Rays Power Infra...

Rays Power Infra announces completion of its Pre-IPO Investment

Mumbai, April 1, 2024: Rays Power Infra, is one of the leading integrated solar power company in India, is pleased to announce completion of its Pre-IPO round as a part of its fund raising process and boosting investor confidence.

Individual and institutional investors that participated in the private placement included Kamlesh Navinchandra Shah financial advisor, Vijay Mohan Karnani founder of Vimana Capital, Ashok Kumar and Tushar Anand from Alkem Family House, Rakesh Laroia a financial investor and few other renowned investors.

This Pre-IPO round of 54 crores reflects a strong endorsement of Rays Power Infra's business model, growth prospects, robust order book position and management team. The funds raised through this investment will support the company's expansion initiatives and overall strategic objectives.

Rays Power Infra remains focused on delivering innovative solutions, driving operational excellence, and creating value for its customers, employees, and investors. The company is aiming to achieve an extraordinary two-fold increase in revenue in the financial year 2024-25 backed by a confirmed order book of INR 2300 crores as on Feb end , marking a remarkable leap in its financial performance.

Ketan Mehta, Managing Director of Rays Power Infra said “We are excited to announce this Pre IPO Investment and this milestone reflects our unwavering commitment to transparency, governance, and shareholder value. We are grateful for the support of our pre-IPO investors and look forward to continuing our journey of growth and innovation."

Further given the recent influx of large new orders and expected growth trajectory the company plans to refile its DRHP for a larger fund at a much better valuation. The company will continue to evaluate capital-raising options and strategic partnerships to fuel its growth trajectory.