Solar EPC company Rays Power Infra has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial share sale.
The Initial Public Offering (IPO) comprises a fresh issuance of equity shares worth up to Rs 300 crore and an offer for sale component of up to 29.95 lakh shares by its promoters, according to the draft red herring prospectus (DRHP) filed on Dec 29.
Under the offer for sale, Ketan Mehta will sell up to 14.37 lakh equity shares, while Pawan Kumar Sharma and Sanjay Garudapally will offload 7.78 lakh shares each through the public issue.
The company may undertake a pre-IPO placement of its securities worth up to Rs 45 crore, or a secondary sale of up to 14.97 lakh shares by its promoters or a combination thereof.
If such placement is undertaken, then the amount will be reduced from the fresh issue and the offer-for-sale portion.
Rays Power Infra proposes to utilise the net proceeds of the fresh issue for funding incremental working capital requirements and general corporate purposes, according to the draft documents.
Anand Rathi Advisors Ltd and Unistone Capital Pvt Ltd are the book running lead managers, while Bigshare Services Pvt Ltd is the registrar for the IPO.
The company's equity shares are proposed to be listed on the BSE and the National Stock Exchange (NSE).
Established in 2011, Mumbai-based Rays Power Infra provides solar engineering, procurement and construction (EPC) services, catering to the increasing demand in the country.
It is also one of the leading integrated solar power companies in India with implementation of solar power projects of 1,207 megawatts peak (MWp).
The company’s total income stood at Rs 890.51 crore and profit after tax at Rs 131.04 crore in 2022-23.