in respect of the project, and the ownership of the project also remains with them.
As of July 31, 2025, the company has commissioned 14 solar EPC projects with an aggregate capacity of 947.15 MWp across 7 states including Karnataka, Gujarat, Uttar Pradesh, Punjab, Uttarakhand, Odisha and Arunachal Pradesh and two international projects in Bangladesh and Vietnam.
The company can bid independently for tenders floated by PSUs having single contract value of ₹ 5000 crore.
As of July 31, 2025, the company has divested 39 SPVs to its customers, which includes 36 SPVs under its co-development business model and 3 SPVs under EPC Business model to reputed renewable energy players.
As a part of both of the company’s business models, it also offers operations and maintenance (O&M) services for a period ranging from 2 to 25 years during subsistence of the contractual defects’ liability period or as per the requirements of its customers. And these services are designed by the company to provide support services to ensure long term performance of its solar power projects
Across its two key business models, the company has executed and / or are executing projects across 13 states and 1 union territory. In addition, the company has also executed solar EPC projects with a cumulative capacity of 320.00 MWp in Bangladesh and Vietnam.
As of July 31, 2025, the company’s order book comprised of ₹ 4657.2 crore from its co-development business model and ₹ 3283.4 crore from its EPC business model, and ₹ 93.6 crore from others which includes O&M and sale of electricity.
Some of the company’s customers include Indore Municipal Corporation, Serentica Renewables India Limited, Radiance KA Sunshine Seven Private Limited, Ampin Energy Transition Private Limited as well as SJVN Green Energy Limited.
The company intends to establish a cell manufacturing plant in Madhya Pradesh, India, through its wholly owned subsidiary, Rays Green Energy, with a capacity of 1.5 GW of solar PV n-Type TOPCon G12R cells. In order to backward integrate its business and foray into cell manufacturing, the company has been allotted land aggregating to 41.30 acres in Narmadapuram district, Madhya Pradesh.
The company has entered into an arrangement with Shenzhen S.C. New Energy Technology Corporation, which will serve as its turnkey technology provider and support it in supply, installation, and commissioning of a TOPCon PV cell turnkey production line with a minimum annual output capacity of 1.5 GW for its proposed cell manufacturing plant.
Anand Rathi Advisors and Pantomath Capital Advisors Private Limited are the book running lead managers, and Bigshare Services Private Limited is the registrar to the issue. The shares are proposed to be listed on the BSE and NSE.
