The Rajasthan-based solar EPV company Rays Power Infra has filed its Initial Public Offering (IPO) papers with the Securities and Exchange Board of India (SEBI) on January 02, 2024. The company plans to raise Rs 300 crore from a fresh issue of equity shares. The issue also comprises of an offer-for-sale of 29.95 lakh shares from the promoters. The equity shares have a face value of Rs 10 and the offer price will be determined through the book-building process.
The company also noted in its DRHP that it may consider undertaking a pre-IPO placement through further issue of shares including private placement of up to Rs 45 crore, or through a secondary sale of up to 14.97 lakh shares by the selling shareholders. The amount raised from the pre-IPO placement offer will be reduced from the fresh issue or offer-for-sale portion.
Among the existing promoters, Ketan Mehta will offload up to 14.37 lakh shares, Pawan Kumar Sharma 7.78 lakh shares and Sanjay Garudapally will offload up to 7.78 lakh equity shares.
A maximum of 50% portion of the net issue will be reserved for the qualified institutional buyers whereas minimum 15% will be reserved for the Non institutional investors. At least 35% of the net issue will be reserved Retail investors.
The company proposes to utilise the net proceeds from the issue towards funding working capital requirements and general corporate expenses.
Anand Rathi Advisors Limited is the book running lead manager while Bigshare Services Pvt Ltd is the registrar for the Rays Power Infra Limited IPO.
The integrated Solar Power company is engaged in engineering, procurement and construction management and has over a hundred clients and 350+ employees currently. With a strong foothold in India, the company is expanding its presence across Asia, Africa and Australia regions.
In the first quarter of FY24, the company recorded a profit of Rs 2.49 crore on a revenue of Rs 85.92 crore. In FY23, the company had posted a net profit of Rs 131 crore on a revenue of Rs 776.5 crore over a profit of Rs 8 crore on a revenue of Rs 544.42 crore in FY22.
