JSA has advised the book-running lead managers—SBI Capital Markets, Ambit Private, and IIFL Capital Services—on the proposed initial public offering (IPO) of Rayzon Solar Limited
JSA’s role encompassed conducting legal due diligence on the issuer, drafting and reviewing offer documents, advising on regulatory compliance with the Securities and Exchange Board of India (SEBI) regulations, and assisting with overall structuring and documentation of the public issue.
The JSA team was led by Arka Mookerjee (Partner) and Siddhartha Desai (Partner), supported by associates Arjun Rastogi, Govind Roy, Prateek Khandelwal, Aditya Shendye, Ayushi Pandit, and Anvita Sinha.
According to publicly available information, AZB & Partners is acting as legal counsel to the issuer.
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Deal Overview
Acquirer/Issuer | Rayzon Solar Limited |
Target | Not Applicable |
Transaction Type | Initial Public Offering (IPO) |
Sector | Renewable Energy (Solar Power) |
Deal Value | Approx. ₹1,500 crore (Fresh Issue) |
Stake Acquired | Not Applicable (Fresh equity issuance only) |
Status | Draft Red Herring Prospectus (DRHP) filed with SEBI |
Regulatory Approvals | Subject to SEBI and stock exchange approvals |
Strategic Significance
Rayzon Solar Limited, founded in 2017 and headquartered in Surat, is one of India’s leading solar photovoltaic module manufacturers with a production capacity of approximately 6 gigawatts (GW). The IPO proceeds are expected to partly finance the development of a new 3.5 GW solar cell manufacturing facility in Surat, leveraging advanced TOPCon technology. This expansion is aimed at strengthening Rayzon Solar’s backward integration capabilities and supporting India’s goal of building a resilient domestic solar manufacturing ecosystem.
Why It Matters
The proposed IPO underlines the growing investor appetite for companies in India’s renewable energy and green technology sectors. With increasing policy focus on solar capacity additions and domestic manufacturing under the government’s Production Linked Incentive (PLI) scheme, companies like Rayzon Solar are well-positioned to capitalise on these trends.
For the legal and financial advisory community, this transaction highlights the continuing role of full-service firms in handling complex capital market transactions, including extensive due diligence, compliance with evolving SEBI norms, and advising on structuring large-scale public issues.
As the renewable energy sector attracts more private and public investment, strategic capital raising deals such as this are expected to shape the competitive landscape and drive India’s transition to cleaner energy sources.
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.
