SBI Funds Management files for IPO with no fresh issue
19 Mar 2026
Surat-based power infrastructure engineering, procurement, and construction company Polite Powertech has filed Draft Red Herring Prospectus with SEBI to raise funds via IPO for its working capital requirements.
The 1.25 crore equity shares initial share sale comprises of fresh issue of 1 crore equity shares, and an offer-for-sale of 25 lakh shares, as per the draft papers filed on March 18.
Promoter Yogeshkumar Narottambhai Patel will be selling shareholder in the offer-for-sale.
The company that involves in the execution of transmission, distribution, and renewable energy projects proposed to utilise Rs 100 crore of proceeds from the fresh issue for its working capital requirements, and the remainder funds for general corporate purposes.
Incorporated in 2023, Polite Powertech has expertise in the execution of high-voltage and extra-high-voltage transmission lines, underground and overhead cabling networks, solar EPC projects, and air-gas insulated substations.
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It has executed extra-high voltage transmission projects up to 220 kV and distribution network projects up to 33 kV for state utilities, power transmission and distribution companies, and industrial clients.
Polite Powertech that competes with listed entities like Rajesh Power Services, Advait Energy Transitions, and Viviana Power Tech has posted profit of Rs 13.02 crore for the year ended March 2025, growing more than 15-fold from Rs 0.84 crore in previous year. Revenue during the same period soared over six-fold to Rs 155.6 crore from Rs 24.6 crore. Further, profit in first half of current financial year was Rs 10.7 crore on revenue of Rs 97.3 crore.
Arihant Capital Markets, and Valmiki Leela Capital are appointed as the book running lead managers for the Polite Powertech IPO.
