RCRS Innovations files draft papers with NSE Emerge to raise funds via IPO

New Delhi: Lithium battery and solar panels manufacturer RCRS Innovations Ltd on Tuesday said it has filed draft papers with NSE Emerge to mop-up funds through an initial public offering (IPO) and the proceeds will be used to fund its expansion plan.

The Noida-headquartered company's proposed IPO is a fresh issuance of 48.24 lakh equity shares with a face value of Rs 10 each, according to a statement.

RCRS Innovations intends to utilise net proceeds from the offering to meet its working capital requirement and expand its battery manufacturing capacity.

The company manufactures and markets lithium-ion batteries and solar panels under EXEGI brand in two separate plants in the Delhi-NCR region. Its products are primarily used for clean energy storage and solar lighting. RCRSIL or its products have over 20 certifications and test reports.

The company registered revenues of Rs 78.68 crore and earned profit after tax (PAT) of Rs 5.71 crore during the first nine months (April-December) of the fiscal year 2023-24. It had generated revenues of Rs 67.80 crore with PAT of Rs 1.35 crore for the full financial year 2022-23.

Corporate Capital Ventures is the sole book running lead manager to the issue.