Rays Power Infra, a Mumbai-based renewable energy company, on Wednesday filed draft papers to raise 1,150 crore with Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).
The IPO, with a face value of ₹2, is a fresh issue up to ₹900 crore and an offer for sale up to ₹250 crore by promoters – Ketan Mehta, Pawan Kumar Sharma and Sanjay Garudapally. Another selling shareholder is Vivek Jain.
According to the press release, the proceeds from its fresh issuance worth ₹500 crore will be utilised for investment in its subsidiary, Rays Green Energy Manufacturing, for part-funding of 1.5 GW solar cell manufacturing plant at Madhya Pradesh, ₹200 crore will go for working capital requirements, and rest for general corporate purposes.
The company, in consultation with the book-running lead managers, might consider a pre-IPO placement for up to ₹180 crore. The pre-IPO placement if completed, the fresh issue size will be reduced, it said.
As of July 31, 2025, the company’s order book comprised ₹4,657.2 crore from its co-development business model and ₹3,283.4 crore from its EPC business model, and ₹93.6 crore from others which includes O&M and sale of electricity.
