Quality Power Electrical Equipments files preliminary IPO papers

18 Sep 2024 , 10:17 AM

Leading high voltage electrical equipment and solutions provider, Quality Power Electrical Equipments has filed preliminary papers with the Securities and Exchange Board of India (SEBI) to seek approval for the IPO.

According to the DRHP, the IPO will comprise fresh issue of equity shares worth ₹225 crore and an offer for sale (OFS) of 1.2 crore equity shares.

The company will use the net proceeds from the IPO for investing in Mehru Electrical and Mechanical Engineers, purchasing plant and machinery, and for other general corporate purposes.

Quality Power provides high voltage electrical equipment and solutions for electrical grid connectivity and energy transition. The company has two manufacturing facilities in India and caters to both domestic and international markets.

As per the filing, the company has its customer base includes power utilities, power industries, and renewable energy entities.

Financially, the company’s revenue grew 19% to ₹300.6 crore in the fiscal year ended March 2024. It has exports accounted to nearly 76% of its total revenue. The company has reported increase in its profit by 39% to ₹55.5 crore for FY23-24.