Rays Power Infra Files DRHP With SEBI for ₹1,150 Crore IPO

Rays Power Infra Ltd. has moved a step closer to the public markets, filing its draft papers with SEBI for an initial public offering (IPO). The renewable energy solutions company plans to raise ₹1,150 crore, combining a ₹900 crore fresh issue of equity with an ₹250 crore offer for sale (OFS). The move comes at a time when India’s solar and green energy sectors are witnessing accelerated investor interest.

IPO Structure and Proceeds

The public offer includes promoter offloading, with Ketan Mehta set to sell shares worth ₹98.2 crore, while Pawan Kumar Sharma and Sanjay Garudapally will together divest shares worth ₹73.6 crore. 

In addition, Vivek Jain will offload shares worth ₹4.6 crore. The equity will be listed on both the NSE and the BSE, with Anand Rathi Advisors Ltd. and Pantomath Capital Advisors Pvt. Ltd. serving as the book-running lead managers, and Bigshare Services Pvt. Ltd. acting as the registrar.

According to the draft prospectus, the fresh issue proceeds will be channelled towards Rays Green Energy Manufacturing, a subsidiary, to part-finance a new manufacturing facility. Funds will also be used for debt repayment or pre-payment, along with general corporate purposes, strengthening the balance sheet as the company gears up for its next phase of growth.

Business Profile and Execution Track Record

Founded on its Co-Development Business model, Rays Power Infra specialises in developing ‘ready-to-build’ renewable energy infrastructure and providing engineering, procurement, and construction (EPC) services. With a strong focus on solar projects, the company has commissioned 50 renewable power projects as of July 31, 2025.

The order book remains robust, standing at ₹8,034 crore with 30 contracted projects currently at different stages of execution. This solid pipeline positions the company to capture further demand in India’s expanding renewable energy landscape.

Read More: Upcoming IPO: Capillary Technologies Secures SEBI Approval for IPO to Raise ₹430 Crore!

Financial Performance

Rays Power Infra reported steady financial growth in FY25, recording ₹1,220.6 crore in revenue from operations. Its operating EBITDA stood at ₹194.2 crore, while profit after tax (PAT) came in at ₹139.35 crore, according to the DRHP.

Conclusion

With a proposed ₹1,150 crore IPO, Rays Power Infra is aiming not only to raise funds but also to reinforce its position in India’s renewable energy value chain. A healthy order book, proven project delivery, and clear allocation of IPO proceeds towards manufacturing and debt reduction highlight its readiness to scale. 

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