The energy transition and power electronics business Eastman Auto and Power has submitted its confidential draft red-herring prospectus (DRHP) for an initial public offering (IPO) to the stock market regulator Sebi.
The business intends to raise ₹1,800–2,000 crore via the inaugural share sale, which would combine a new issue with an offer for sale (OFS), according to a PTI report.
According to the PTI report, the business has enlisted Axis Capital, JM Financial, and Motilal Oswal to oversee the offering.
More businesses are choosing to use Sebi’s secret filing method for their initial public offerings (IPOs) in order to avoid disclosing IPO data to the public under the DRHP. Indian companies seeking flexibility in their IPO preparations are increasingly choosing this path.
Concerning Eastman Auto and Power
Founded in 2000, Eastman Auto and Power, a division of the JRS Eastman Group, has a good track record in solar technology, power electronics, and battery storage.
Last-mile e-mobility solutions, electronics manufacturing, and solar systems with integrated storage comprise its three main product categories.
With a volume share of more than 50% in FY2025, it leads the market for Electric 3-Wheeler (E3W) batteries. With the help of a strong network of over 2,500 partners and 1,200 distributors, the firm provides services to over 400 E3W OEMs across India.
Through its eight manufacturing facilities across India, including three dedicated power-electronics plants, it produces a wide range of products, including E3W chargers, solar inverters (off-grid, grid-tie, and hybrid), online UPS systems, and home inverters, with a combined production capacity of two million units annually.
Additionally, Eastman Auto and Power has a strong R&D ecosystem with 47 design registrations, five patents, and more than 200 professionals and foreign specialists.
In keeping with its goals to establish a more comprehensive solar-solutions footprint, it recently put into service an 800 MW solar-panel facility in Sonipat. In order to meet the growing need for dependable storage in the grid and household energy sectors, it also produces lithium-based energy-storage systems, solar batteries, and inverters.
The firm has a robust revenue profile and sells to more than 50 nations globally. According to the company’s statement, it generated ₹4,228 crore in sales in FY25, indicating a robust CAGR of 28% between FY23 and FY25.
With 11.47 GWh of battery storage and an annual production of six million energy-storage units in categories such E3W batteries, solar batteries, and home inverter batteries, as well as two million solar inverters, house inverters, and E3W chargers, the firm boasts a large manufacturing capacity.
