The company built credible partnerships with EPC firms, global tracker solutions firms, and independent solar power producers
MUMBAI, Jan 20 (The CONNECT) – Mumbai-based PMEA Solar Tech Solutions has received final observations from the capital markets regulator, Securities and Exchange Board of India (SEBI), on the company’s Draft Red Herring Prospectus (DRHP) for its IPO.
The Company had filed the DRHP on September 16, 2024.
The IPO with a face value of Rs 10 per equity share is a mix of fresh issues of up to Rs 600 crore and an offer for sale of up to 11.23 million equity shares.
The offer for sale consists of the sale of equity shares up to 2.8 million equity shares each by Samir Pravin Sanghavi, Kapil Pravin Sanghavi, Vishal Navinchandra Sanghavi and Sandeep Navinchandra Sanghavi.
IIFL Securities Limited and ICICI Securities Limited are the book-running lead managers to the issue and Link Intime India Private Limited is the registrar to the offer.
The company, in consultation with the book-running lead managers, may consider a pre-IPO placement aggregating up to Rs 120 crores. The fresh issue size will be reduced the placement materialises.
The proceeds from the fresh issue to the extent of ₹ 119.55 crore will be sued for capital expenditure in the company’s wholly owned Subsidiary, PMSS; Rs 120.45 crore for capital expenditure requirements of the Company towards purchase of machinery/equipment; Rs 240 crore for settling dues by PMSS and Tapovan; and the rest for general corporate purposes.
PMEA Solar was established in 2006 by Chairperson, Samir Pravin Sanghavi. The Company specializes in Solar tracking mounting systems and equipment with products ranging from Solar Trackers, Solar Experts, and Solar Trackers. These include Module Mounting Assemblies and Rolled Products which are fundamental inputs into large-scale Solar Power Plants. It has an annual installed capacity of 16 gigawatts of module mounting assembly and 6 GW of rolled products, as of March 31, 2024, according to an F&S report mentioned in the DRHP.
PMEA Solar had an estimated market share of 9% of the overall domestic market for solar tracking and mounting products used in solar trackers, according to a F&S Report.
PMEA Solar has built credible partnerships with some of the key clients, the EPC firms, global tracker solutions firms, and independent solar power producers. It has also continued to partner with Nextracker LLC, the world’s leading solar tracking solutions provider, according to a F&S report mentioned in the DRHP.
At present the company has 11 manufacturing plants in Maharashtra and Gujarat, and in August 2024 it is going to start trial production in its newly launched plant at Pimpalnare in Nashik and a manufacturing plant in Ohio, USA. The Company has two more manufacturing units under construction. The first one near Nashik and the second plant at Pune.
