RCRS Innovations, a manufacturer of lithium batteries and solar panels, announced that it has filed draft papers with NSE Emerge for an initial public offering (IPO) to raise funds for its expansion plans. The company, based in Noida, is looking to issue 48.24 lakh equity shares, each with a face value of Rs 10, according to a statement.

The company intends to use the net proceeds from the offering to meet its working capital requirements and increase its battery manufacturing capacity.

RCRS Innovations manufactures and markets lithium-ion batteries and solar panels under the EXEGI brand across two plants in the Delhi-NCR region. The company’s products are mainly used for clean energy storage and solar lighting. RCRSIL and its products hold over 20 certifications and test reports.

During the first nine months of the fiscal year 2023-24 (April-December), the company registered revenues of Rs 780.68 million and a profit after tax (PAT) of Rs 50.71 million. In comparison, for the full financial year 2022-23, it had generated revenues of Rs 670.80 million and PAT of Rs 10.35 million.

Corporate Capital Ventures is acting as the sole book running lead manager for the issue.