IPO
TMC Transformers files for Rs.550-Cr IPO
Vadodara, Gujarat-based TMC Transformers (India) has filed draft red herring prospectus (DRHP) papers to raise INR 550 crore through an initial public offering (IPO). The proposed transaction consists of a fresh issue of equity shares, each with a face value of INR 10. The company may also consider a pre-IPO anchor placement of INR 110 crore.Founded in 2009 by Hriday Shukla, TMC transformers operate under an integrated, design-led manufacturing firm. It sells oil-filled transformers up to 160 MVA, dry-type transformers up to 20 MVA/36 kV, and compact substations up to 3 MVA/36 kV. TMC serves clients across sectors such as renewable energy, railways, metro rail, industrials, and power distribution utilities.The company plans to use the proceeds from the IPO primarily to fund capital expenditure for a new greenfield Extra High Voltage (EHV) transformer manufacturing facility in Halol, Gujarat, which will have an installed capacity of 78,000 MVA. The remaining funds will be allocated toward meeting incremental working capital requirements.
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