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10 Oct 2024
Prostram Info System Ltd. has submitted its draft papers to the Securities and Exchange Board of India (SEBI) in preparation for raising capital through an initial public offering (IPO).
The IPO will consist solely of a fresh issue of 1.6 crore equity shares. According to the draft filing, Choice Capital Advisors Pvt. Ltd. will act as the exclusive book-running lead manager for the offering. Upon successful completion, the shares will be listed on both the BSE Ltd. and the National Stock Exchange.
The company plans to allocate Rs 72.5 crore from the IPO proceeds towards working capital, Rs 180 crore for repaying outstanding debts, and Rs 90 crore for acquiring additional shares in a subsidiary, aiming to make it a wholly owned entity.
Prostram Info System Ltd. specializes in the design, production, assembly, and sale of energy storage and power conditioning equipment. It also provides rooftop solar photovoltaic power plant projects across India on an EPC basis. The company's operations are backed by 22 branch offices and two storage facilities, spread across 17 states and one union territory, as outlined in its draft documents.
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