Pace Digitek Gets SEBI Approval for ₹9 Billion IPO
The company had filed the DRHP in March 2025
September 9, 2025
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Energy storage systems, power management, and optical fibre solutions company Pace Digitek has received approval from the Securities and Exchange Board of India for its initial public offering (IPO) of shares to raise ₹9 billion (~$102 million).
The company filed the draft red herring prospectus (DRHP) for the IPO in March this year.
The IPO will consist of a fresh issue of equity shares with a face value of ₹2 (~$0.023) per share.
Unistone Capital is the book-running lead manager for the IPO.
The company said it will utilize ₹6.3 billion (~$71.48 million) from the net proceeds to invest in its subsidiary, Pace Renewable Energies, which will set up battery energy storage systems (BESS) for a pilot project of 250 MW/500 MWh awarded by the Maharashtra State Electricity Distribution Company. This project has an additional greenshoe capacity of 500 MW/1000 MWh standalone BESS.
Pace Digitek plans to utilize part of the remaining proceeds for general corporate purposes. This amount will not exceed 25% of the gross proceeds from the fresh issue.
The company commissioned a 5 GWh BESS manufacturing unit in Bengaluru, Karnataka, in June 2025. The facility comprises a fully automated cell-to-pack assembly line.
In April this year, Pace Digitek was among the winners of Karnataka Power Transmission Corporation’s auction to set up 500 MW/1,000 MWh grid-connected standalone BESS to manage peak power demand. The company won 250 MW, also at a tariff of ₹254,490 (~$2,971.28)/MW/month.
In March, Pace Digitek was among the companies securing Telangana Power Generation Corporation’s auction to set up 250 MW/500 MWh standalone BESS in Telangana. The company won 125 MW/250 MWh at a tariff of ₹245,153 (~$ 2,860.93)/MW/month.
Last year, Pace Digitek was among the winners of the Solar Energy Corporation of India’s auction to set up 1,200 MW interstate transmission system-connected solar power projects with 600 MW/1,200 MWh energy storage systems anywhere in India under Tranche XV. It secured 100 MW at a tariff of ₹3.41 (~$0.0408)/kWh.
