Upcoming IPO, March 20 -- Polite Powertech Limited has filed its draft red herring prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI), for an initial public offering (IPO).

As stated in the DRHP, the company intends to generate funds via an IPO. The overall offer size amounts to a maximum of 1,25,00,000 equity shares, which includes a fresh issue of up to 1,00,00,000 equity shares and an offer for sale of up to 25,00,000 equity shares. The funds raised will be utilised for working capital needs and general corporate purposes.

Arihant Capital Markets Limited and Valmiki Leela Capital Private Limited are the book-running lead managers (BRLMs) to the offer.

The company is a comprehensive eng...