PES Installations Limited

Draft Red Herring Prospectus dated September 30, 2026

Summary

The IPO is an offer for sale of 24,83,360 shares by existing shareholders; PES Installations Limited receives none of the money. The document does not yet state the price.

All the amounts stated for the objects go to funding the working capital requirements of the company. The amount for general corporate purposes is not yet stated.

The review found 5 points to read closely and 17 worth checking.

Read closely

1. Finance and compliance heads are new or have turned over
2. High share of proceeds for working capital
3. Profits are not converting into operating cash
4. Long or lengthening receivable days
5. Licences and approvals pending, expired or not renewed

How the capital was built

• The last priced issue of shares was on 21 Mar 2014: 98,038 shares to the promoters at ₹51 each (2 allottees, including people linked to the promoters); it came about 13 years before this prospectus.

Conclusion

Of the 5 points to read closely, 1 concerns the promoters, management and their dealings (finance and compliance heads are new or have turned over), 1 concerns how the IPO money will be spent, 2 concern the financial statements and 1 concerns the business, the valuation or the quality of disclosure. These could not be scored automatically and need reading: guarantees given for group entities; promoters have limited experience in this business; group companies with no revenue. These wait for the price and the final share count: shares issued shortly before the IPO at a deep discount to the issue price; low promoter holding after the issue. The pages to read are 44, 105, 241, 258 and 292.