India/Mar 31: Pioneer Fil-Med Limited (“the Company”), is an established manufacturer and supplier of railway and metro equipment, and allied components for the locomotive and coach applications segment in India, with a strong presence across both diesel-electric and electric platforms (Source: 1Lattice Report). The company commenced its operations in 2001 with the manufacture and supply of filters for railway and automotive applications and have since diversified into the manufacture and supply of traction motors, alternators, brake discs, gangways, stators and rotors for locomotives, platform screen doors for metros, wind generators and allied services.
Pioneer Fil-Med Limited has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”). The Company plans to raise funds through initial public offerings comparing of the total offer size of equity shares (face value ₹1 each) aggregating up to ₹5000 million (₹500 Crore). (“Total Issue Size”).
The offer comprises of fresh issue of equity shares aggregating up to ₹2500 million (250 crore) (The “Fresh Issue”) and offer for sale by Selling Shareholders aggregating up to ₹2500 million (₹250 Crore) (The “Offer for Sale”).
The Company proposes to utilize the Net Proceeds from the Offer towards: (i) Part financing the cost of establishing a gear box manufacturing facility at Salarpur, Bhiwadi, Rajasthan, India and General Corporate Purposes; (ii) Part financing the cost of establishing a wind generator components manufacturing facility at Salarpur, Bhiwadi, Rajasthan, India and (iii) General corporate purposes.
In 2023, Pioneer Fil-Med has strategically diversified its operations, expanding beyond the railways and automotive segments, to commence the production and supply of wind generators within the renewable energy sector. The company aim to build a scalable and sustainable manufacturing platform in the wind energy sector by leveraging the strong structural growth in India’s renewable energy market, supported by national decarbonisation targets, increasing share of renewable energy in the power mix, declining levelized cost of wind power, and favourable regulatory and policy frameworks, including standards prescribed by the Bureau of Indian Standards and the Approved List of Models & Manufacturers framework of the Ministry of New and Renewable Energy, Government of India (Source: 1Lattice Report).
Nuvama Wealth Management Limited and Equirus Capital Private Limited are the Book Running Lead Managers (BRLMs) to the issue.
