PMEA Solar Tech Solutions Secures SEBI Nod for INR 600 Crore IPO

PMEA Solar Tech Solutions Ltd. has received approval from SEBI to raise funds through Initial Public Offering (IPO).

It may  be noted that the firm had filed preliminary papers with SEBI  in the month of September to raise funds through an IPO. As per the draft prospectus, the Mumbai-based company’s IPO consists of a fresh issue of shares worth up to INR 600 crore and an offer for sale (OFS) of up to 1.12 crore equity shares by its promoters. The promoters, Samir Pravin Sanghavi, Kapil Pravin Sanghavi, Vishal Navinchandra Sanghvi, and Sandeep Navinchandra Sanghvi, will collectively offer up to 2,808,900 shares each, with acquisition costs ranging from INR 0.52 to INR 0.65 per share.

The IPO will be managed by Book Running Lead Managers (BRLMs) IIFL Securities Ltd. and ICICI Securities Ltd., with Link Intime India Pvt. Ltd. serving as the registrar.

The company may undertake a Pre-IPO placement to raise up to INR 1,200 million, which would be deducted from the Fresh Issue size. The Pre-IPO placement could account for up to 20 percent of the Fresh Issue and will involve a price determined in consultation with the BRLMs. Investors may also have the opportunity to participate as anchor investors, in line with SEBI ICDR regulations.

The proceeds from the IPO will be allocated as follows: INR 119.55 crore for establishing manufacturing facilities through its wholly owned subsidiary, PMSS, INR 120.45 crore for the purchase of machinery and equipment; INR 240 crore for repaying debt; and the remaining funds will be used for general corporate purposes.

With the IPO, PMEA Solar Tech Solutions Ltd. aims to strengthen its position in India’s rapidly expanding renewable energy sector, offering a promising investment opportunity for those looking to tap into the growing green energy market.