PMEA Solar Files DRHP for IPO with SEBI

PMEA Solar Tech Solutions Ltd. has filed its draft red herring prospectus (DRHP) with the market regulator SEBI to raise funds through IPO. The funds will support new manufacturing facilities and debt reduction.

September 18, 2024. By EI News Network

PMEA Solar Tech Solutions, an Indian manufacturer of solar tracking and mounting products based in Mumbai, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) to raise capital through an initial public offering (IPO).

The company aims to raise INR 600 crore through a fresh issue of shares, while existing promoters and shareholders will offer up to 11.24 million shares for sale. The proceeds from the fresh issue will be used for capital expenditure and debt repayment. Specifically, PMEA Solar plans to invest in establishing a new fixed-tilt and tube mill manufacturing facility in Mundra. Additionally, funds will be allocated to acquiring new machinery and equipment for its existing plants in Nasik and Pune. The company’s total borrowings stood at INR 314.06 crore as of June 2024.

IIFL Securities and ICICI Securities have been appointed as the book-running lead managers for the IPO. As of March 31, 2024, PMEA Solar boasts an annual installed capacity of 16 GW for module mounting structures and 6 GW for rolled products, positioning itself as a key player in the solar sector. The company’s product range supports utility-scale and ground-mounted solar projects, and it also manufactures components for switchgears, automotive OEMs, lighting solutions, furniture, and partition panels for the pharmaceutical and healthcare industries.

As per reports, in its financial year 2024, PMEA Solar reported impressive revenue growth, reaching INR 1,500 crore—a significant 87.3 percent increase from INR 800.7 crore in the previous year. The company’s net profit surged to INR 103.64 crore, up from INR 27.44 crore the previous year, reflecting its robust financial health and expanding market presence.

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