Module manufacturer Rayzon Solar has received approval for its draft red herring prospectus (DRHP) for an initial public offering (IPO) to raise ₹15 billion (~$170.64 million) from the Securities and Exchange Board of India (SEBI).

According to the DRHP filed in June this year, Rayzon will utilize up to ₹12.65 billion (~$147.5 million) of the net proceeds to invest in its wholly owned subsidiary, Rayzon Energy, and partly finance the development of a 3.5 GW TOPCon solar cell manufacturing plant in Surat, Gujarat.

Axis Bank has approved a loan of ₹3 billion (~$34.11 million) for the cell facility.

Rayzon has estimated the cost of establishing the solar cell manufacturing plant at ₹16.51 billion (~$192.51 million). The facility is currently being established and is expected to be operational by FY 2027.

The remaining funds will be utilized for general corporate purposes.

Several clean energy companies have filed DRHPs to raise funds from the capital market this year.

Recently, Rays Power Infra filed a DRHP with SEBI to raise ₹11.5 billion (~$130.82 million). The IPO will have a fresh issue size of ₹9 billion (~$102.38 million) and an offer for sale (OFS) of shares worth ₹2.5 billion (~$28.44 million).

The company plans to utilize ₹5 billion (~$56.88 million) from the net proceeds to partly fund a new solar cell manufacturing facility costing ₹9.21 billion (~$104.79 million) through its subsidiary. It plans to raise ₹3.22 billion (~$36.65 million) from secured loans and the remaining amount for the facility from internal accruals.

Rays Power Infra said it will utilize ₹2 billion (~$22.75 million) towards its incremental net working capital requirements for the financial year 2027.

Meanwhile, facility management and renewable energy solutions company BVG India has filed its DRHP to raise ₹3 billion  (~$34.11 million) through an IPO. It also has plans for an offer for sale under which existing shareholders will offload 28.5 million equity shares.

BVG has a 1 GW solar engineering, procurement, and construction portfolio and an 8 MW rooftop solar portfolio. It also has a 500 MW solar module manufacturing facility. It has completed over 750 MW of solar EPC projects.

Shivalaya Construction has also filed a DRHP with SEBI for an IPO. The IPO comprises a fresh issuance of ₹4.5 billion (~$51.16 million) and an OFS component up to 24,861,900 equity shares. The proceeds from the issue, up to ₹3.4 billion (~$38.66 million), will be allocated towards debt repayment, and the remaining amount towards general corporate purposes.

The company may also consider pre-IPO placement of up to ₹900 million (~$10.23 million). It recently secured a 600 MW capacity in the Solar Energy Corporation of India’s auction to set up 2 GW of solar projects with 4 GWh energy storage systems.

A raft of other IPOs by clean energy companies is in the pipeline this year.