BUSINESS: Mumbai-headquartered PMEA Solar Tech Solutions, a leading Indian manufacturer of solar power tracking and installation products, has filed a draft red prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) to attract capital. . The IPO, which has a face value of ₹10 per share, comprises a fresh issue of up to ₹600 crore and an offer for sale of up to 11.23 million shares. The offer for sale comprises sale of up to 2.80 million shares to Sameer Pravin Sanghvi, Kapil Pravin Sanghvi, Vishal Navinchandra Sanghvi and Sandeep Navinchandra Sanghvi.
Proceeds from the fresh issue will be used for capital expenditure and debt repayment, including setting up a manufacturing facility in Mundra and purchasing equipment for plants in Nashik and Pune. IIFL Securities Limited and ICICI Securities Limited have been appointed as the lead managers for the bond issue, while Link Intime India Private Limited will act as the registrar to the offering. As of June 2024, PMEA Solar had a total debt of ₹314.06 crore. IIFL Securities and ICICI Securities have been appointed as bookrunners for the issue.
