Rayzon Solar's IPO Boost: Shaping the Future of Solar Energy in India

Rayzon Solar Ltd, a leading solar panel manufacturer based in Surat, is gearing up to file its draft papers with the Securities and Exchange Board of India (SEBI) by the end of this month, aiming to launch a substantial initial public offering (IPO) valued at approximately Rs 1,500 crore. Sources close to the company disclosed this development on Friday.

The company, which has already secured the services of prominent investment banks to manage its public offering, is expected to use the funds raised through the issuance of new equity shares for its ambitious expansion plans.

Rayzon Solar's strategic move comes as the domestic solar manufacturing sector gains momentum, fueled by import restrictions and a global shift towards non-China supply chains. Having expanded its production capacity from 40 MW to 6,000 MW since its founding in 2017, the company is poised for further growth.

(With inputs from agencies.)