PMEA Solar Tech Solutions Ltd submitted draft papers for its maiden offering with the Securities and Exchange Board of India (SEBI). The company filed the papers for its initial public offering (IPO) with the capital markets regulator. The IPO includes a fresh offering of equity worth Rs 600 crore and an offer-for-sale of up to 11.24 million shares by existing promoters and shareholders.
The company plans to utilise the funds raised from the issue towards capital expenditure and repayment of outstanding dues. Further, the firm intends to put the proceeds raised towards establishing a fixed-tilt and tube mill manufacturing facility in Mundra, reported Moneycontrol. The remaining capital would be used to purchase machinery and equipment for the company’s plants in Nasik and Pune.
The overall borrowings of the firm touched Rs 314.06 crore, as of June 2024. The book-running lead managers of the issue are IIFL Securities and ICICI Securities.
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About PMEA Solar Tech Solutions
PMEA Solar Tech has an annual installed capacity of 16 GW for module mounting assemblies and 6 GW for rolled products, as reported on March 31, 2024. The company deals in manufacturing components for switchgears, lighting solutions, furniture for large OEMs, parts for automotive OEMs, and partition panels for healthcare and pharmaceutical industries. It specialises in offering a variety of products for utility-scale and ground-mounted solar projects.
The company operates 11 manufacturing facilities across Maharashtra and Gujarat. It reported revenue of Rs 1,500 crore in the 2023-24 fiscal year (FY24), indicating a jump of 87.3 per cent from Rs 800.7 crore clocked in the preceding 2022-23 fiscal year (FY23). The net profit of the firm touched Rs 103.64 crore in FY24, increasing from Rs 27.44 crore logged in the year-ago period.
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