Ahead of IPO, Pace Digitek raises Rs 245 cr from anchor investors

New Delhi, Sep 25 (PTI) Telecom infrastructure solutions provider Pace Digitek Ltd on Thursday said it has mobilised over Rs 245 crore from anchor investors, just a day before its initial share-sale opening for public subscription.

Some of the institutions that participated in the anchor include Bandhan Mutual Fund (MF) and Taurus MF, SBI General Insurance Company, Societe Generale, Saint Capital Fund, Aarth AIF Growth Fund and Nexus Global Opportunities Fund, according to a circular uploaded on the BSE website.

Pace Digitek has allocated 1,11,93,807 equity shares to these investors at Rs 219 apiece to anchor investors. This takes the total transaction size to Rs 245.14 crore, the circular showed.

The issue, with a price band of Rs 208 to Rs 219 per share, will open for subscription during September 26-30.

The Bengaluru-based company's IPO is a completely fresh issue of shares worth Rs 819.15 crore.

Proceeds from the public issue, amounting to Rs 630 crore, will be used to fund capital expenditure requirements, and a portion will be allocated towards general corporate purposes.

Incorporated in 2007, Pace Digitek is a multi-disciplinary solutions provider specialising in the telecom passive infrastructure industry, including telecom tower infrastructure and optical fibre cables.

The company's revenue from operations was Rs 2,439 crore during FY25 as compared to Rs 2,434 crore in FY24. Its net profit stood at Rs 279 crore against Rs 230 crore a year ago.

In terms of issue allocation, 50 per cent of the IPO is reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors, and the remaining 15 per cent for non-institutional investors.

Unistone Capital is the sole book-running lead manager of the issue. PTI SP TRB