New Delhi : Integrated power solution company Prostarm Info Systems Ltd on Wednesday announced a price band of Rs 95-105 per share for its forthcoming Rs 168-crore initial public offering (IPO).The initial public offering will open for subscription on May 27 and conclude on May 29. The anchor round will open on May 26, the company said in a statement.The IPO comprises a fresh issue of 1.6 crore equity shares with a face value of Rs 10 through the book-building route.
Prostarm Info Systems intends to utilise Rs 72.50 crore of the total IPO proceeds towards funding capital requirements of the company, Rs 17.95 crore for payment of debt and the remaining capital will be used for achieving inorganic growth through unidentified acquisitions and other strategic initiatives as well as for general corporate purposes.
The company is an integrated power solution company, especially in UPS system lithium-ion battery pack, third party power solution products among others and. It caters to a range of industries including healthcare, aviation, research, BFSI, railways, defence, security, education, renewable energy, information technology and oil & gas.It 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 operates three manufacturing facilities in the state of Maharashtra. The company catered to over 700 clients during FY24, including players such as Larsen & Toubro Ltd, Tata Power Co. Ltd and Bajaj Finance Ltd.On the financial front, the company posted a Rs 268.62 crore revenue from operations and a profit after tax (PAT) of Rs 22.10 crore in the first nine months ended December 2024. It registered a revenue of Rs 257.87 crore and a PAT of Rs 22.79 crore for the financial ended March 31, 2024.
The company's shares will be listed on the BSE and NSE. Choice Capital Advisors is the book-running lead manager, and Kfin Technologies Ltd is the registrar to the offer.
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