October 17, 2024
New Delhi, India
BSE SME
Integrum Energy Infrastructure Ltd has filed its draft red herring prospectus (DRHP) with the BSE SME to raise funds through an initial public offering (IPO). The company, which is focused on providing renewable energy solutions to industrial and commercial clients, aims to use the proceeds to further its expansion plans, including the development of solar projects and corporate growth initiatives.
IPO Structure and Offer Details:
- Total Offer Size: The IPO will consist of up to 54,90,000 equity shares.
- Fresh Issue: 49,50,000 equity shares.
- Offer for Sale (OFS): 5,40,000 equity shares.
- The shares are priced at ₹10 each, with the OFS component involving promoters Shyam Sundar Maheshwari and Shipra Goel selling their shares.
Key Promoters:
- Anand Lahoti, Shyam Sundar Maheshwari, Puneet Goel, and Shipra Goel together hold 94.83% of the company’s equity. Post-IPO, their shareholding will decrease due to the OFS.
Primary Objectives of the IPO:
- Funding Working Capital: The company intends to use a portion of the proceeds to strengthen its working capital reserves.
- Investment in Solar Plant: A significant portion will be invested in its subsidiary, Integrum Green Assets Private Ltd, to finance the construction of a solar power plant. This plant will supply energy to a commercial and industrial (C&I) customer through a long-term Power Purchase Agreement (PPA).
- Inorganic Growth: The funds will also be used for acquisitions and other strategic growth initiatives.
- General Corporate Purposes: The remainder of the proceeds will be allocated towards general corporate expenses and IPO-related costs.
Company Overview:
Founded in 2021 and based in Bengaluru, Integrum Energy Infrastructure focuses on developing and delivering renewable energy solutions, primarily in the solar, wind, and hybrid energy sectors. The company aims to help industrial and commercial clients reduce their energy costs and carbon footprint through sustainable energy systems.
- Key Services: Integrum provides comprehensive renewable energy services including solar, wind, and hybrid installations, helping businesses reduce their dependency on conventional energy sources.
- Solar Power Project in Karnataka: Integrum’s subsidiary, Integrum Green Assets Pvt Ltd, is currently working on a solar power project in Karnataka, showcasing the company’s commitment to sustainability.
The company also enhances its clients’ operational efficiency by leveraging advanced internal analytics to promote the adoption of clean energy solutions.
Financial Performance:
As of March 31, 2024, Integrum posted a revenue of ₹23,324.07 lakhs, with an EBITDA of ₹2,075.57 lakhs and a profit after tax (PAT) of ₹1,515.19 lakhs. This highlights the company’s robust growth trajectory in a relatively short period since its founding.
Market Comparisons:
According to the DRHP, Integrum Energy Infrastructure‘s only listed peer is Oriana Power Ltd, which operates in a similar sector with a P/E ratio of 63.66. Oriana Power’s valuation serves as a benchmark for evaluating Integrum’s IPO pricing and future growth potential.
Leadership and Vision:
Integrum’s leadership team, led by experienced industry professionals, plays a pivotal role in steering the company’s vision of fostering a greener future. By offering tailored energy solutions, Integrum is well-positioned to assist companies in meeting their sustainability goals while improving overall competitiveness.
IPO Management:
- Lead Manager: The book-running lead manager for the IPO is Beeline Capital Advisors Private Ltd.
- Registrar: Integrated Registry Management Services Private Ltd will act as the registrar for the issue.
- Market Maker: The market maker for the issue is Prabhat Financial Services.
Disclaimer:
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