Eastman Auto and Power Ltd: Powering Ahead with a Major IPO

Eastman Auto and Power Ltd has filed confidential IPO papers to raise Rs 1,800-2,000 crore. The IPO combines fresh issuance and an offer for sale. EAPL excels in battery storage, power electronics, and solar technologies, and plays a significant role in India's electric mobility shift.

Eastman Auto and Power Ltd, a key player in energy-transition technologies, has taken a significant step by filing confidential IPO papers with Sebi to secure funding estimated at Rs 1,800-2,000 crore. The IPO will encompass both new issuance and an offer for sale.

In a recent announcement, EAPL confirmed filing the pre-filed draft red herring prospectus with Sebi and stock exchanges, aiming to list its equity shares on the main board. To streamline the process, the company has appointed Axis Capital, JM Financial, and Motilal Oswal as its managing partners.

Founded in 2000, the company has expanded its expertise across battery storage, power electronics, and solar systems. Notably, it leads the Electric 3-Wheeler battery market, supplying over 400 OEMs nationwide and excelling in solar energy solutions with recent expansions including an 800 MW solar-panel facility in Sonipat.

(With inputs from agencies.)