New Delhi, Jun 27 (PTI) Gujarat-based Rayzon Solar has filed a draft paper with capital markets regulator Sebi to raise Rs 1,500 crore through an initial public offering (IPO). The IPO is entirely a fresh issue of up to Rs 1,500 crore with no offer for sale component. The offer also includes a subscription reservation with a discount to eligible persons in the employee reservation portion, according to the draft red herring prospectus (DRHP) filed on Wednesday. Also, the company is looking to raise about Rs 300 crore in a pre-IPO round. If the pre-IPO round takes place, the size of the fresh issue will reduce accordingly. Proceeds from the fresh issue to the extent of Rs 1,265 crore will be used for investment in its wholly-owned subsidiary, Rayzon Energy, for part financing the cost of establishing the manufacturing facility with 3.5 GW installed capacity, to produce solar cells using TOPCon (tunnel oxide passivated contact) technology in Surat, and general corporate purposes. Commenced operations in 2017, Rayzon Solar is among the top 10 manufacturers of solar photovoltaic modules in India, with an installed capacity of 6 GW as of March 31, 2025. It manufactures solar PV modules at its two manufacturing facilities located in Karanj and Sava, Gujarat. It is also a certified manufacturer under the Ministry of New and Renewable Energy’s approved list of module manufacturers with an enlisted capacity of 3 GW. As of May 31, 2025, we had an order book of 3.60 GW for solar PV modules. Its clientele includes Panasonic Life Solutions India, KPI Green Energy, Microtek International, Mahindra Solarize, ACME Cleantech Solutions, VGuard Industries, Megha Engineering and Infrastructure, and Hero Rooftop Energy. For the fiscal ended December 31, 2024, the company reported revenue from operations and profit after tax stood at Rs 1,957 crore and Rs 239.03 crore, respectively. The shares of the company are proposed to be listed on the BSE and the NSE. SBI Capital Markets, Ambit Pvt Ltd, and IIFL Capital Services are the book-running lead managers, while KFin Technologies is the registrar for the IPO. PTI HG HG SHW