PMEA Solar Tech Solutions has filed preliminary papers with capital markets Sebi to raise funds through an initial public offering (IPO). The Mumbai-based company's IPO is a mix of fresh issues of shares aggregating up to Rs 600 crore and an offer for sale (OFS) of up to 1.12 crore equity shares by promoters, according to the draft red herring prospectus (DRHP) filed on Monday. The company may consider raising up to Rs 120 crore in a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced. Proceeds from the fresh issue to the extent of Rs 119.55 crore will be used for the setting up of certain manufacturing facilities undertaken through investment in the wholly owned subsidiary PMSS, Rs 120.45 crore for purchase of machinery/equipment; Rs 240 crore for payment of debt and remaining funds for general corporate purpose. Founded in 2006, PMEA Solar Tech Solutions specialises in solar tracking mounting systems and equipment and has an annual installed ..