GP Eco Solutions makes bumper debut on NSE Emerge; lists at 299% premium
Stock listed at Rs375 as against a price band of Rs94 per share. Last week, the IPO received an overwhelming response from the investors as the QIB segment was subscribed 236.64 times, the NII portion was subscribed 1825.61 times and the Retail individual investors (RII) quota was subscribed 793.2 times, bringing the overall subscription to 856.37 times. Public offer opened for subscription on June 14 and closed on April 19
Hyderabad: GP Eco Solutions India Limited, a leading integrated solar energy solutions provider, on Monday made a stellar debut on the NSE Emerge platform. The stock was listed at Rs. 375/-, at a premium of 299 per cent over the fixed price band of Rs. 94/-. Last week, the issue received an overwhelming response from the investors as the QIB portion was subscribed 236.64 times, the NII portion was subscribed 1825.61 times and the Retail individual investors (RII) quota was subscribed 793.2 times, bringing the overall subscription to 856.37 times, until the final day of bidding on June 19, garnering bids worth over Rs16,624 crore.
The IPO comprised a fresh issue of 32.76 Lakh Equity Shares with a face value of Rs. 10/- through the book-building route. Corporate Capital Ventures is the sole Book Running Lead Manager, and Bigshare Services Private Limited is the Registrar for the issue.
The anchor book of the IPO was subscribed to by a group of high-profile investors, including CCV Emerging Opportunities Fund—I, Persistent Growth Fund—Varsu India Growth Story Scheme 1, Finavenue Capital Trust—Finavenue Growth Fund, Vikasa India EIF I Fund—Incube Global Opportunities, and Acintyo Investment Fund PCC—Cell 1. The company has allotted 3.27 Lakh equity shares for Market Maker, 8.83 Lakh equity shares for anchor investors, 4.44 Lakh equity shares allocated for NIIs, 5.89 Lakh equity shares for QIBs, and the Retail (RII) portion accounts for 10.32 Lakh equity shares. The lot size is 1,200 shares.
The Noida-headquartered company aims to raise Rs30.79 crore from the issue and intends to use Rs12.45 crore of the IPO proceeds to meet the working capital requirements of the company and plans to invest Rs7.6 crore in its subsidiary, Invergy India Private Limited (IIPL), to procure plant and machinery and to set up a new facility. The remaining funds will be used for general corporate purposes.
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 O&M of solar plants. Under its own brand, ‘Invergy’, GP Eco sells hybrid solar inverters and lithium ferro phosphate batteries. Invergy manages its own supply chain stream to provide easy and comfortable transitions. GP Eco is also an authorized distributor of Sungrow India Pvt Ltd, Saatvik Green Energy Private Limited and LONGi Solar Technology Co. Ltd for solar panels in North India.
Founded in 2010 by a dynamic entrepreneur Deepak Pandey, GP Eco has maintained strong partnerships with industry brands like Sungrow, Saatvik and LONGi and also ensured access to high-quality, technically excellent and innovative products to its customers. Deepak Pandey serves as the Promoter and Managing Director of the company. With over 20 years of extensive experience in the solar industry, he drives the company’s growth strategy and is actively involved in developing business. He is also the founder of Invergy India Private Limited, a subsidiary company of GP Eco, which is engaged in the distribution of Hybrid solar inverters.