GP Eco Solutions India IPO commences for subscription on June 14 and concludes on June 19 with a price band of ₹90-94 per share. The company plans to issue 32,76,000 Equity Shares via book-building process. Distribution includes solar inverters and panels.
GP Eco Solutions India IPO: The initial public offering of GP Eco Solutions India, an integrated solar energy solutions provider, will commence for subscription on Friday, June 14, and will conclude on Wednesday, June 19. The issue’s price band has been set in the range of ₹90 to ₹94 per share. The GP Eco Solutions IPO lot size is 2,000 shares. The floor price is 9 times of the face value and the cap price is 9.40 times of the face value of the equity shares.
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The Noida-based company’s IPO would include a fresh issue of 32,76,000 Equity Shares having a face value of ₹10- via the book-building process. 3.27 lakh equity shares have been reserved for market makers, 8.83 lakh equity shares for anchor investors, 4.44 lakh equity shares for non-institutional investors (NIIs), 5.89 lakh equity shares for qualified institutional buyers (QIBs), and 10.32 lakh equity shares for retail investors.
According to the Red Herring Prospectus (RHP), the firm distributes a wide selection of solar inverters and panels. The firm is an authorized distributor of Sungrow India Pvt Ltd or “Sungrow” for solar inverters in North India, as well as Saatvik Green Energy Private Limited or “Saatvik” and LONGi Solar Technology Co. Ltd or “LONGi” for solar panels in North India. The firm also has its own brand, “Invergy”.
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The company’s listed peer is Sungarner Energies Ltd (with a P/E of 59.14). GP Eco generated a healthy revenue of ₹78.40 crore and a profit (PAT) of ₹4.73 crore during the first nine months of the current fiscal year, which concluded on December 31, 2023. In fiscal year 2022-23, the firm generated ₹101.21 crore in sales and ₹3.7 crore in profit (PAT). Uttar Pradesh contributes the most to GP Eco’s revenues, followed by Haryana, Maharashtra, and Tamil Nadu.
GP Eco Solutions IPO details
The GP Eco Solutions IPO, valued at about ₹30.79 crore, consists of a fresh issuance of 3,276,000 equity shares at face value of ₹10. There is no offer-for-sale component.
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The company intends to use the net fresh issue proceeds for the following purposes: meeting the company’s working capital requirements; investing in its subsidiary, Invergy India Private Limited (“IIPL”) in relation to the purchase of plant and machinery and other miscellaneous assets, as well as construction / civil works for its facility; and general corporate expenses.
Corporate Capitalventures Pvt Ltd is the book running lead manager for the GP Eco Solutions IPO, with Bigshare Services Pvt Ltd serving as the registrar. Ss Corporate Securities is the market maker for GP Eco Solutions IPO.
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