are engaged in designing, manufacturing, assembling, sale, service and supply of Energy Storage Equipment and Power Conditioning Equipment (“Power Solution Products”) in India. Our manufactured Power Solution Products comprise of UPS system, Inverter system, Lift Inverter System, Solar Hybrid Inverter Systems, Lithium-Ion Battery Packs. Prostarm Info Systems IPO is a bookbuilding of ₹168.00 crores entirely as a fresh issue of shares.
| IPO opens | May 27, 2025 |
| IPO Closes | May 29, 2025 |
| IPO Size (Rs.) | ₹168 Cr |
| Breakup | fresh issue 168 Cr |
| Face Value: | ₹ 10 |
| IPO Price Rs : | ₹95 to ₹105 per share |
| Minimum Lot | 141 shares |
| Listing At | NSE , BSE (mainboard) |
| QIB | ~50% |
| NII Quota | ~15% |
| Retail Quota | ~35% |
| BRLM | JM Financial, BofA Securities, Morgan Stanley, J.P. Morgan, Kotak Mahindra Capital, Citigroup Global Markets, IIFL Capital, ICICI Securities, Motilal Oswal, SBI Capital Markets |
| Registrar | KFin Technologies |
Prostarm Info Systems IPO:
- Prostarm Info Systems, based in Navi Mumbai and incorporated in 2008, designs, manufactures, and sells energy storage and power conditioning equipment. Its products include UPS systems, inverter systems, solar hybrid inverter systems, lithium-ion battery packs, and voltage stabilisers
- Core Product Categories:
- UPS Systems: Wide range of Uninterruptible Power Supply (UPS) solutions, including customized systems for sectors like banking, healthcare, railways, airports, logistics, and sensitive equipment applications
- Inverter Systems: Standard and custom inverters for backup power requirements across industries.
- Solar Hybrid Inverters: Integrated solutions that combine solar energy with conventional backup for enhanced efficiency and sustainability
- Lithium-Ion Battery Packs: Advanced Li-ion battery packs using LiFePO4 and other chemistries, known for high energy density, long cycle life, safety, and low self-discharge. Applications include telecom, railways, data centers, renewable energy storage, and DC backup systems1
- Servo-Controlled Voltage Stabilizers: For ensuring stable voltage supply to sensitive and critical equipments.
- Battery Energy Storage Systems (BESS): Smart, scalable systems for efficient energy storage and intelligent management, supporting grid stability and renewable integration.
- Additional Offerings and Services:
- Batteries and Chargers: Including third-party batteries for various applications.
- Transformers, Resistors, Converters: Support equipment for power management and conditioning.
- Engineering, Procurement & Construction (EPC): Turnkey rooftop solar PV system installations across India, aligning with the shift toward renewable energy.
- Value-Added Services: Installation, rental, after-sales support, annual maintenance contracts (AMC), reverse logistics, and end-of-life disposal for UPS and batteries.
Financials : Prostarm Info Systems IPO
- FY24 Net Profit: ₹22.8 crore (up 18% YoY)
- FY24 Revenue: ₹258 crore (up 12% YoY)
- FY24 EBITDA: ₹35 crore (up 29.8% YoY)
- EBITDA Margin: 13.7%, up by 190 basis points
- For the first nine months of FY25 (ending December 31, 2024), Prostarm Info Systems reported revenue of ₹268.63 crore and a net profit of ₹22.11 crore. This represents a year-on-year revenue growth of about 4.2% compared to the full FY24 revenue of ₹257.87 crore and a profit of ₹22.80 crore for the entire previous fiscal year
FY25 annualized P/E of 20.96. Based on FY24 earnings, the P/E stands at 27.13.
Anchors: Prostarm Info Systems IPO
The anchor portion comprised 48 lakh shares, which is 30% of the total issue size.
- Chhattisgarh Investments Limited – 19.84%
- Astrone Capital VCC – 19.84%
- Santosh Industries Limited – 12.5%
- Steptrade Revolution Fund – 12.5%
- Vikasa India – 9.38%
- Abundantia Capital VCC – 9.38%
- Swyom India Alpha Fund – 9.38%
- Meru Investment Fund – 7.58%
Salient Points: Prostarm Info Systems IPO
- The company has a robust distribution network comprising 22 branches, 2 warehouses, and coverage across 17 states and 1 Union Territory. It is supported by 478 dealers and distributors, who collectively contributed 32% to their revenue
- Use of IPO Proceeds:
- For working capital Rs. 72.50 cr
- Debt repayment Rs. 18 cr,
- Unidentified M&A and general corporate purpose
- In FY24, they catered to over 700 customers. Out of these 40% of customers are associated with the customers for the last three fiscal.
- Area Wise Revenue Bifurcation:
- North: 36.41%
- West: 24.84%
- South: 19.26%
- East: 17.64%
- Central: 1.88%
- Product Segment Wise Revenue Bifurcation
- Manufactured Products: 55.93%
- Third-Party Products: 30.37%
- Solar EPC: 9.18%
- Value-Added Services: 4.51%
- Debt repayment of Rs. 18 cr, out of Rs. 59 cr net debt.
- Majority of revenue is being generated from third-party power solutions product.
- 46% revenue is generated from Government institutions, This leads to higher inventory and debtors being ~6 month of turnover. As a result IPO is being undertaken mainly to fund working capital.
- On revenue of Rs. 258 cr, in FY 24, margins were quite healthy at 30% gross and 14% EBITDA. This trend is maintained and 9MFY25 revenue growth was healthy, crossing last year topline clocking Rs. 269 cr, with strong margins though their is small moderations in margins.
- Peers: Not strictly compared but mentioned listed listed peers such as Sungarner Energy, Swelect Energy, Servotech Renewable (formerly Powertech Power Systems) quotes at a PE of 67x, 30×2 and 246x of FY24 earnings.
- FY25 annualized P/E of 20.96. Based on FY24 earnings, the P/E stands at 27.13. P/BV stood at 2.2 times.
- I intend to apply in Prostarm Info Systems IPO, Small operations makes it volatile though there are good power sector tailwinds.
- GMP as per social media is 20 (19.0%).
- This post is exploratory and educational purposes only.
- Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . I have in the past cleared some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Do check the data from company’s RHP and exchanges before making any decision. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.