Karamtara Engineering Files DRHP For Rs 1,750 Crore IPO
Karamtara Engineering Ltd. on Thursday filed its preliminary papers with the capital markets regulator SEBI to raise Rs 1,750 crore via an initial public offering. The public offer will include mix of fresh issues of shares up to Rs 1,350 crore and an offer-for-sale up to Rs 400 crore by promoter and selling shareholders.
The equity shares are proposed to be listed on the National Stock Exchange of India Ltd. and BSE Ltd. The company may consider an issue of equity shares as pre-IPO placement, the company said in its DRHP. If the pre-IPO placement is completed, the amount raised under the pre-IPO placement will be reduced from the fresh issue.
Tanveer Singh and Rajiv Singh are the promoters of the company offloading shares in the offer for sale.
JM Financial Ltd., ICIC Securities Ltd. and IIFL Capital Services Ltd. are the book-running lead managers for the issue and MUFG Intime India Pvt. MUFG Intime India Pvt. will be the registrar of the issue.
Proceeds of the fresh issue to the tune of Rs 1,050 crore will be used towards payment of debt and a portion will be utilised for general corporate purposes.
Marquee names like Jagdish Naresh Master, Utpal Hemendra Sheth, Singularity Growth Opportunities Fund, Gaurav Trehan, Quantum State Investment Fund, Ananta Capital Venture Fund, Jaidev Rajnikant Shroff, Axia Select Opportunities Fund, Mithun Padam Sacheti and Siddhartha Sacheti, and MNI Ventures invested in the company via preferential allotment.
In its draft paper, the company said it is foraying into the wind energy sector by setting up a manufacturing facility to produce tubular towers for wind turbines, which is expected to be operational by the first quarter of fiscal 2026.
Karamtara Engineering is a vertically integrated manufacturer specialising in products for the renewable energy and transmission line sectors. With a broad product portfolio, the company serves as a one-stop solution for solar structures, including fixed-tilt and tracking systems.
Its offerings also include lattice structures for transmission lines, fasteners for the solar, wind, transmission, and industrial sectors, as well as overhead transmission line hardware fittings and accessories.
On the financial front, Karamtara Engineering reported a profit of Rs 102.65 crore for financial year 2024, more than double the Rs 42.36 crore posted in the previous fiscal year. Revenues also saw significant growth, rising to Rs 2,425.15 crore from Rs 1,600.31 crore in financial year 2023.
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