MUMBAI: Mumbai-based Karamtara Engineering, renewable energy and transmission line products manufacturer, has fixed the price band at Rs 241-254 per share for its upcoming Rs 875-crore IPO.
The public issue will open on September 9 and close on September 11, while the anchor book will open for a day on September 8. The company is expected to finalise the IPO share allotment by September 15 and is likely to make its market debut on September 17.
Karamtara is raising up to Rs 675 crore through a fresh issue of shares, while promoters Tanveer Singh and his brother Rajiv Singh will sell shares worth Rs 200 crore through an offer-for-sale (OFS).
The public issue size has been halved to Rs 875 crore from the Rs 1,750 crore planned in the draft papers filed in January 2025. SEBI approved its IPO papers in June 2025.
With a minimum bid size of 59 equity shares, and in multiples of 59 shares thereafter, the minimum investment for retail investors would be Rs 14,986, while the maximum investment would be Rs 1,94,818.
The company undertook a private placement of 24.19 lakh compulsorily convertible preference shares (CCPS) at Rs 310 per CCPS, raising Rs 75 crore from Parag Shah-founded Amara Partners. The amount raised through the pre-IPO placement was subsequently reduced from the fresh issue size.
Karamtara Engineering, which claims to be the largest integrated manufacturer of solar mounting structures and tracker components, intends to utilise Rs 600 crore of the net fresh issue proceeds to repay certain debt, with the remaining funds earmarked for general corporate purposes.
As told to our Newsman Sachin Murdeshwar As of July 2026, the company had total standalone outstanding borrowings of Rs 1,344.4 crore, along with outstanding acceptances pursuant to letters of credit amounting to Rs 735.1 crore.
The company offers structures and fasteners for the solar energy and transmission sectors, as well as overhead transmission line hardware, fittings and accessories. It has also forayed into the wind energy sector by commencing production of angular and tubular towers for wind turbines.
Further, the company intends to enter the battery energy storage systems (BESS) business through its wholly owned subsidiary, Karamtara Green Energy, which was incorporated in May 2025. It also plans to set up manufacturing facilities for prefabricated engineered building (PEB) structures.
The company’s financial performance in recent years has been strong, with Karamtara Engineering reporting a 64.2% increase in profit to Rs 228.8 crore in FY26, while revenue rose 36.5% to Rs 4,312 crore compared with the previous year.
Post-issue, promoters will hold an 82.01% stake in the company, while public shareholders will include Amara Partners with a 0.92% stake, along with Utpal Sheth and Madhusudan Kela-backed Singularity AMC, each holding a 0.25% stake.
JM Financial, ICICI Securities and IIFL Capital Services have been appointed as the merchant bankers managing the public issue of Karamtara Engineering.