RCRS Innovations Taps into the Clean Energy Market, Files DRHP with NSE Emerge
પ્રતિકાત્મક
- The IPO comprises an issue of 48.24 lakh equity shares of face value ₹10 per share through the book-building route
- The Noida-headquartered company is India’s largest supplier of lithium batteries for solar lighting applications
- RCRS Innovations Limited (RCRSIL) intends to utilise net proceeds from the IPO to meet its working capital requirement and expand its battery manufacturing capacity
- RCRSIL posted a revenue of Rs. 78.68 crore in the first nine months of FY2023-24, compared to a revenue of Rs. 67.80 crore in FY2022-23
- Corporate Capital Ventures is the Book Running Lead Manager, and Skyline Financial Services Private Limited is the Registrar for the issue
New Delhi, April 26, 2024: India’s leading Lithium-Ion battery manufacturer RCRS Innovations Limited (RCRSIL) today said it has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge. The company’s proposed Initial Public Offering (IPO) comprises a fresh issuance of 48.24 lakh equity shares with a face value of ₹10 each through the book-building process.
RCRSIL has appointed Corporate Capital Ventures as the sole Book Running Lead Manager to the issue, while Skyline Financial Services Private Limited is the registrar for the issue. Corporate Capital Ventures has completed a string of successful SME IPOs in the recent months, including Trust Fintech, Creative Graphics, Alpex Solar, Rockingdeals, Accent Microcell, Oriana Power, Droneacharya and Crayons Advertising, among others. The company is part of the MSMEx SME IPO Cohort program.
Headquartered in Noida, RCRSIL manufactures and markets Lithium-Ion batteries and solar panels under EXEGI brand. The company’s products, manufactured in two separate plants in the Delhi-NCR region, are primarily used for clean energy storage and solar lighting. RCRSIL is the largest supplier of battery packs for solar lighting applications in India. It is also among the leading suppliers of Battery Energy Storage Solutions in India. The company also manufactures monocrystalline and polycrystalline PV panels in power outputs ranging from 40W to 400W.
According to the DRHP, RCRSIL intends to utilise net proceeds from the offering to meet its working capital requirement and expand its battery manufacturing capacity. The company’s current battery manufacturing facility in Noida is equipped with state-of-the-art laboratories and testing equipment. RCRSIL or its products has over 20 certifications and test reports.
RCRSIL recorded revenues of ₹78.68 crore and earned profit after tax (PAT) of ₹5.71 crore during the first nine months of the fiscal year, which ended December 31, 2023. The company had reported revenues of Rs. 67.80 crore and profit after tax (PAT) of ₹1.35 crore for the full FY 2022-23.
About RCRS Innovations Limited
RCRS Innovations Limited (RCRSIL), the parent company of EXEGI, is a leading lithium battery and solar panels manufacturer and a key player in India’s fast-growing clean energy storage industry. The company manufactures solar panels and battery packs for solar lighting applications, as well as battery energy storage solutions (BESS) for commercial, residential, and industrial applications. RCRS’s mission is to be a leader in producing efficient and reliable clean energy solutions that can deliver limitless clean energy for all, while simultaneously reducing the world’s dependence on fossil fuels.
