Rayzon Solar has secured approval from the Securities and Exchange Board of India (SEBI) to proceed with its proposed Rs 15 billion initial public offering (IPO). SEBI issued its final observations clearing the way for the company’s market debut.
Furthermore, the IPO proceeds will be primarily used to establish a 3.5 GW solar cell manufacturing facility in Surat through Rayzon’s newly formed subsidiary, Rayzon Energy Private Limited. The facility will focus on producing high-efficiency TOPCon solar cells to support domestic demand.
Earlier in February 2025, Rayzon Solar secured a contract to manufacture and supply 280 MWp of its TOPCon solar panels for a photovoltaic project by Mahindra Susten.
Furthermore, in July 2024, Rayzon Solar partnered with Hero Future Energies to launch a 200 MW solar project in Karnataka.
