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Jun 13, 2025
Rayzon Solar prepares for ₹1,500-cr IPO
Rayzon Solar, a fast-growing solar panel maker from Surat, is gearing up to raise about ₹1,500 crore through an IPO soon. The money will help boost their business and support new projects.
TL;DR
One of India's largest solar module manufacturers
Started in 2017, Rayzon Solar has quickly grown into one of India's top solar module manufacturers. Their capacity jumped from just 40 MW to 6,000 MW across two sites in Gujarat. They supply solar panels for homes, businesses, and big utility projects—both in India and abroad.
Rayzon recently raised ₹138 crore privately
Rayzon recently raised ₹138 crore privately and secured $18 million in a pre-IPO round at an $844 million valuation. For FY24, they posted revenue of ₹1,273 crore with a net profit of ₹61 crore—showing solid growth as they get ready for the next big step.