In Short : Noida-based RCRS Innovations Ltd has filed draft papers for an SME IPO on NSE Emerge, offering 48.24 lakh equity shares. The funds raised will support working capital, machinery upgrades, and general corporate needs. Founded in 2019, RCRS specializes in lithium-ion battery packs and solar PV modules. The company reported ₹115.85 crore in revenue and ₹8.41 crore profit.
In Detail : Lithium-Ion battery manufacturer RCRS Innovations Ltd today said it has filed its draft red herring prospectus (DRHP) with NSE Emerge. The company’s proposed initial public offering (IPO) comprises a fresh issuance of 48.24 lakh equity shares with a face value of Rs 10 each through the book-building process.
According to the DRHP, the company intends to utilise net proceeds from the offering to meet its working capital requirement and expand its battery manufacturing capacity.
“Current battery manufacturing facility in Noida is equipped with state-of-the-art laboratories and testing equipment. RCRS Innovations has over 20 certifications and test reports,” it stated in a release.
RCRS Innovations has appointed Corporate Capital Ventures as the sole book running lead manager to the issue. And, Skyline Financial Services Pvt Ltd is the registrar.
Headquartered in Noida, the company manufactures and markets Lithium-Ion batteries and solar panels under EXEGI brand. The company’s products, manufactured in two separate plants in the Delhi-NCR region, are primarily used for clean energy storage and solar lighting.
RCRS Innovations is a supplier of battery packs for solar lighting applications in India. It is also among the leading suppliers of battery energy storage solutions in India. The company also manufactures monocrystalline and polycrystalline PV panels in power outputs ranging from 40W to 400W.
The company recorded revenues of Rs 78.68 crore and earned profit after tax (PAT) of Rs 5.71 crore during the first nine months of the fiscal year, which ended December 31, 2023. It had reported revenues of Rs 67.80 crore and PAT of Rs 1.35 crore for the full financial year 2022-23 (FY23).
