New Delhi, Sep 17 (PTI) PMEA Solar Tech Solutions has filed preliminary papers with capital markets Sebi to raise funds through an initial public offering (IPO).

The Mumbai-based company's IPO is a mix of fresh issues of shares aggregating up to Rs 600 crore and an offer for sale (OFS) of up to 1.12 crore equity shares by promoters, according to the draft red herring prospectus (DRHP) filed on Monday.

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The company may consider raising up to Rs 120 crore in a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced.

Proceeds from the fresh issue to the extent of Rs 119.55 crore will be used for the setting up of certain manufacturing facilities undertaken through investment in the wholly owned subsidiary PMSS, Rs 120.45 crore for purchase of machinery/equipment; Rs 240 crore for payment of debt and remaining funds for general corporate purpose.

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Founded in 2006, PMEA Solar Tech Solutions specialises in solar tracking mounting systems and equipment and has an annual installed capacity of 16 gigawatts (GW) of module mounting assembly and 6 GW of rolled products, as of March 2024.

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.

Additionally, the company has two more manufacturing units under construction with the first one near Nashik and the second plant at Pune.

PMEA Solar's revenue from operations increased 87.34 per cent to Rs 1,500.20 crore in FY24 from Rs 800.79 crore in the previous financial year. The profit after tax for FY24 rose to Rs 103.64 crore from Rs 27.44 crore in the preceding fiscal year.

IIFL Securities and ICICI Securities are the book-running lead managers to the issue.

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