Drashti Chheda Pace Digitek has officially entered the IPO fast lane. The Bengaluru-based infrastructure player received SEBI’s nod on September 8 for a ₹900 crore public issue, setting the stage for one of the more talked-about listings in India’s telecom and renewable energy space.
The company is planning a fresh issue of equity shares worth ₹900 crore. There is also a provision for a pre-IPO placement of up to ₹180 crore, in which case the fresh issue size will be adjusted. Once it hits the market, 50 percent of the offering will be reserved for Qualified Institutional Buyers, 15 percent for non-institutional investors, and 35 percent for retail investors. The shares will list on both the NSE and BSE.
Where is all this money going? A major portion, about ₹630 crore, is earmarked for capital expenditure. Specifically, the funds will be deployed toward building Battery Energy Storage Systems (BESS) for a project secured from the Maharashtra State Electricity Distribution Company Limited. This project involves pilot units of 250 MW/500 MWh and has the option to scale up to 500 MW/1,000 MWh. The rest of the funds will support general corporate purposes, making it clear that the IPO proceeds will go straight into building future growth capacity.
The numbers back up the optimism. Pace Digitek’s revenue story is turning heads, with a 383 percent jump from ₹503 crore in FY23 to ₹2,434 crore in FY24. The momentum carried forward into FY25, where consolidated revenue held steady at ₹2,438 crore. The real surprise is profitability. The company’s profit after tax surged from just ₹16.5 crore in FY23 to ₹229 crore in FY24.
