Solar panel maker Rayzon Solar cuts IPO size by 50% following SEBI approval

The latest market report highlights that Gujarat-based solar photovoltaic module maker Rayzon Solar has decided to reduce the size of its initial public offering (IPO) by 50% following approval from the Securities and Exchange Board of India (SEBI).

The firm filed its draft red herring prospectus (DRHP) with SEBI in June 2025, which subsequently received approval from the capital markets regulator in October 2025.

As per the DRHP, the firm had proposed to mobilize up to Rs 1,500 crore through the IPO, comprising entirely a fresh offering of shares.

After SEBI's new rule in April 2026 allowed firms to reduce their fresh offering size by up to 50% without refiling their DRHP, Rayzon Solar approached the capital markets regulator on September 3 with an application seeking approval to reduce the size of its fresh offering.

SEBI approved the application on September 10, following which the firm reduced the size of its fresh offering, according to an addendum to the DRHP published on September 11.

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The firm has additionally made changes to the objects of the offering.

Accordingly, Rs 570 crore of the net fresh-offering proceeds will be used to partly finance the cost of establishing a manufacturing facility with an installed capacity of 3.5 GW in Surat, Gujarat. The facility, to be set up by its subsidiary Rayzon Energy, will produce solar cells using TOPCon technology. The remaining proceeds will be used for general corporate purposes.

The firm stated the total cost of the solar cell project, estimated at Rs 1,947.3 crore, will be funded through a combination of term loans, internal accruals, and net fresh-offering proceeds. The 3.5 GW TOPCon solar cell manufacturing unit is anticipated to become operational in fiscal 2027.

As of August 25, 2026, Rayzon Energy had already deployed Rs 385.8 crore towards the project.

Rayzon Solar claims to be the third-largest manufacturer of solar photovoltaic modules in India, with an ALMM-enlisted capacity of 11.3 GW as of August 3, 2026, according to a CRISIL report.

SBI Capital Markets, Ambit, and IIFL Capital Services are the merchant bankers managing the Rayzon Solar IPO.

Recently, Moneyview, Hero Motors, Juniper Green Energy, Indo-MIM, and Runwal Enterprises additionally approached SEBI and reduced their IPO sizes.