Juniper Green and Rayzon Solar file DRHPs with SEBI to raise IPOs

Juniper Green Energy and Rayzon Solar Limited have filed draft red herring prospectuses (DRHPs) with SEBI to raise a total of Rs 45 billion through initial public offerings (IPOs) of equity shares.

Juniper Green Energy aims to raise over Rs 30 billion. The IPO will be a pure fresh issue, with no offer-for-sale component. Of the total proceeds, Rs 10.92 billion will go toward debt repayment and Rs 11.57 billion for repayments related to subsidiaries, including Juniper Green Gamma One and Three, Juniper Green Field, Beam, Kite, and Ray Two. The remaining funds will be used for general corporate purposes.

ICICI Securities, HSBC Securities and Capital Markets (India), JM Financial, and Kotak Mahindra Capital Company are the book-running lead managers for Juniper’s issue.

Rayzon Solar plans to raise up to Rs 15 billion. It will invest Rs 12.65 billion from the IPO proceeds into its subsidiary Rayzon Energy to partly fund a 3,500 MW tunnel oxide passivated contact solar cell manufacturing plant in Surat, Gujarat. Axis Bank has approved a Rs 3 billion loan for the facility, which is expected to become operational by FY 2026–27. The project cost is estimated at Rs 16.51 billion. The balance IPO funds will be used for general corporate purposes.