September 18, 2024
New Delhi, India
IPO
Mumbai-based PMEA Solar Tech Solutions, a leading manufacturer of solar tracking and mounting products, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) to raise up to ₹600 crore. The IPO will consist of a fresh issue as well as an offer for sale of 11.23 million equity shares.
Key Details of the IPO
- Face Value: ₹10 per equity share
- Fresh Issue: ₹600 crore
- Offer for Sale: Up to 11.23 million equity shares
- Selling Shareholders: Samir Pravin Sanghavi, Kapil Pravin Sanghavi, Vishal Navinchandra Sanghavi, Sandeep Navinchandra Sanghavi (2.80 million shares each)
Use of Proceeds
The proceeds from the fresh issue will be allocated for:
- Capital expenditure
- Debt repayment
- Setting up a new manufacturing facility in Mundra
- Purchasing machinery for existing plants in Nasik and Pune
Financial Performance
In FY24, PMEA Solar Tech reported:
- Revenue: ₹1,500 crore (up 87.3% from ₹800.7 crore in FY23)
- Net Profit: ₹103.64 crore (up from ₹27.44 crore in FY23)
As of June 2024, the company had total borrowings of ₹314.06 crore.
Lead Managers and Registrar
- Lead Managers: IIFL Securities and ICICI Securities
- Registrar: Link Intime India Private Limited
Business Overview
PMEA Solar Tech manufactures a broad range of products for utility-scale solar projects, with an installed capacity of 16 GW for module mounting assemblies and 6 GW for rolled products. The company also caters to various other industries, including switchgears, automotive OEMs, lighting solutions, furniture, and partition panels.
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