NewsIPORays Power Infra Files for Rs 1,150 Crore IPO to Boost Solar Manufacturing and Reduce DebtRays Power Infra Files for Rs 1,150 Crore IPO to Boost Solar Manufacturing and Reduce Debt
Rays Power Infra Ltd., a renewable energy solutions provider, has filed for an IPO with SEBI to raise Rs 1,150 crore. The offering includes a fresh issue of Rs 900 crore and an offer for sale of Rs 250 crore. Promoters and an investor will participate in the OFS. The company plans to list on NSE and BSE, with proceeds aimed at funding a new manufacturing plant, repaying borrowings, and general corporate purposes. Rays Power Infra has executed 50 projects to date with a current order book of Rs 8,034 crore across 30 projects. The company reported revenue of Rs 1,220.60 crore, EBITDA of Rs 194.20 crore, and profit after tax of Rs 139.35 crore.
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Rays Power Infra Ltd., a prominent player in the renewable energy solutions sector, has taken a significant step towards public listing by filing preliminary papers with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The company aims to raise Rs 1,150 crore through this offering, which includes a fresh issue of shares worth Rs 900 crore and an offer for sale (OFS) of Rs 250 crore.
IPO Structure and Stakeholder Participation
The IPO structure reveals a mix of fresh capital infusion and partial stake sales by existing shareholders:
- Fresh Issue: Rs 900 crore
- Offer for Sale: Rs 250 crore
Key stakeholders participating in the OFS include:
- Promoters Ketan Mehta and Pawan Kumar Sharma: Offering shares worth Rs 98.20 crore each
- Promoter Sanjay Garudapally: Offering shares worth Rs 73.60 crore
- Investor Vivek Jain: Offering shares worth Rs 4.60 crore
Listing and Management
Rays Power Infra plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The company has appointed Anand Rathi Advisors and Pantomath Capital as the book-running lead managers for the IPO.
Fund Utilization
The proceeds from the IPO are earmarked for several strategic initiatives:
- Funding a new manufacturing plant through its subsidiary, Rays Green Energy Manufacturing
- Repayment of existing borrowings
- General corporate purposes
Company Performance and Outlook
Rays Power Infra has established itself as a significant player in the renewable energy sector:
- Executed 50 projects to date
- Current order book stands at Rs 8,034 crore, spread across 30 contracted projects
Financial highlights:
| Metric | Amount (in crore) |
|---|---|
| Revenue | 1,220.60 |
| EBITDA | 194.20 |
| Profit After Tax | 139.35 |
The company's strong financial performance and robust order book indicate its growing presence in the renewable energy solutions market.
Market Impact
This IPO comes at a time when the renewable energy sector in India is experiencing significant growth and attention. Rays Power Infra's public offering is likely to attract investors interested in the green energy transition and could potentially set a benchmark for other players in the sector considering similar moves.
As the company progresses through the regulatory process with SEBI, potential investors and market watchers will be keen to see how this IPO unfolds and what it might signal for the broader renewable energy market in India.
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