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Eastman Auto and Power Receives SEBI Approval for Upcoming IPO

Eastman Auto and Power Ltd (EAPL) has obtained approval from the Securities and Exchange Board of India (SEBI) to move ahead with its proposed initial public offering (IPO). The company had earlier submitted a confidential draft red herring prospectus (DRHP) to the regulator in December 2025, and SEBI issued its observations on March 4, 2026.

Following the approval, EAPL has a window of 18 months to launch the IPO. Since the DRHP was filed through the confidential route, the company will first need to submit an updated DRHP to SEBI before filing the red herring prospectus (RHP) with the Registrar of Companies. Axis Capital has been appointed as the coordinating lead manager for the issue.

Established in 2000 under the JRS Eastman Group, Eastman Auto and Power has grown into a diversified energy solutions provider with operations spanning battery storage, power electronics, and solar technologies. The company’s core business is divided into three major segments: last-mile e-mobility solutions, electronics manufacturing, and solar systems integrated with energy storage.

EAPL has built a strong position in the electric three-wheeler battery market, accounting for more than half of the industry’s volume in FY25. The company supplies batteries to over 400 electric three-wheeler OEMs across India and supports them through a large service network consisting of about 2,500 partners and 1,200 distributors. Its product range also includes E3W chargers, inverters, and UPS systems.

The company currently operates eight manufacturing facilities across India, including three dedicated to power electronics, with a combined annual production capacity of nearly two million units.

Recently, EAPL commissioned an 800 MW solar module manufacturing plant in Sonipat, strengthening its integrated solar manufacturing capabilities. In December 2025, its solar manufacturing arm, Eastman Green Technologies, also received ALMM approval for 374 MW of bifacial Mono PERC solar modules.

In addition to solar modules, the company manufactures lithium-based energy storage systems, solar batteries, and inverters, targeting the rising demand for solar adoption and dependable energy storage solutions across residential and grid applications. Beyond India, EAPL exports storage batteries to more than 50 countries, supported by a production footprint that includes 11.47 GWh of battery storage capacity, six million energy storage units annually, and two million inverters and E3W chargers.