Rayzon Solar secures SEBI approval for Rs 15 billion IPO

Rayzon Solar has received approval from the Securities and Exchange Board of India (SEBI) to move ahead with its proposed Rs 15 billion initial public offering. The regulator issued final observations, clearing the way for the company’s market debut.

Proceeds from the issue will be used to set up a 3.5 GW solar cell manufacturing facility in Surat through Rayzon’s subsidiary, Rayzon Energy Private Limited. The plant will produce high-efficiency tunnel oxide passivated solar cells to meet domestic demand and strengthen backward integration in the company’s supply chain.

In a separate development, SEBI has placed the proposed IPO of Sterlite Electric Limited on hold. The company, part of Vedanta Group, had filed its draft red herring prospectus in early October for a fresh issue of 7.8 million shares and an offer for sale of an equal number of shares by existing shareholders. The regulator has not disclosed the reason for the pause.

Juniper Green Energy is also preparing to raise capital through an IPO.