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Bengaluru-based Pace Digitek plans to raise Rs 900 crore via IPO, files draft papers with SEBI
Pace Digitek IPO | The initial public offering comprises of entirely fresh issue with no offer-for-sale component.
Pace Digitek IPO
Bengaluru-based Pace Digitek, the service provider in power management, optic fiber laying, and energy management solutions, has filed draft papers with the SEBI, as it plans to raise Rs 900 crore via initial public offering.
The IPO comprises of entirely fresh issue with no offer-for-sale component.
Further, the company may consider raising funds up to Rs 180 crore in pre-IPO round. If it successfully closes the pre-IPO placement, the said amount will be reduced from the fresh issue.
Pace Digitek provides end-to-end integrated solutions in the telecom tower infrastructure and optical fibre cables. It also undertakes solar energy projects on a build, own and operate model, and solarization of telecom towers, as well as rural electrification projects under engineering, procurement and construction (EPC) model.
The company is going to spend Rs 630 crore out of net fresh issue proceeds for setting up battery energy storage systems (BESS) for a project awarded by the Maharashtra State Electricity Distribution Company(MSEDCL), and the remainder for general corporate purposes.
Source: Money Control
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