Rays Power Infra refiles IPO papers to raise Rs 1,150 crore, ups fresh issue size

Rays Power Infra IPO News

Gurugram-based renewable energy solutions provider Rays Power Infra has refiled its preliminary papers with the SEBI to raise Rs 1,150 crore via initial public offering (IPO).

The company proposed to issue fresh shares worth Rs 900 crore, while existing shareholders including promoters will be offloading Rs 250 crore worth shares via offer-for-sale (OFS) route.

It has increased the fresh issue size from Rs 300 crore planned earlier as per its DRHP filed in January 2024 which later withdrew by the company on March 13, 2024. The previous IPO plans also included OFS of 29.95 lakh shares.

Before the launch of Rs 1,150-crore IPO, Rays Power Infra may consider raising funds up to Rs 180 crore in pre-IPO placement which is a part of fresh issue.

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The solar EPC company that specialises 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 will utilise Rs 500 crore of fresh issue proceeds for establishment of a 1.5 GW PV solar n-type TOPCon G12R cell manufacturing plant in Madhya Pradesh through subsidiary Rays Green Energy Manufacturing.

Further, Rs 200 crore will be used for its incremental working capital requirements, and the remaining amount for general corporate purposes.

The company, which has executed and commissioned 50 renewable power projects with an aggregate installed capacity of 1,771.18 MWp, held order book of Rs 8,034.3 crore as of June 2025.

Rays Power Infra competes with listed entities like Sterling and Wilson Renewables Energy, Waaree Renewables Technologies, Oriana Power, and KPI Green Energy, reporting 52.5 percent on-year growth in profit at Rs 139.4 crore for FY25, and 16.4 percent increase in revenue at Rs 1,220.6 crore compared to previous fiscal year 2024.

The book running lead managers managing the Rays Power Infra IPO are Anand Rathi Advisors, and Pantomath Capital Advisors.