Solar energy solutions provider GP Eco Solutions India Ltd on Thursday said it has filed preliminary papers with NSE Emerge to raise funds through an initial public offering (IPO).
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The Noida-headquartered company’s IPO is entirely a fresh issuance of 32.76 lakh equity shares, according to a statement. Of the IPO proceeds, the company will use Rs 12.45 crore to meet working capital requirements and Rs 7.6 crore to invest in its subsidiary Invergy India Private Limited (IIPL), procure plant and machinery as well as for setting up a new facility.
Besides, a portion of the funds will be used for general corporate purposes. After the completion of issue, shares of the company will be listed on NSE Emerge, a platform for small and medium enterprises.
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Going by the draft papers, the company plans to assemble a solar inverter at its assembling facility being set up in Gautam Buddha Nagar, Noida, Uttar Pradesh, which is expected to complete trial runs and commence commercial production in the third quarter of 2024-25.
GP Eco Solutions India distributes a wide range of solar inverters and solar panels. It also provides comprehensive EPC services to commercial and residential customers and Operations and Maintenance (O&M) of solar plants.
The company posted a revenue of Rs 78.40 crore and earned a profit (PAT) of Rs 4.73 crore during April-December period of 2023-24.
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Corporate Capital Ventures Private Ltd, the sole book running lead manager for the public issue, has completed a string of successful SME IPOs in recent months, including Alpex Solar, Rockingdeals, Oriana Power, Droneacharya and Crayons Advertising.
