Mumbai-based Rays Power Infra, an integrated solar power company with implementation of solar power projects of 1,207 mega-watts peak, has filed its Draft Red Herring prospectus (DRHP) with capital market regulator SEBI to raise funds for its initial public offering (IPO).
The IPO with a face value of ₹10 comprises fresh issue of equity shares of up to ₹300 crore and an offer for sale (OFS) of up to 2.99 million shares by promoter selling shareholders. The OFS comprises up to 1.4 million shares by Ketan Mehta, up to 7.78 lakh shares by Pawan Kumar Sharma, up to 7.78 lakh by Sanjay Garudapally.
50 per cent for QIPs
The offer is being made through the book building process, where up to 50 per cent is reserved for qualified institutional buyers, 15 per cent for allocation to non-institutional bidders and not less than 35 per cent for retail investors.
The company in consultation with the book running lead managers, may consider undertaking a further offer of equity shares, including by way of a private placement of equity shares, aggregating up to ₹45 crore or a secondary sale by the promoter selling shareholders of up to 1.49 million equity shares or a combination thereof. If such placement is completed, the fresh issue size will be reduced.
The proceeds from the fresh issue, to the extent of ₹210 crore, will be used for funding incremental working capital requirement of the company and general corporate purpose.
Established in 2011, this company emerged as an early participant in the solar park sector and has since evolved into a reputable provider of comprehensive solar engineering, procurement, and construction (EPC) services. Its growth has been driven by the escalating demand for renewable energy solutions in the country.