Active Stocks
Fri May 24 2024 15:59:27
  1. Tata Steel share price
  2. 174.80 -0.37%
  1. NTPC share price
  2. 374.85 0.68%
  1. State Bank Of India share price
  2. 828.60 -0.45%
  1. ITC share price
  2. 436.10 -1.16%
  1. Power Grid Corporation Of India share price
  2. 318.50 -0.39%
Business News/ Markets / Ipo/  Rays Power Infra files DRHP for IPO with SEBI
BackBack

Rays Power Infra files DRHP for IPO with SEBI

Rays Power Infra Ltd, one of India's top integrated solar power companies, files draft red herring prospectus for IPO. Rays Power Infra Ltd's IPO includes fresh issue of equity shares up to ₹300 crore and offer for sale of up to 2.99 million shares.

Rays Power Infra Ltd files draft red herring prospectus for IPO with SEBI. Photo: iStockphotoPremium
Rays Power Infra Ltd files draft red herring prospectus for IPO with SEBI. Photo: iStockphoto

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. 

Also Read: Diffusion Engineers files draft papers with SEBI to raise funds via IPO

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.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

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.

Also Read: Esconet Technologies files DRHP with SEBI for NSE SME listing

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.

Also Read: Kay Cee Energy & Infra IPO: Check GMP, subscription status on day 3, other key details

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.

Also Read: AIK Pipes and Polymers share price debuts with 12.4% premium at 100 on BSE SME

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.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 02 Jan 2024, 10:36 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started