- IPO comprises a fresh issue of 27,90,000 equity shares with a face value of Rs. 10 each and an Offer for Sale of up to 20,00,000 equity shares
- Ahmedabad-headquartered company offers services to renewable and non-renewable segments of the power sector and its clients include Government and private companies which are into power generation, transmission and power distribution.
- RPSL intends to utilise the net proceeds from the IPO towards capital expenditure to purchase cable identification, testing and fault location equipment, to set up a DC Solar power plant having a capacity of 1300 KW, for Inhouse development of technical expertise in the production of Green Hydrogen and associated equipment such as electrolysers. The remaining funds will be used for additional working capital requirements and general corporate purposes
- The company has a robust order book of Rs. 2358.17 crore, comprising projects relating to Turnkey-based contracts, Design Engineering Procurement and construction of substations
- RPSL has recorded Rs. 284.96 crore in revenue from operations with a profit (PAT) of Rs. 26.02 crore in the fiscal year 2024, compared with Rs. 207.17 crore in revenue from operations and a profit (PAT) of Rs. 6.75 crore in FY23
- ISK Advisors Private Limited is the Book Running Lead Manager, and Bigshare Services Private Limited is the Registrar to the offer
October 24, 2024: Rajesh Power Services Limited (“RPSL” or “The Company”), one of the leading service providers for the power sector, today announced the filing of its Draft Red Herring Prospectus (DRHP) with BSE SME. The company’s initial public offering comprises a fresh issuance of 27,90,000 Equity Shares, each with a face value of Rs. 10 and an offer for sale of up to 20,00,000 equity shares, each with a face value of Rs. 10, through the book-building route. The offer for sale is made by the selling shareholders, Beena Panchal, Krunal Panchal, Nehal Panchal, Rajendra Baldevbhai Patel, Praful Patel, Vishal Patel, Kalaben Kantibhai Patel and Jyotsna Ramesh Patel.
ISK Advisors Private Limited is the sole Book Running Lead Manager to the Issue, and Bigshare Services Private Limited is the Registrar.
RPSL is in the business of EPC (Engineering, Procurement & Construction) contracting and providing Turnkey services to power transmission and distribution utilities / PSUs / Private Entities since decades. RPSL’s diverse range of services include EHV/HV/LV underground cable networks, EHV substations and O&M activities.
According to DRHP, RPSL intends to utilise Rs. 25.10 crore of the total IPO proceeds for capital expenditures, such as purchasing cable identification, testing, and fault location equipment (Rs. 17.94 crore), setting up a DC Solar power plant with a capacity of 1300 KW (Rs. 4.16 crore), and developing technical expertise in the production of Green Hydrogen and associated equipment such as electrolysers in-house (Rs. 3 crore). The company plans to use Rs. 30 crore for additional working capital requirements, and the remaining capital will be utilised for general corporate purposes.
Rajesh Power Services also provides consultancy services related to designing of power substations and cable systems. The company has a robust order book of Rs. 2358.17 crore, comprising projects related to Turnkey-based contracts, Design Engineering Procurement, and substation construction. The company is an accredited contractor with various State Transmission and Distribution Utilities along with leading PSUs and reputed private clients.
RPSL has invested in HKRP Innovations Limited, which provides customized IT-based solutions to the energy sector. The company provides Internet of Things (IoT) and cloud-based solutions to power girds and the renewable energy sector. HKRP provides innovative solutions like “Smart Feeder Management System” (SFMS), “Virtual Feeder Segregation” (VFS), “RTMS for Oil Well”, and “Solar Energy Data Management” (SEDM).
Rajesh Power Services Limited, under the leadership and vision of Mr. Kurang Panchal and Mr. Rajendra Baldevbhai Patel, entered into solar power generation by setting up 1MW solar power plant at Vill-Patdi in Surendra Nagar district in Gujarat in 2012. The plant was set up under one of the first solar schemes launched in 2012 by the Gujarat government under the leadership of Prime Minister Shri Narendra Modi (then Chief Minister of Gujarat). The Solar plant is currently operational and generating solar power and supplying power to PGVCL DISCOM.
The company has registered Rs. 284.96 crore in revenue from operations with a profit (PAT) of Rs. 26.02 crore in the fiscal year 2024, compared with Rs. 207.17 crore and a profit (PAT) of Rs. 6.75 crore in FY23.
For more information, please visit: www.rajeshpower.com
Disclaimer: RAJESH POWER SERVICES LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed the DRHP with the BSE SME. The DRHP is available on the website of BRLM and the website of BSE. Any potential investors should note that investment in equity shares involves a high degree of risk, and for details relating to the same, please refer to the DRHP, including the section titled “Risk Factors”, beginning on page 24.
The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act) or any state securities laws in the United States, and unless so registered, and may not be issued or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in accordance with any applicable U.S. state securities laws. The Equity Shares are being issued and sold outside the United States in ‘offshore transactions in reliance on Regulation “S* under the Securities Act and the applicable laws of each jurisdiction where such issues and sales are made. There will be no public offering in the United States.
