Rays Power Infra Ltd IPO

About Rays Power Infra Ltd IPO

The Rays Power Infra Ltd IPO consists of a fresh issue and an offer for sale. While the fresh issue of equity shares aggregates up to ₹300 crores, the offer for sale consists of 2,995,232 equity shares. It’s a 100% book-built offer.

Objectives of Rays Power Infra Ltd IPO

• Funding incremental working capital requirement of the company
• General corporate purposes

Industry Outlook

There has been a substantial increase in installed solar power capacity because of the government’s push to achieve COP26 targets. The pace of bidding has also remained strong all along. The Ministry of New and Renewable Energy (MNRE) has announced plans to invite bids for 50 GW of renewable energy capacity annually from FY24 to FY28, with an objective to achieve the targeted 500 GW installed capacity by 2030.

Company Information

Established in 2011, Rays Power Infra Ltd has been one of the early movers in the solar park regime and has now grown into a well-established player in turnkey solar engineering, procurement, and construction (EPC) services, catering to the increasing demand for renewable energy in the country. The company is also one of the leading integrated solar power companies in India with the implementation of solar power projects of 1,207 megawatts peak.

Risks of Rays Power Infra Ltd IPO

• There are pending litigations against the company, promoters and its subsidiaries. Any adverse decision in such proceedings may render them liable to liabilities, penalties and may adversely affect its business, results of operations and financial condition.

• The company's contingent liabilities could materially and adversely affect its business, results of operations, and financial condition.

• There have been instances of delay in the filing of GST, ESIC and PF returns of the company. It may be subject to regulatory actions and penalties for any such delays and its business, financial condition and reputation may be adversely affected.

IPO Registrar and Book Running Lead Managers

Bigshare Services Pvt Ltd is the registrar of this IPO with the book running lead managers being:

• Anand Rathi Advisors Ltd
• Unistone Capital Pvt Ltd

Business Model

Turnkey solar engineering by way of land aggregation, facilitating captive arrangements and enabling execution of private power purchase agreements

Solar EPC Services

EPC Services for other infra classes such as water sector, transmission and distribution, smart metering, etc.

Solar Park development services Maintenance and operations services for turnkey solar services and

Company Growth Trajectory

Rays Power Infra Ltd has demonstrated strong financial performance. Its total income, as per Restated Consolidated Financial Information, has grown at a CAGR of 54.22% from ₹374.428 crores in Fiscal 2021 to ₹890.509 crores in Fiscal 2023.

Market Position

Rays Power Infra Ltd is an established solar power EPC company with a presence across the solar value chain. During its lifetime, the company has executed solar EPC projects in 12 states in India, and in Bangladesh and Vietnam.

How to Check Allotment Status of Rays Power Infra Ltd IPO?

You can check the allotment status of the Rays Power Infra Ltd IPO on the BSE website and on the website of the registrar - Bigshare Services Pvt Ltd. Follow these steps to check the status on the BSE website:

• Visit the BSE website
• Click on “Investor Services” and choose “Application Status Check”
• Choose the issue type — Equity or Debt
• Select the Issue Name from the drop-down. The issue name is the company’s name, which is Rays Power Infra Ltd
• Enter your application number or PAN number
• Check the box that says “I’m not a Robot” and click on “Search” to know the allotment status

To check the status on the website of Bigshare Services Pvt Ltd:

• Visit the website of Bigshare Services Pvt Ltd
• Select any one server among the three
• Select the company’s name, Rays Power Infra Ltd, in this case from ‘Company Selection’ dropdown
• Enter either the ‘Application Number’, ‘Beneficiary ID’ or ‘PAN Number’
• Enter the captcha and click on ‘Search’

How to Apply for Rays Power Infra Ltd IPO?

Here are the steps to apply for Rays Power Infra Ltd IPO:

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.

• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.

• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.

• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.

• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.