Pace Digitek IPO - Listing Performance & Details

Pace Digitek Limited was originally incorporated as Pace Power Systems Private Limited on March 1, 2007, at Bengaluru, and was subsequently renamed Pace Digitek Infra Private Limited in 2020 and Pace Digitek Private Limited in 2024, before converting into a public limited company on November 19, 2024. It is headquartered in Bengaluru, Karnataka, and works in the telecom passive infrastructure sector.

The company provides multidisciplinary infrastructure solutions, including manufacturing of passive telecom equipment, operation and maintenance services for telecom towers and optical fibre cable (OFC) networks, and turnkey projects covering telecom tower erection and OFC network development. It has also expanded into energy solutions, including solar projects under a build-own-operate model, solarisation of telecom towers, rural electrification EPC projects, and manufacturing of lithium-ion battery energy storage systems. The company operates in India as well as internationally through subsidiaries in Singapore and Myanmar. It is promoted by Maddisetty Venugopal Rao and Padma Venugopal Maddisetty.

Revenue from operations rose to Rs 2,434.48 crore in FY24 from Rs 503.20 crore in FY23, while profit after tax rose to Rs 229.87 crore in FY24 from Rs 16.53 crore in FY23. This was a mainboard IPO, listed on the NSE and BSE, comprising entirely a fresh issue of equity shares of face value Rs 2 each aggregating up to Rs 900 crore, with no offer-for-sale component, at a price band of Rs 208 to Rs 219 per share, taking the final issue size to about Rs 819 crore. Of the net proceeds, Rs 630 crore was earmarked for funding capital expenditure requirements, including setting up battery energy storage manufacturing capacity, with the balance for general corporate purposes. The company undertook a pre-IPO placement of up to Rs 180 crore, which reduced the fresh issue size correspondingly.