New Delhi: GP Eco Solutions India Limited (GPES) is planning to raise up to Rs35 crore through an Initial Public Offering (IPO) which is expected to hit the markets by month-end, its CEO Deepak Pandey said on Thursday.

The proceeds will be utilised to fuel the company’s expansion plans and support working capital requirements, he said in a media interaction here. The proposed IPO will comprise a fresh issuance of 32.76 lakh equity shares with a face value of Rs10 each. Through the issue, the promoters will dilute about 25 per cent stake in the company.