Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
PMEA Solar Tech Solutions, a leading solar tracking and mounting product manufacturer based in Mumbai, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The IPO, which will have a face value of ₹10 per equity share, comprises a combination of fresh issues up to ₹600 crore and an offer for sale of 11.23 million equity shares. The offer for sale includes up to 2.80 million equity shares each from Samir Pravin Sanghavi, Kapil Pravin Sanghavi, Vishal Navinchandra Sanghavi, and Sandeep Navinchandra Sanghavi.
Funds from the fresh issue will be utilized for capital expenditure and debt repayment, including establishing a manufacturing facility in Mundra and acquiring machinery for plants in Nasik and Pune. IIFL Securities Limited and ICICI Securities Limited have been appointed as the book-running lead managers for the issue, while Link Intime India Private Limited will act as the registrar. As of June 2024, PMEA Solar's total borrowings stood at ₹314.06 crore.
PMEA Solar Tech Solutions provides a wide range of products for large-scale solar and ground-mounted projects, with an annual installed capacity of 16 GW for module mounting assemblies and 6 GW for rolled products as of March 31, 2024. Beyond solar products, the company manufactures components for other industries, including switchgear, automotive OEMs, lighting, furniture, and partition panels.
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