Eastman Auto and Power files confidential draft papers for Rs 1,800-2,000-crore IPO

Eastman Auto and Power IPO News

Eastman Auto and Power, an energy-transition and power-electronics company, has filed confidential IPO papers with markets regulator SEBI to raise funds, with people familiar with the matter estimating the issue size at Rs 1,800-2,000 crore.

The proposed IPO will be a combination of fresh issuance and an offer for sale (OFS) component, they added.

In a public announcement on Thursday, the company said it has filed "the pre-filed draft red herring prospectus with Sebi and the stock exchanges in relation to the proposed initial public offering (IPO) of its equity shares on the main board".

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 (EAPL) has grown into a diversified energy-solutions company with operations across battery storage, power electronics and solar technologies.

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

EAPL has a significant position in the Electric 3-Wheeler (E3W) battery market, accounting for more than half of industry volumes in FY25.

The company supplies over 400 E3W OEMs across the country and is supported by a service network of about 2,500 partners and 1,200 distributors. Its product range includes E3W chargers, inverters and UPS systems — components that are playing a growing role in India's shift toward 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 about two million units.

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

The firm exports storage batteries to more than 50 countries. Its combined production footprint includes 11.47 GWh of battery-storage capacity and annual output of six million energy-storage units across E3W, solar and home-inverter categories, and two million inverters and E3W chargers.

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