Rays Power Infra announces completion of its pre-IPO investment, ET EnergyWorld

New Delhi: Rays Power Infra, an integrated solar power company, on Monday said it has completed its pre-IPO round as a part of its fundraising process, boosting investor confidence.

According to the official press release, 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,” said the release.

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 Rs 2,300 crore as on February end.

“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,” said Ketan Mehta, managing director of Rays Power Infra.

The release said that the company plans to refile its DRHP for a larger fund at a much better valuation and will continue to evaluate capital-raising options and strategic partnerships to fuel its growth trajectory.

  • Published On Apr 1, 2024 at 04:55 PM IST

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