Pace Digitek Secures SEBI Nod for INR 900 Crore IPO
The Securities and Exchange Board of India (SEBI) has approved Pace Digitek’s proposal to raise INR 900 crore through an initial public offering (IPO). The company plans to use about INR 630 crore from IPO proceeds for BESS expansion.
September 08, 2025. By Mrinmoy Dey
The IPO will consist of a fresh issue of equity shares with a face value of INR 2, aggregating up to INR 900 crore. The company may conduct a pre-IPO placement of up to INR 180 crore, which would reduce the size of the fresh issue accordingly. The price band and minimum bid lot will be finalised in consultation with the book-running lead manager.
As per the DRHP, 50 percent of the issue is reserved for Qualified Institutional Buyers (QIBs), 15 percent for Non-Institutional Investors (NIIs), and 35 percent for retail investors. The company’s equity shares are proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Out of the IPO proceeds, INR 630 crore from the IPO proceeds will be used to fund capital expenditure requirements for investment in its subsidiary, Pace Renewable Energies, for setting up battery energy storage systems (BESS) for a project awarded by the Maharashtra State Electricity Distribution Company Limited (MSEDCL). The remaining funds will be used for general corporate purposes, the company stated in the DRHP.
The company has been awarded a project for setting up pilot projects of 250 MW/500 MWh for MSEDCL, with an additional green shoe capacity of up to 500 MW/ 1000 MWh standalone battery energy storage systems in Maharashtra.
Unistone Capital is the sole book-running lead manager, and MUFG Intime India is the registrar for the issue.
In June 2025, Union Minister for New and Renewable Energy Pralhad Joshi inaugurated Pace Digitek’s 5 GWh Battery Energy Storage Systems (BESS) Manufacturing Facility in Bidadi Industrial Area, Bengaluru. “The newly inaugurated facility has a fully automated cell-to-pack assembly line, signalling a move towards precision-driven, high-quality production with minimal human intervention,” the company stated.
Founded in March 2007, Pace Digitek is a multidisciplinary solutions provider with a strong presence in telecom passive infrastructure. Initially a manufacturer of passive electrical equipment, the company has expanded its operations to include products, turnkey projects, operations and maintenance (O&M), and comprehensive services across India, Myanmar, and Africa.
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