Rayzon Solar files DRHP for IPO

Rayzon Solar, a manufacturer of solar photovoltaic modules, has filed its draft red herring prospectus (DRHP) with the regulator to raise Rs 15 billion through an initial public offering (IPO). The IPO will consist entirely of a fresh issue. The company may also raise Rs 3 billion through a pre-IPO round, in which case the IPO size will be reduced accordingly. Of the total proceeds, up to Rs 12.65 billion will be used to partly finance the establishment of a 3.5 MW capacity solar cell manufacturing facility.