Pace Digitek gets SEBI green light to raise ₹900 crore to expand energy business

Pace Digitek secures SEBI nod for ₹900 crore IPO to boost energy portfolio

Expert Analysis:

• IPO Approval: Pace Digitek has secured SEBI approval to raise ₹900 crore via IPO this year, strengthening its battery energy storage systems (BESS) portfolio.

• Turnkey Projects: The company’s new unit undertakes turnkey projects from design to manufacturing to operations and maintenance, focusing on battery energy storage solutions.

• Capital Expenditure Plan: Pace Digitek will use part of IPO proceeds for subsidiary Pace Renewable Energies’ MSEDCL BESS project, with up to ₹630 crore allocated and the rest for general corporate use.

• Renewable Energy Leadership: India ranks fourth in total installed renewable capacity and third in solar, achieving over 234 GW non-fossil fuel capacity five years early.

• Emission Reduction and BESS Growth: India pledged to cut GDP emission intensity by 45% by 2030 from 2005 levels, supporting BESS growth for reliable energy storage and supply.

• Global Expansion: While core operations remain in India, the company has expanded to Africa, Myanmar, Bangladesh, Sri Lanka, and the Philippines, providing telecom energy management and optic fiber solutions.