PMEA Solar has reportedly filed its draft IPO papers with India’s SEBI
It aims to raise INR 6 billion by selling up to 11.24 million shares in the market
Some of the proceeds will be deployed for fixed-tilt and tube mill manufacturing
PMEA Solar Tech Solutions Ltd, a company that manufactures solar mounting solutions, plans to go public with the launch of its initial public offering (IPO) through which it aims to raise INR 6 billion ($71.56 million).
It aims to deploy the proceeds to set up a fixed-tilt and tube mill manufacturing facility in Mundra, Gujarat. Some of it will also be used to purchase machinery and equipment for its plants in Nasik and Pune, according to a report by Money Control. The company has filed draft papers with the Securities and Exchange Board of India (SEBI).
Through the IPO, PMEA targets to sell up to 11.24 million shares by existing promoters and shareholders. PMEA is a supplier of solar torque tubes to Nextracker, according to CRISIL.
As of March 31, 2024, the current annual installed capacity of PMEA comprises 16 GW for module mounting assembly and 6 GW for rolled products. It also produces components for switchgear, automotive OEMs, and lighting solutions, among other products.
PMEA joins the growing list of Indian solar PV companies planning to raise money through the IPO route. In April 2024, solar PV manufacturer Premier Energies Limited filed its draft red herring prospectus (DRHP) with SEBI (see Indian Solar PV Manufacturer Looking To Raise Funds Via IPO).