Karamtara Engineering Gets SEBI Nod for ₹1,750 Crore IPO

Karamtara Engineering Gets SEBI Nod for ₹1,750 Crore IPO

Karamtara Engineering Limited has received final observations from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO), the company said on Tuesday.

The company, which had filed its draft red herring prospectus (DRHP) in January 2025, plans to raise up to ₹17.5 billion (₹1,750 crore) through a fresh issue of equity shares with a face value of ₹10 each.

Karamtara is a backward-integrated manufacturer catering to the renewable energy and transmission infrastructure sectors. It is the largest producer of solar mounting structures and tracker components in India, according to the DRHP.

Product Portfolio

Its product portfolio includes solar module mounting structures, solar tracker piles and torque tubes, as well as lattice towers for transmission lines. The company also manufactures fasteners and overhead transmission line hardware fittings and accessories used across the solar, wind, transmission, and industrial segments.

Karamtara is also entering the wind energy segment and is setting up a manufacturing facility for tubular wind turbine towers, expected to become operational in the first quarter of fiscal 2026.

Net Proceeds 

The IPO proceeds will be used in part to repay or prepay borrowings and acceptances, according to the prospectus.

Promoters of the company include Tanveer Singh, Rajiv Singh, Inderjeet Singh, the Inderjeet Tanveer Singh Trust, and the Inderjeet Rajiv Singh Trust.

The company’s listing comes amid growing investor interest in India’s renewable energy sector, as the country targets 500 GW of renewable capacity by 2030, including 280 GW from solar energy, according to a report by F&S. The global renewable energy market is also expected to grow at a compound annual rate of 13.6% between 2023 and 2028.