IPO Details
Bidding Dates
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Minimum Investment
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Price Range
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Maximum Investment
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Retail Discount
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Issue Size
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Investor category and sub category
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About Rays Power Infra Limited
Rays Power Infra Limited, founded in 2011, quickly established itself as a pioneer in the solar park industry. Today, it is recognised as a leading integrated solar power company in India, having implemented solar power projects with a total capacity of 1,207 megawatts peak (MWp).
The company has demonstrated expertise in navigating state land acquisition laws and collaborating with local land authorities, securing over 5,700 acres for its clients across the country. Rays Power Infra offers tailored solutions to meet the diverse solar energy needs of its customers through a consultative approach.
The company's core operations encompass three main areas: Turnkey Solar Services, Solar EPC (Engineering, Procurement, and Construction) Services, and Solar Park Development. These services provide comprehensive solutions for project development, including land aggregation, securing connectivity and bay allocations, facilitating captive power setups, and arranging private power purchase agreements (PPAs).
In addition, Rays Power Infra manages EPC projects for various infrastructure sectors, such as water, transmission and distribution, and smart metering.
Rays Power Infra's Turnkey Solar Services have successfully developed and commissioned 828.86 MWp of solar projects in India, with an additional 198.50 MWp currently under development.
As of Fiscal 2020, the company expanded its portfolio to include electric mobility, through its majority-owned subsidiary, HOP Electric Mobility Private Limited. This subsidiary focuses on the innovation-driven production and distribution of electric two-wheelers (E2Ws), emphasising sustainability, accessibility, and affordability.
Industry Outlook:
- Solar PV's rapid growth, with a 21% CAGR from 2018 to 2022, marks it as the most economical energy generation option globally, favoured by regions with natural resources and affordable financing.
- India's electric two-wheeler market is booming, demonstrated by a 92% CAGR from FY19 to FY23, driven by consumer demand and robust government incentives for electric vehicles.
Rays Power Infra Limited IPO Details
Rays Power Infra Limited IPO Dates
The exact dates are yet to be announced.
Rays Power Infra Limited IPO Price Band
The exact price range is yet to be announced.
Rays Power Infra Limited IPO Lot Size
The exact lot size is not announced yet.
Rays Power Infra Limited IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funding incremental working capital requirement of our Company; and
- General corporate purposes
Peer Details
The companies considered by Rays Power Infra as its peers include:
- Sterling and Wilson Renewable Energy Limited
- Gensol Engineering Limited
- KPI Green Energy Limited
How to Check the Allotment Status of the Rays Power Infra Limited IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app
- Go to the Individual order details page of the IPO that you had applied for.
- Check the IPO allotment status. As such, Angel One will notify you of your IPO allotment status via push notification, email and SMS.
Contact Details of Rays Power Infra Limited IPO
- Registered office: 1st- 21 Evershine Mall, North Meter Cabin 1, Malad (West) Mumbai, Maharashtra - 400064, India
- Phone: +0141 4038767
- E-mail:cs@rayspowerinfra.com
IPO Financials
| Particulars | For the period Ended on June 30, 2023 | Year ending on March 31, 2023 | Year ending on March 31, 2022 | Year ending on March 31, 2021 |
|---|---|---|---|---|
| Total Revenue (in ₹ million) | 869.11 | 8,905.09 | 5,554.29 | 3,744.28 |
| Profit After Tax (PAT) (in ₹ million) | 24.86 | 1,310.39 | 80.92 | (105.90) |
| Cash & Cash Equivalents (in ₹ million) | 331.39 | 202.54 | 338.76 | 112.06 |
| Net Worth (in ₹ million) | 1,957.09 | 1,930.76 | 682.18 | 608.91 |
| Debt to Equity Ratio(x) | 0.69 | 0.57 | 9.29 | 10.84 |
| Return on Equity (%) | 1.28% | 100.30% | 12.53% | -15.88% |
| Return on Capital Employed (RoCE) (%) | 2.11% | 58.47% | 13.96% | 10.02% |
| Earning Per Share (EPS)-in absolute ₹ | 0.48 | 25.95 | 1.40 | (2.13) |
Know before investing
Strengths
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Rays Power Infra has a proven track record in solar EPC execution, completing projects across 12 Indian states and internationally in Bangladesh and Vietnam, demonstrating extensive geographic reach.
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The company's robust Order Book signals strong revenue visibility and sustainable growth potential, reflecting its capability to secure and manage large-scale solar projects effectively.
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With dedicated teams and strong regulatory understanding, Rays Power Infra excels in land acquisition, overcoming local resistance and bureaucratic hurdles, which is critical for timely project execution.
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Rays Power Infra's co-development model optimises capital use and enhances cost-efficiency, making it an attractive partner for investors looking for reliable and strategic solar project execution.
Risks
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Rays Power Infra faces potential financial liabilities from ongoing litigation, with risks of having to pay or provision for penalties totalling at least ₹247.02 million.
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Supplier disputes have led to significant legal challenges, including a settled insolvency claim of ₹98.55 million, indicating vulnerability to further supplier-initiated proceedings.
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Auditors have highlighted uncertainties in financial statements, including a disputed vendor claim of ₹79.70 million, which could affect future financial reporting and investor confidence.
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Delays in GST, ESIC, and PF filings due to technical issues and administrative oversights may result in regulatory penalties and damage the company’s reputation.
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Rays Power Infra IPO FAQs
Rays Power Infra IPO is a book-built IPO. The exact dates and price range are yet to be announced.
The exact dates and price range are yet to be announced.
The IPO subscription window is not announced yet.
Retail investors can apply for a minimum of one lot. However, the lot size has not been announced yet.
The exact date is not announced yet.
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app
- Go to the individual order details page of the IPO that you had applied for.
- Check the IPO allotment status as such, Angel One will notify you of your IPO allotment status via push notification, email and SMS.
Listing gains cannot be ascertained before the listing of the IPO on the stock exchange. The exact date is not announced yet.
Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.
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