Upcoming IPOs: PMEA Solar Tech Solutions, Laxmi Dental file draft papers to raise funds via public offers

Upcoming IPOs: Solar tracking and mounting products manufacturer PMEA Solar Tech Solutions Ltd and dental products company Laxmi Dental Ltd have filed preliminary papers with the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through initial public offerings (IPOs).

PMEA Solar Tech Solutions IPO

According to the draft red herring prospectus (DRHP), the proposed IPO is a combination of fresh issuance of equity shares worth ₹600 crore and an offer for sale (OFS) component of up to 1.12 crore shares by promoters.

The Mumbai-based firm is also considering raising up to ₹120 crore in a pre-IPO placement. If such placement takes place, the fresh issue size will be reduced.

The money raised will be used to set up certain manufacturing facilities undertaken through investment in the wholly owned subsidiary PMSS, to purchase machinery/equipment, pay off debt and for general corporate purposes.

PMEA Solar Tech Solutions, established 2006, specialises in solar tracking mounting systems and equipment. As of March 2024, it had an annual installed capacity of 16 gigawatt (GW) module mounting assembly and 6 GW of rolled products.

Laxmi Dental IPO

The IPO, as per the DHP, will consist of a fresh issue of shares worth ₹150 crore and an OFS of 1.28 crore shares by promoters and other shareholders.

Under the OFS, investor OrbiMed Asia II Mauritius Ltd will divest its stake in the company.

The fresh issue proceeds will be used to invest in subsidiary Bizdent Devices, purchase new machinery, pay debt, and for general corporate purposes.

Laxmi Dental is an end-to-end integrated dental products company. Its comprehensive portfolio includes custom-made bridges and crowns, branded dental products such as paediatric products, and aligner solutions.