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Bengaluru-based Pace Digitek Ltd., a provider of telecom passive infrastructure solutions, has filed a Draft Red Herring Prospectus (DRHP) with SEBI to raise ₹900 crore through an Initial Public Offering (IPO).
IPO Details
- Issue Structure: The IPO consists solely of a fresh issue of equity shares with a face value of ₹2 each.
- Pre-IPO Placement: The company may consider a pre-IPO placement of up to ₹180 crore. If executed, this will reduce the overall fresh issue size.
- Utilization of Funds:
- ₹630 crore will be allocated toward capital expenditure, including setting up battery energy storage systems (BESS) for a project awarded by the Maharashtra State Electricity Distribution Company (MSEDCL).
The remaining amount will be used for general corporate purposes.
Company Overview
Founded in 2007, Pace Digitek specializes in telecom tower infrastructure and optical fiber cables. The company provides end-to-end integrated solutions, including:
- Power management
- Optic fiber laying
- Energy management services
Additionally, Pace Digitek is involved in solar energy projects under a build, own, and operate model, as well as rural electrification through an engineering, procurement, and construction (EPC) approach.
Financial Performance
- FY24 Revenue: ₹2,434.48 crore (up from ₹503.20 crore in FY23)
- FY24 Profit After Tax: ₹229.87 crore (up from ₹16.53 crore in FY23)
- H1 FY24 (April-September 2024):
- Revenue: ₹1,188.35 crore
- Profit After Tax: ₹152.04 crore
IPO Management
Unistone Capital Private Limited is acting as the sole book-running lead manager for the IPO, while MUFG Intime India Private Limited has been appointed as the issue registrar.
This IPO is a strategic move for Pace Digitek to strengthen its market position and fund its expansion plans in the growing telecom infrastructure sector.
Source: https://www.moneycontrol.com/news/business/ipo/bengaluru-based-pace-digitek-plans-to-raise-rs-900-crore-via-ipo-files-draft-papers-with-sebi-12979057.html
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