Eastman Auto and Power files confidential IPO papers

Eastman Auto and Power Ltd, an energy transition and energy electronics company, has filed confidential IPO papers with market regulator Sebi to raise funds, with people familiar with the matter estimating the size of the issue at Rs 1,800-2,000 crore.The proposed IPO will be a combination of a fresh issue and an offer for sale (OFS) component, they added.

In a public announcement on Thursday, the company said it has “submitted the pre-filed draft prospectus with Sebi and the stock exchanges in respect of the proposed initial public offering (IPO) of its mainboard shares”.To manage the offering, the company has roped in Axis Capital, JM Financial and Motilal Oswal, people familiar with the matter said.

Founded in 2000 as part of the JRS Eastman Group, Eastman Auto and Power Ltd (EAPL) has grown into a diversified energy solutions company with operations in battery storage, power electronics and solar energy technologies.

The portfolio covers three core areas: last-mile e-mobility solutions, electronics manufacturing and solar energy systems with integrated storage.

EAPL has a significant position in the electric three-wheeler (E3W) market, accounting for more than half of the industrial volumes in FY25. The company serves more than 400 E3W OEMs nationwide and is supported by a service network of approximately 2,500 partners and 1,200 distributors. The product range includes E3W chargers, inverters and UPS systems – components that are playing an increasingly important role in India’s shift to electric mobility.

The company’s operations include eight manufacturing facilities across India, three of which focus on power electronics. Together they have an annual capacity of approximately two million units.

EAPL recently commissioned an 800 MW solar panel factory in Sonipat, adding to its plans to build a more integrated presence in solar energy solutions. It also produces lithium-based energy storage systems, solar batteries and inverters, addressing both the increasing adoption of solar energy and the broader need for reliable storage in the grid and home energy markets.

The company exports batteries to more than 50 countries. The combined manufacturing footprint includes 11.47 GWh of battery storage capacity and annual production of six million energy storage units in the E3W, solar and home inverter categories, and two million inverters and E3W chargers.

EAPL reported revenues of Rs 4,228 crore in FY25, registering a CAGR of 28 percent between FY23 and FY25.