RCRS innovations files for IPO, aims to expand battery manufacturing – ET Auto

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The proceeds from the IPO are intended for use in meeting working capital requirements and expanding battery manufacturing capacity.

New Delhi: RCRS Innovations Limited, India’s leading manufacturer of Lithium-Ion batteries, has filed a Draft Red Herring Prospectus with NSE Emerge for its Initial Public Offering, which includes a fresh issuance of 48.24 lakh equity shares valued at INR 10 each through the book-building process.

Corporate Capital Ventures has been appointed as the sole Book Running Lead Manager for the IPO, with Skyline Financial Services Private Limited serving as the registrar.

Based in Noida, RCRSIL manufactures and markets Lithium-Ion batteries and solar panels under the EXEGI brand, from its two manufacturing plants in the Delhi-NCR region. The company is a major supplier of battery packs for solar lighting applications in India and also produces monocrystalline and polycrystalline PV panels.

The proceeds from the IPO are intended for use in meeting working capital requirements and expanding battery manufacturing capacity. RCRSIL’s Noida facility boasts advanced laboratories and testing equipment, with the company holding over 20 certifications for its products.

For the nine months ending December 31, 2023, RCRSIL reported revenues of INR 78.68 crore and a profit after tax of INR 5.71 crore, marking a significant growth from the previous year’s revenues of INR 67.80 crore and a profit of INR 1.35 crore. The company is also a part of the MSMEx SME IPO Cohort program.

  • Published On Apr 24, 2024 at 08:07 AM IST

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