Infra.Market and Rays Power Infra file DRHPs for IPOs; check detials

Infra.Market, backed by Accel and Tiger Global, has confidentially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), while Rays Power Infra has submitted its Rs 1,150 crore DRHP for an upcoming initial public offering (IPO). Both companies are seeking to raise funds through a combination of fresh issues and offers for sale by existing shareholders. 

Infra.Market’s proposed IPO aims to raise between Rs 4,500 and 5,500 crore, blending fresh shares and an offer for sale (OFS), according to individuals familiar with the matter. Rays Power Infra’s issue comprises a fresh issue of up to Rs 900 crore and an OFS of up to Rs 250 crore by key promoters and a selling shareholder. The IPOs will utilise the book-building process as per SEBI ICDR Regulations.

As per market sources, Infra.Market has appointed Kotak Mahindra Capital, Goldman Sachs, IIFL Capital, HSBC, Jefferies, ICICI Securities and Motilal Oswal Financial Services as merchant bankers for the issue. The company or spokesperson declined to disclose any details or timing of the IPO.

Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market operates as a building materials platform, providing end-to-end solutions across the construction value chain. The company leverages a network of over 250 manufacturing units and 10,000 retail touchpoints, with strategic investments in entities such as RDC Concrete, Shalimar Paints, Emcer, Millennium Tiles, and Amstrad.

Rays Power Infra’s IPO features a face value of Rs 2 per equity share, with reservations of up to 50% for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and at least 35% for Retail Individual Investors (RIIs). A pre-IPO placement of up to Rs 180 crore may be considered for Rays Power Infra, potentially reducing the size of the fresh issue if completed.

Rays Power Infra, incorporated in 2011 in Mumbai, offers utility-scale, end-to-end renewable energy solutions with a strong focus on solar. The company is recognised for its co-development business model and provides engineering, procurement, and construction (EPC) services for renewable projects. As of 31 July 2025, Rays Power Infra has commissioned 50 renewable power projects with a cumulative capacity of 1,771.18 MWp and holds an order book of Rs 8,034.2 crore, spanning 30 projects in execution.

The objectives for Rays Power Infra’s IPO include investing Rs 500 crore into its wholly owned subsidiary, Rays Green Energy Manufacturing Private Limited, to part-finance a 1.5 GW PV Solar n-type TOPCon G12R cell manufacturing plant in Madhya Pradesh, Rs 200 crore for working capital, and the balance for general corporate purposes. This strategy underlines the company’s intent to expand manufacturing capabilities and strengthen operations.

Rays Power Infra’s order book, as of July 31, 2025, includes Rs 4,657.2 crore from its co-development business and Rs 3,283.4 crore from EPC operations, with an additional Rs 93.6 crore from operations and maintenance and the sale of electricity. The company serves notable private sector developers and public sector clients, including Serentica Renewables India Limited, Radiance KA Sunshine Seven Private Limited, and SJVN Green Energy Limited.

For the Rays Power Infra issue, Anand Rathi Advisors and Pantomath Capital Advisors Private Limited serve as book-running lead managers, while Bigshare Services Private Limited is the registrar. The shares are proposed for listing on the BSE and NSE.