Pioneer Fil-Med Limited, one of the leading manufacturers of railway components, has submitted its draft papers on March 29 with SEBI to raise funds of ₹500 crore via an Initial Public Offering (IPO).
The firm is looking to raise ₹250 crore via a fresh issue and ₹250 crore via an Offer-for-Sale by existing shareholders.
Major shareholders include Pioneer Facor IT Infradevelopers, and Aztech India will be selling shares worth ₹125 crore each in an Offer-for-Sale component.
The book-running lead manager of the issue is Nuvama Wealth Management Limited and Equirus Capital Private Limited. MUFG Intime India Private Limited is the registrar to the IPO.
The firm is looking to use the proceeds raised from the fresh issue towards the cost of establishing a gearbox manufacturing facility at Salarpur, Bhiwadi, Rajasthan, India. Some funds towards establishing a wind generator components manufacturing facility. Lastly, the remaining funds will be used for general corporate purposes.
Moreover, Pioneer Fil-Med’s stated intention to list on the stock exchange is expected to improve its brand image and market reputation.
Incorporated in 2001, Pioneer Fil-Med is one of the growing manufacturers and suppliers of railway and metro equipment in India. The firm offers diverse components for locomotive and coach use, along with a strong presence in diesel-electric and electric segments.
The company initially started its business by supplying filters for the railway and automotive industries. But then expanded into supplying products like traction motors, alternators, brake discs, gangways, stators, and rotors for locomotives.
Financially, in FY25, the firm generated a revenue of ₹326.42 crore, a 40% increase from ₹232.98 crore in the previous year.
Similarly, the firm reported a profit of ₹40.44 crore in FY25, a 53.2% rise from the ₹26.39 crore in the previous year.
The equity shares of the IPO are proposed to be listed at NSE Limited and BSE Limited. For more such updates and IPO-related queries, follow IPO Watch.
Pioneer Fil-Med IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Pioneer Fil-Med Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2023 | ₹90.38 | ₹82.98 | ₹11.17 |
| 2024 | ₹235.60 | ₹199.57 | ₹26.39 |
| 2025 | ₹331.12 | ₹274.38 | ₹40.44 |
| Sep 2025 | ₹159.74 | ₹125.87 | ₹25.41 |
Pioneer Fil-Med IPO Valuation – FY2024
Pioneer Fil-Med IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹14.40(Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 26.79% |
| Net Asset Value (NAV): | ₹53.76 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Titagarh Rail Systems Limited | 20.39 | 32.17 | 11.48 | 178.84 | 3867.75 Cr. |
| Bharat Forge Limited | 20.05 | 89.63 | 10.17 | 193.55 | 15122.80 Cr. |
| ABB India Limited | 88.32 | 71.11 | 26.46 | 333.85 | 12188.31 Cr. |
| BEML Limited | 35.12 | 45.85 | 10.13 | 346.64 | 4022.22 Cr. |
| Siemens Limited | 59.14 | 55.33 | 15.91 | 371.44 | 17364.20 Cr. |
| CG Power and Industrial Solutions Limited | 6.37 | 114.02 | 30.76 | 20.73 | 9908.66 Cr. |
| Hind Rectifiers Limited | 21.60 | 66.36 | 23.21 | 93.15 | 655.37 Cr. |
Objects of the Issue
- Part financing the cost of establishing a gear box manufacturing facility at Salarpur, Bhiwadi, Rajasthan, India (“Gear Box Facility”);
- Part financing the cost of establishing a wind generator components manufacturing facility at Salarpur, Bhiwadi, Rajasthan, India (“Wind Generator Components Manufacturing Facility”);
IPO Lead Managers aka Merchant Bankers
- Axis Capital Limited
- Equirus Capital Private Limited
