RCRS Innovations files draft papers with NSE Emerge to launch IPO

RCRS Innovations Ltd, which manufactures lithium batteries and solar panels, on Tuesday, said it filed draft papers with the National Stock Exchange (NSE) Emerge to raise funds via an initial public offering (IPO). The proceeds generated will be used for expansion, the company said.

According to a statement, the proposed IPO by Noida-headquartered firm is a fresh issue of 48.24 lakh equity shares with a face value of ₹10 each.

RCRS Innovations will use the net proceeds from the proposed offering to meet its working capital demands and expand its battery manufacturing capacity.

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The company manufactures and markets lithium-ion batteries and solar panels under EXEGI brand in two separate plants in the Delhi-NCR region. Its products are primarily used for clean energy storage and solar lighting. RCRSIL or its products have over 20 certifications and test reports.

The company registered revenues of ₹78.68 crore and earned profit after tax (PAT) of ₹5.71 crore during the first nine months (April-December) of the fiscal year 2023-24. It had generated revenues of ₹67.80 crore with PAT of ₹1.35 crore for the full financial year 2022-23.

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The book running lead manager for the issue is Corporate Capital Ventures.

With PTI inputs