Energy equipment distributor plans IPO

Energy equipment distributor NetLine Ltd plans to raise funds through the stock exchange after setting up a state-of-the-art solar panel plant in Islamabad. Speaking to reporters at the company’s head office on Monday, NetLine Ltd Director Umair Zavary said the firm recently received a valuation of $4.5 million from Intermarket Securities, a Karachi-based brokerage house. Based on the independent valuation, the energy equipment distributor has just concluded a Series A round in which it raised an undisclosed amount from a “leading logistics and freight company,” he added. The Zavary family still retains a majority stake and management control in the firm, which deals in solar panels, industrial UPS, automatic voltage regulators, energy storage (batteries) and DC electrifiers. The company will use the raised funds to set up offices in the Gulf region and expand operations in lithium-ion (rechargeable) batteries as well as electric vehicle–charging segments, Mr Zavary said. More importantly, the company will set up a plant on a three-acre industrial estate on the outskirts of Islamabad to initially assemble solar panels at an investment of $3.5m. The number of panels produced in the first phase will be enough to generate 180 megawatts on an annual basis.