Rays Power Infra Ltd has filed its draft Red Herring Prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
Rays Power Infra Ltd, based in Mumbai, is one of India's leading integrated solar power companies with an installed solar power capacity of 1,207 megawatt peak (“MWp”).
With a nominal value of ₹10, the IPO consists of a new issue of shares up to ₹300 crore and an Offer for Sale (OFS) of up to 2.99 million shares by Promoter Selling Shareholders.
The OFS includes up to 1.4 lakh shares of Ketan Mehta, up to 7.78 lakh shares of Pawan Kumar Sharma and up to 7.78 lakh shares of Sanjay Garudapally.
The company will use it ₹210 crore in proceeds from the fresh issue to fund its general corporate purposes and any additional working capital requirements.
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In consultation with the book-running lead managers, the company may decide to make a further share offering. This could take the form of a secondary sale of up to 1.49 million shares by the promoter to shareholders or a combination of both, called a 'pre-IPO placement'. The private placement of equity shares could amount to up to ₹45 crore. Once this placement is complete, the size of the new edition will be smaller.
The sole underwriter is Anand Rathi Advisors Limited; The registrar of the offering is Bigshare Services Private Limited. The shares are proposed to be listed on the BSE and NSE.
The offer is made through the bookbuilding process; Not less than 15% of the offering will be made available to non-institutional bidders, no less than 35% of the offering will be made available to private bidders, and no more than 50% of the offering will be made available for pro rata allocation to qualified institutional buyers.
Since its founding in 2011, the company has grown into a respected provider of complete solar engineering, procurement and construction (EPC) services. The company initially gained notoriety as one of the first players in the solar park industry. The country's growing need for renewable energy solutions was the main reason for its expansion.
The Company's order backlog as of October 31, 2023 consists of the following amounts: ₹292.04 crore from Turnkey Solar Services; ₹476.27 crore from Solar EPC Business; ₹454.80 crore from Solar Parks Business; And ₹618.90 crore from other EPC business, power sales and O&M. Together these amounts make up the total ₹1842.01 Crore.
Operating revenue for the three months ended June 30, 2023 was ₹85.92 crore and the profit after tax was ₹2.49 crore.
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