Rays Power Infra plans ₹1,150 crore IPO
Rays Power Infra, a renewable energy firm from Gurugram, is making another attempt at going public—this time aiming to raise ₹1,150 crore through an IPO.
The plan includes ₹900 crore in fresh shares and ₹250 crore from existing shareholders.
Earlier this year, they tried for a smaller IPO but pulled back in March 2024.
Funds to boost solar cell production
Most of the funds will go into building a massive 1.5GW solar cell plant in Madhya Pradesh, with ₹500 crore set aside just for that project.
Another ₹200 crore will help with day-to-day operations, while the rest supports other business needs.
Rays Power Infra is also considering raising more cash before the IPO goes live.
The company's profits jumped 52% to ₹139.4 crore and revenue rose 16% to ₹1,220.6 crore for FY25, as it looks to grow even stronger against rivals like Sterling and Wilson Renewables.