Upcoming IPO: Prostarm Info Systems gets SEBI nod to float public issue; Details here
The issue comprises fresh issue of up to 1,60,00,000 Equity Shares of face value ₹10 each and will be listed on BSE and NSE.
Navi Mumbai-based Prostarm Info Systems, on Wednesday, said that it has received in-principle approval from market regulator, Securities Exchange Board of India (SEBI) to launch its initial public offering (IPO).
The issuecomprises fresh issue of up to 1,60,00,000 equity shares of face value ₹10 each and will be listed on BSE and NSE.
According to the DRHP, the company intends to utilize the net proceeds from the issue for multiple purposes, including financing working capital needs, prepaying or repaying specific outstanding debts, pursuing inorganic growth opportunities, implementing strategic initiatives, and covering general corporate expenses.
Choice Capital Advisors Private Limited is the book-running lead manager, while KFin Technologies Ltd is the issue's registrar.
About the company
Established in 2008, the Thane-headquartered company operates three manufacturing facilities in the state of Maharashtra besides a network of 22 branch offices and 2 storage facilities across 17 states and one union territory in India.
The company manufactures several power solution products under the Prostarm brand, such as UPS systems, inverter systems, lift inverter systems, solar hybrid inverter systems, lithium-ion battery packs, servo-controlled voltage stabilisers, and isolation transformers. It also undertakes rooftop solar photovoltaic power plant projects on an EPC basis, as well as AMCs.
Over the years, the company has catered to diverse end-use industries such as healthcare, aviation, research, BFSI, railways, defence, security, education, renewable energy, information technology and oil & gas.
For the fiscal year 2024, the company’s net profit rose 18 per cent to ₹22.80 crore from ₹19.30 crore in the previous fiscal year. Revenue from operations increased by 12 per cent to ₹257.9 crore during the period under review, while EBITDA (earnings before interest, tax, depreciation, and amortisation) jumped 30 per cent to ₹35.3 crore, and margin expanded by 190 bps to 13.7 per cent compared to the previous fiscal year 2023.
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