Pioneer Fil-Med to Raise ₹500 Crore Through IPO
New Delhi, March 30 – Pioneer Fil-Med Ltd, a manufacturer of railway components, has filed draft papers with the market regulator, Sebi, to raise ₹500 crore through an Initial Public Offering (IPO).IPO Details
The proposed IPO includes a fresh issuance of equity shares worth ₹250 crore and an Offer for Sale (OFS) of shares worth ₹250 crore by existing shareholders.Shareholder Offloading
The OFS includes stake sales by promoter Pioneer Facor IT Infradevelopers and the promoter group entity, Aztech India, each proposing to offload shares worth up to ₹125 crore.Use of Proceeds
Pioneer Fil-Med plans to use the proceeds from the fresh issue to partially finance the establishment of a gearbox manufacturing facility and a wind generator components manufacturing facility, both located in Salarpur, Bhiwadi, Rajasthan, as well as for general corporate purposes.Listing Benefits
The listing of its equity shares on the stock exchanges is expected to enhance the company's brand visibility and provide liquidity by creating a public market for its shares in the country.Pre-IPO Placement
The company may undertake a pre-IPO placement of equity shares worth up to ₹50 crore. If such a placement is completed, the size of the fresh issue will be reduced accordingly.Company Overview
Pioneer Fil-Med began operations in 1997 by manufacturing and supplying filters for railway and automotive applications. Since then, the company has expanded its portfolio to include traction motors, alternators, brake discs, gangways, stators, and rotors for locomotives, as well as platform screen doors for metro systems, wind generators, and related services.IPO Management
Nuvama Wealth Management and Equirus Capital have been appointed as the book running lead managers to the issue.Source:
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