Rays Power Infra Ltd has filed its draft red herring prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI), for an initial public offering (IPO).
Mumbai-based Rays Power Infra Ltd is one of India's top integrated solar power companies, with 1,207 megawatts peak ("MWp") of solar power installed.
With a face value of ₹10, the IPO consists 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 includes 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.
The company will use the ₹210 crore in proceeds from the new issue to fund its general corporate purposes as well as any additional working capital requirements.
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In consultation with the book running lead managers, the company may decide to make another equity share offer. This could take the form of a secondary sale by the promoter to shareholders of up to 1.49 million equity shares, or a combination of both, known as a "Pre-IPO Placement." The private placement of equity shares could total up to ₹45 crore. Once this placement is finished, the size of the new issue will be smaller.
The sole book-running lead manager is Anand Rathi Advisors Limited; the registrar of the offer is Bigshare Services Private Limited. The equity shares are proposed to be listed on the BSE and NSE.
Through the Book Building Process, the offer is being made; not less than 15% of the offer is being made available to non-institutional bidders, not less than 35% of the offer is being made available to retail individual bidders, and not more than 50% of the offer is being made available for proportionate allocation to qualified institutional buyers.
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.
The company's order book as of October 31, 2023, is made up of the following amounts: ₹292.04 crore from Turnkey Solar Services; ₹476.27 crore from Solar EPC Business; ₹454.80 crore from Solar Parks Business; and ₹618.90 crore from Other EPC Business, Power Sale, and O&M. Together, these amounts total ₹1842.01 crore.
The revenue from operations for the three months that concluded on June 30, 2023, was ₹85.92 crore, and the profit after tax was ₹2.49 crore.
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