iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

PMEA Solar Tech Solutions Files ₹600 Crore IPO with SEBI

18 Sep 2024 , 12:55 PM

PMEA Solar Tech Solutions has submitted preliminary documents to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).

The IPO includes a fresh issue of shares worth up to ₹600 Crore and an offer for sale (OFS) of up to 1.12 Crore equity shares by the company’s promoters, as detailed in the draft red herring prospectus (DRHP) filed on Monday.

The company is also considering a pre-IPO placement of up to ₹120 Crore. If this placement occurs, the size of the fresh issue will be adjusted accordingly.

Funds from the fresh issue will be allocated as follows: ₹119.55 Crore for setting up manufacturing facilities through a wholly owned subsidiary, PMSS; ₹120.45 Crore for purchasing machinery and equipment; ₹240 Crore for debt repayment; and the remaining amount for general corporate purposes.

Established in 2006, PMEA Solar Tech Solutions focuses on solar tracking mounting systems and equipment, with an annual capacity of 16 gigawatts (GW) for module mounting assemblies and 6 GW for rolled products as of March 2024.

The company operates 11 manufacturing plants across Maharashtra and Gujarat and plans to commence trial production at new facilities in Pimpalnare, Nashik, and Ohio, USA, in August 2024. Additionally, two new manufacturing units are under construction near Nashik and Pune.

For FY24, PMEA Solar’s revenue surged by 87.34% to ₹1,500.20 Crore from ₹800.79 Crore the previous year, and its profit after tax increased to ₹103.64 Crore from ₹27.44 Crore. IIFL Capital Services and ICICI Securities are serving as the book-running lead managers for the IPO.

Related Tags

  • IPO
  • PMEA Solar Tech
  • SEBI
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.