As part of the OFS, promoter Chitra Pandyan will sell shares in the company that will be listed on the stock exchange.
The Pandyan family owns 100 per cent of the shares in Sangli-based Quality Power.
It is proposed that the proceeds from the new issue be used to: acquisition of Mehru Electrical and Mechanical Engineers Pvt Ltd, financing the capital expenditure requirements for purchase of plants and machinery.
In addition, the company will also use the proceeds for inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.
Quality Power is dedicated to critical energy transition equipment up to 765 kV and electrical technologies, and provides high voltage electrical equipment and solutions for power grid connectivity and energy transition. The company specializes in providing electrical products and solutions in the power generation, transmission, distribution and automation sectors. According to a report by Care Ratings, Quality Power is among the few global manufacturers of critical high voltage equipment for high voltage direct current (HVDC) and flexible AC transmission system networks.
These devices and networks form critical components for the energy transition from renewable sources to traditional electrical grids.
The company revenue from operations for the financial year ended March 31, 2024 was reported at Rs 300 crore and its profit stood at Rs 55.5 crore.
Pantomath Capital Advisors Pvt Ltd is the sole lead book manager and Link Intime India is the registrar for the IPO.
The company’s shares will be listed on the BSE and NSE.
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