Polite Powertech IPO: Power infrastructure EPC files DRHP with SEBI to raise funds via public offer

Polite Powertech IPO: Power infrastructure EPC Polite Powertech has filed preliminary papers with the market regulator, the Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).

The proposed initial share sale will be a mix of fresh issuance of one crore shares and an offer for sale (OFS) component of 25 lakh shares by promoter Yogeshkumar Narottambhai Patel.

"Our company expects to receive the benefits of listing of the equity shares on the stock exchanges, including the enhancement of our visibility and brand image among our existing and potential customers and creation of a public market for our equity shares in India," according to the draft red herring prospectus (DRHP).

Valmiki Leela Capital and Arihant Capital Markets are the issue's book-running lead managers, while KFin Technologies is the registrar.

Polite Powertech is an integrated power infrastructure engineering, procurement and construction (EPC) company. The Surat-based firm is involved in the designing, supplying, installing, and commissioning of power transmission, distribution, and renewable energy projects across India.

The company holds specialisation in the execution of high-voltage and extra-high-voltage transmission lines, solar EPC projects, underground and overhead cabling networks, gas-insulated substations and air-insulated substations.

The firm undertakes projects for public sector undertakings (PSUs), state government utilities and private sector entities.

It has an operational presence across Gujarat, Maharashtra, Haryana, West Bengal, Bihar, Dadra and Nagar Haveli and Daman & Diu.

On the financial front, the company had reported a profit after tax of ₹13.02 crore in the financial year 2024-25 compared to ₹0.84 crore in the financial year 2023-24. Its revenue from operations stood at ₹155.63 crore in FY25 as against ₹24.64 crore in FY24.

The company will reserve 75% of the net offer for qualified institutional buyers, 15% for non-institutional investors and 10% for retail individual investors.

The company's shares will be listed on the National Stock Exchange (NSE) and BSE (formerly Bombay Stock Exchange).