PMEA Solar files draft papers to raise funds via IPO

PMEA Solar’s diverse range of products and services cater to a wide variety of industries, showcasing their versatility and expertise in manufacturing. With 11 manufacturing facilities strategically located across Maharashtra and Gujarat, the company is well-equipped to meet the demands of its clients and provide high-quality solutions for their specific needs. This extensive reach allows PMEA Solar to efficiently serve customers in different regions, ensuring timely delivery and exceptional customer service. Their commitment to innovation and excellence in manufacturing positions them as a leading provider in the industry, capable of delivering top-notch products across various sectors.

PMEA Solar Tech Solutions Ltd. filed for IPO:

The Securities and Exchange Board of India (SEBI) has received draft documentation from PMEA Solar Tech Solutions Ltd. regarding a proposed initial public offering (IPO). An offer by current promoters and shareholders to sell up to 11.24 million shares is part of the IPO, which comprises a new issue worth Rs. 600 crores, as per a MoneyControl report.

Debt repayment and capital expenditures will be the two main uses for the proceeds from the new issue. The company plans to buy machinery and equipment for its plants in Nasik and Pune with the proceeds, in addition to establishing a fixed-tilt and tube mill manufacturing facility in Mundra. By June 2024, the company had accrued debt totaling Rs 314.06 crore. IIFL Securities and ICICI Securities have been appointed as the book-running lead managers for the offering.

By March 31, 2024, the company’s annual installed capacity for module mounting structures was 16 GW, and for rolled products, it was 6 GW. The company offers a wide range of products for utility-scale and ground-mounted solar projects.

PMEA reported revenue for 2024:

For the financial year 2024, PMEA reported revenues of Rs 1,500 crore, reflecting an 87% increase from Rs 800.7 crore in the previous year. Net profit for the period amounted to Rs 103.64 crore, a substantial rise from Rs 27.44 crore in the prior year.

Conclusion: PMEA Solar Tech Solutions Ltd. is using an initial public offering (IPO) to raise money for capital expenditures and debt repayment.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.