Rayzon Solar has secured approval from the Securities and Exchange Board of India (SEBI) to proceed with its proposed Rs 15 billion initial public offering (IPO).
SEBI issued its final observations clearing the way for the company’s market debut. The IPO proceeds will be primarily used to establish a 3.5 GW solar cell manufacturing facility in Surat through Rayzon’s newly formed subsidiary, Rayzon Energy Private Limited. The facility will focus on producing high-efficiency tunnel oxide passivated solar cells to support domestic demand and strengthen backward integration.