The IPO, which has a face value of Rs. 10, consists of a new equity share issuance up to Rs. 300 crore and an offer for sale (OFS) by promoter selling shareholders of up to 2.99 million shares, according to the official press release.
New Delhi: To seek money for its initial public offering (IPO), Mumbai-based integrated solar power provider Rays Power Infra announced on Tuesday that it has submitted its draft red herring prospectus (DRHP) to capital market regulator Sebi.
The official press release states that the initial public offering (IPO), which has a face value of Rs. 10, consists of a promoter selling shareholders' offer to sell up to 2.99 million shares and a fresh issue of equity shares up to Rs. 300 crore.
It further stated that the company's general corporate purposes and additional working capital requirements will be funded with the Rs 210 crore in proceeds from the new issuance. Up to 1.4 million shares from Ketan Mehta, 7.78 lakh shares from Pawan Kumar Sharma, and 7.78 lakh shares from Sanjay Garudapally make up the OFS.
The company may decide to make another equity share offer after consulting with the book running lead managers. This could take the form of a private placement of equity shares worth up to Rs 45 crore, a secondary sale by the promoter to shareholders of up to 1.49 million equity shares, or a combination of these options as a pre-IPO placement. The corporation said that after this placement is finished, the size of the next issue would be less.
According to the announcement, the company's order book as of October 31, 2023, is made up of Rs 1842.01 crore (Rs 292.04 crore from turnkey solar services, Rs 476.27 crore from solar EPC business, Rs 454.80 crore from solar parks business, and Rs 618.90 crore from other business sectors).
The company's operating revenue for the fiscal year 2022–2023 climbed to Rs 776.58 crore from Rs 544.42 crore in the previous fiscal year, according to the statement. From Rs 8.09 crore in the fiscal year 2022 to Rs 131.04 crore in the fiscal year 2023, profit after tax rose.
Revenue from operations was Rs 85.92 crore, and profit after tax was Rs 2.49 crore for the three months that concluded on June 30, 2023. Bigshare Services is the offer registrar, while Anand Rathi Advisors and Unistone Capital are the only book-running lead managers.