Prostarm Info Systems has received markets regulator Securities and Exchange Board of India’s (SEBI's) clearance to raise funds through initial public offering (IPO). IPO is entirely a fresh issue of up to 1.6 crore equity shares of face value Rs 10 each.
The proceeds from the issue will be used for funding working capital requirements, repayment of debt, achieving inorganic growth opportunities, strategic initiatives, and general corporate purposes. Choice Capital Advisors is the book-running lead manager to the issue. The company's shares will be listed on the BSE and NSE.
Prostarm Info Systems manufactures power solution products under the 'Prostarm' brand, such as UPS systems, inverters, solar hybrid inverters and lithium-ion battery packs. The company has also undertaken rooftop solar photovoltaic power plant projects on an EPC basis.
