Pace Digitek Files DRHP for IPO with SEBI

Pace Digitek, a Bengaluru-based multidisciplinary solutions provider, is all set to go public. The company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), aiming to raise a 900 crore Initial Public Offering (IPO).

Pace Digitek IPO Details

According to the DRHP,

• The IPO will be a fresh issue of equity shares of face value of ₹2 each, aggregating up to ₹900 crore.
• The equity shares are proposed to be listed on the National Stock Exchange (NSE) and BSE, as per DRHP.
• Unistone Capital Private Limited is appointed as the sole book-running manager, and MUFG Intime India (formerly known as Link Intime India Private Limited) is the registrar of the issue.
• The price band and minimum bid lot for the IPO will be determined by the company in consultation with the book-running lead manager.
• The company has reserved up to 50% of the issue for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and the remaining 35% for retail investors.

Utilisation of Proceeds

The Company proposes to utilise the Net Proceeds from the issue for  the following purposes:

• Funding capital expenditure requirement for investment in our Subsidiary, Pace Renewable Energies Private Limited, for setting up battery energy storage systems (BESS) for a project awarded by the Maharashtra State Electricity Distribution Company Limited (MSEDCL) (Capital Expenditure).
• General Corporate Purposes.

About Pace Digitek 

Established in March 2007, Pace Digitek is an experienced, multi-disciplinary solutions provider focusing significantly on the telecom passive infrastructure industry, including telecom tower infrastructure and optical fibre cables. The company offers comprehensive turnkey solutions and has established a pan-India operational presence and operations in Myanmar and Africa. 

The company has become a passive electrical equipment product manufacturer. Over the years, it has expanded its Passive Infra operations to include products, projects, operations, maintenance services, and solutions.

Company Financials

As per the company financials, Pace Digitek reported a revenue of ₹1,188.35 crore from operations and profit after tax (PAT) of ₹152 crore for the six-month period ended September 30, 2024. In FY24, the company reported revenue from operations of ₹2,434.48 crore, up from ₹503 crore in FY23. The company’s profit after tax (PAT) increased to ₹229.87 crore in FY24 from ₹16.5 crore in FY23.