Solar Player Rays Power Infra Files Draft Papers With SEBI For Rs 1,150-Crore IPO
Proceeds from the fresh issue will be used for investing in subsidiary Rays Green Energy Manufacturing for financing the establishment of a manufacturing plant.
Rays Power Infra Ltd. filed its preliminary papers with the capital markets regulator SEBI on Tuesday to raise funds via an initial public offering. The public offer will include fresh issues of shares worth Rs 900 crore, as well an offer for sale segment of shares worth Rs 250 crore.
Promoters of the company offloading a portion of their stake in the OFS include Ketan Mehta selling shares worth Rs 98.2 crore, Pawan Kumar Sharma and Sanjay Garudapally selling shares worth Rs 73.6 crore. Other investors offloading stake include Vivek Jain offering shares for sale worth Rs 4.6 crore.
The equity shares are proposed to be listed on the National Stock Exchange of India Ltd and BSE Ltd.
Anand Rathi Advisors Ltd. and Pantomath Capital Advisors Pvt. Ltd. is the book-running lead manager for the issue and Bigshare Services Pvt. Ltd. will be the registrar of the issue.
Proceeds from the fresh issue will be used for investing in subsidiary Rays Green Energy Manufacturing for part-financing the establishment of a manufacturing plant, and repayment or pre-payment in full or part of certain borrowings of the company, as per the draft prospectus. A part of the funds will also be used for the general corporate purposes.
About Rays Power Infra
Rays Power Infra is engaged in providing utility-scale, end-to-end renewable energy solutions, with a strong focus on solar energy. The company specialises in developing 'ready-to-build' infrastructure for renewable power projects under its Co-Development Business model and also offers engineering, procurement, and construction services.
As of July 31, 2025, the company has executed and commissioned 50 renewable power projects. The company is backed by an order book of Rs 8,034 crore comprising 30 contracted projects at various stages of execution.
For fiscal 2025, Rays Power Infra reported revenue from operations of Rs 1,220.6 crore, an operating Ebitda of Rs 194.2 crore, and a profit after tax of Rs 139.35 crore, as per the DRHP.
