Rajesh Power Services files DRHP with BSE SME for raising funds through IPO

Ahmedabad-headquartered Rajesh Power Services (RPSL) has filed a Draft Red Herring Prospectus (DRHP) with the BSE SME to raise funds via an initial public offering (IPO).

The IPO will comprise a fresh issue of 27.90 lakh equity shares with a face value of Rs 10 each and an Offer for Sale (OFS) of up to 20 lakh equity shares, through a book-building process.



Beena Panchal, Krunal Panchal, Nehal Panchal, Rajendra Baldevbhai Patel, Praful Patel, Vishal Patel, Kalaben Kantibhai Patel and Jyotsna Ramesh Patel will be offloading their stake as part of the OFS.

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 electrolyzers.

The remaining funds will be used for additional working capital requirements and general corporate purposes.

The company has a robust order book of Rs 2,358.17 crore, comprising projects relating to turnkey-based contracts, Design Engineering Procurement and construction of substations.

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RPSL has invested in HKRP Innovations, which provides customized IT-based solutions to the energy sector. The company provides Internet of Things (IoT) and cloud-based solutions to power grids 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).

The company registered a in revenue from operations of Rs 284.96 crore with a profit (PAT) of Rs 26 crore in the fiscal year 2024, against Rs 207.17 crore and a profit (PAT) of Rs 6.75 crore in FY23.

ISK Advisors Private Limited is the sole Book Running Lead Manager to the issue, and Bigshare Services Private Limited is the Registrar.

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