Pace Digitek Files ₹900 Cr IPO For Setting Up BESS Project

By Chitrika Grover/ Updated On Thu, Apr 3rd, 2025

Pune-Based EPC Firm GK Energy Limited Files DRHP for IPO

Renewable energy and telecom service provider Pace Digitek Ltd has filed for an initial public offering (IPO) worth ₹900 crore and is considering a pre-IPO placement of up to ₹1,800 million, according to its draft red herring prospectus. The IPO plans follow a string of wins for the firm in recent BESS tenders due from 2026 onwards.

The company said that the net proceeds from the issue of IPO will be used for funding capital expenditure requirement for investment in its
subsidiary, Pace Renewable Energies Private Limited, for setting up battery energy storage systems (BESS) for a project awarded by the
Maharashtra State Electricity Distribution Company Limited (MSEDCL).

The company said it may decide, in consultation with book-running lead managers (BRLMs), to proceed with the pre-IPO placement before filing the final red herring prospectus. If undertaken, the proceeds will be adjusted against the fresh issue, subject to regulatory compliance.

Pace Digitek plans to allocate up to ₹630 crore from the net proceeds for estimated expenditures, the filing said. It may also close the bidding period for qualified institutional buyers (QIBs) one working day before the issue’s closing date, in line with SEBI’s Issue of Capital and Disclosure Requirements (ICDR) regulations. The pre-IPO placement, if executed, will be priced in consultation with BRLMs and will not exceed 20% of the fresh issue size.

The company reported a total income of ₹24,602.66 million, EBITDA of ₹4,237.45 million, and a profit after tax of ₹2,298.71 million for fiscal 2024. Pace Digitek noted there is no guarantee the issue will proceed or result in a successful listing. Any disclosures regarding the pre-IPO placement, if undertaken, will be included in the final prospectus.