Renewable Energy Firms Juniper Green Energy and Rayzon Solar Eye Lucrative IPOs Following HDB Financial's Success
Key Insights
Juniper Green Energy files for a ₹3,000 crore IPO, aiming to repay debts and invest in subsidiaries, with a pre-IPO round targeting ₹600 crore.
Rayzon Solar seeks ₹1,500 crore in fresh issue proceeds to establish a TOPCon solar cell manufacturing facility in Surat.
The success of HDB Financial's oversubscribed IPO has spurred interest from renewable energy and logistics firms like Shadowfax and Wakefit.
Credila Financial Services and Wakefit also file draft IPO papers, targeting ₹5,000 crore and ₹468.2 crore respectively, to scale operations.
The recent oversubscription of HDB Financial Services' IPO, which garnered bids for 217.68 crore shares against an offer of 13.04 crore shares, has set a bullish tone for the market. This has prompted renewable energy firms Juniper Green Energy and Rayzon Solar to pursue their own public fundraising initiatives. Juniper Green Energy has filed preliminary documents with the Securities and Exchange Board of India (Sebi) for a ₹3,000 crore IPO, comprising a fresh issue of shares. The company plans to allocate ₹1,092.3 crore for debt repayment and corporate needs, with the remainder directed toward subsidiaries like Juniper Green Gamma One and Juniper Green Ray Two. A pre-IPO round aims to raise ₹600 crore, potentially reducing the final issue size.
Rayzon Solar, a leading solar photovoltaic module manufacturer, has also submitted draft papers for a ₹1,500 crore fresh issue. The proceeds will primarily fund a TOPCon solar cell manufacturing facility in Surat through its subsidiary, Rayzon Energy. The company's pre-IPO round targets ₹300 crore. Both firms are capitalizing on the renewed investor confidence following HDB Financial's successful ₹12,500 crore IPO, which included a ₹2,500 crore fresh issue and a ₹10,000 crore offer for sale (OFS) by HDFC Bank.
The momentum has extended beyond renewables, with logistics provider Shadowfax reportedly preparing confidential IPO documents for a ₹2,000-2,500 crore offering. Backed by Flipkart, Shadowfax's valuation recently surged to ₹6,000 crore. Meanwhile, Credila Financial Services, an education loan provider, has filed for a ₹5,000 crore IPO, split into a ₹3,000 crore fresh issue and a ₹2,000 crore OFS. HDFC Bank plans to offload a ₹1,050 crore stake in the OFS. Wakefit Innovations, a home furnishing company, has also joined the IPO rush with a ₹468.2 crore fresh issue and an OFS of 5.84 crore shares, aiming to expand its retail footprint and upgrade infrastructure.
The flurry of IPO activity underscores a broader market recovery and investor appetite for growth sectors like renewables and logistics. Analysts attribute this trend to the strong performance of recent offerings and the availability of capital for scaling operations. The renewable energy sector, in particular, stands to benefit as firms like Juniper and Rayzon leverage public funds to expand capacity and adopt advanced technologies like TOPCon solar cells.