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Business News/ Markets / Ipo/  IPO Watch: Rays Power Infra raises 54 crore via pre-IPO placement

IPO Watch: Rays Power Infra raises ₹54 crore via pre-IPO placement

Rays Power Infra completes ₹54 crores Pre-IPO round to increase investor trust. Plans to refile DRHP for larger fund at better valuation. Exciting growth opportunities ahead with strategic alliances and capital raising.

Rays Power Infra IPO announces completion of its Pre-IPO round of ₹54 crores today.Premium
Rays Power Infra IPO announces completion of its Pre-IPO round of 54 crores today.

Rays Power Infra IPO: The integrated solar power firm Rays Power Infra IPO announced the completion of its Pre-IPO round of 54 crores in order to raise funds and increase investor trust. As part of this process, the company intends to refile its Draft Red Herring Prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI).

Rays Power Infra's Managing Director, Ketan Mehta, stated that the company intends to refile its DRHP for a larger fund at a much better valuation, given the recent flood of substantial fresh deals and predicted growth trajectory. To maintain its current development trajectory, the company will keep exploring opportunities for strategic alliances and capital raising.

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“We are excited to announce this Pre-IPO Investment and this milestone reflects our unwavering commitment to transparency, governance, and shareholder value. We are grateful for the support of our pre-IPO investors and look forward to continuing our journey of growth and innovation," added Ketan Mehta.

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Rays Power Infra Ltd filed its DRHP with SEBI for an IPO in January but eventually withdrew its papers. 

A number of well-known investors, including financial advisor Kamlesh Navinchandra Shah, Vijay Mohan Karnani, founder of Vimana Capital, Ashok Kumar and Tushar Anand from Alkem Family House, and financial investor Rakesh Laroia, took part in the private placement.

The company's expansion plans and overall strategic goals will be aided by the funds that are obtained through this investment.

In the fiscal year 2024–2025, the company hopes to achieve a remarkable twofold growth in revenue, supported by a confirmed order book of 2,300 crores as of February end. This would represent a significant improvement in its financial performance.

Also Read: Rays Power Infra files DRHP for IPO with SEBI

The initial offer comprised of a fresh issue of equity shares up to 300 crore and an offer for sale (OFS) by Promoter Selling Shareholders of up to 2.99 million shares.

The OFS included up to 1.4 million shares by Ketan Mehta, up to 7.78 lakh shares by Pawan Kumar Sharma, and up to 7.78 lakh shares by Sanjay Garudapally.

Since its founding in 2011, the company has developed into a respected supplier of complete solar engineering, procurement, and construction (EPC) services. It first gained prominence as an early player in the solar park industry. The country's growing need for renewable energy solutions has been the main driver of its expansion.

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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 01 Apr 2024, 05:37 PM IST
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