Noida-based GP Eco Solutions India IPO opens on June 14; Price band Rs 90–94
The company intends to use Rs. 12.45 crore of the IPO proceeds to meet the working capital requirements of the company and plans to invest Rs. 7.6 crore in its subsidiary Invergy India Private Limited (IIPL) to procure plant and machinery and set up a new facility, and for general corporate expenses
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Hyderabad: GP Eco Solutions India Limited (“GP Eco” or “The Company”), a leading integrated solar energy solutions provider, announced that its initial public offering (IPO) will open on Friday, June 14, 2024. The anchor portion will be opened on Thursday, June 13, 2024, and the issue will conclude on Wednesday, June 19, 2024. The company intends to raise approximately Rs. 30.79 crore (at upper band) from the offering and aims to be listed with NSE Emerge. The price band for the issue has been fixed at Rs. 90/- – Rs. 94/- per share, and the lot size will be 1,200 equity shares, a company media release states.
Corporate Capital Ventures is the Book Running Lead Manager, and Bigshare Services Private Limited is the Registrar to the offer. Corporate Capital Ventures Private Limited completed a string of successful SME IPOs in recent months, including Creative Graphics, Trust Fintech, Alpex Solar, Esconet Technologies, Rockingdeals, Accent Microcell, Oriana Power, Droneacharya and Crayons Advertising, among others.
The Noida-headquartered company’s IPO will comprise a fresh issue of 32,76,000 Equity Shares with a face value of Rs. 10/- through the book-building route. As many as 3.27 lakh equity shares have been reserved for Market Maker, 8.83 Lakh equity shares for anchor investors, 4.44 Lakh equity shares allocated for NIIs, 5.89 Lakh equity shares allocated for QIBs, and the Retail (RII) portion accounts for 10.32 Lakh equity shares.
According to the RHP document, the company proposes to utilize Rs. 12.45 crore of the IPO proceeds to meet the working capital requirements of the company and plans to invest Rs. 7.6 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. The company plans to assemble solar inverter in its proposed 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 FY2024-25.
Founded in 2010 by a dynamic entrepreneur Mr. 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. Mr. 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.
GP Eco achieved a robust revenue of Rs. 78.40 crore and earned a profit (PAT) of Rs. 4.73 crore during the first nine months of the current fiscal year, which ended December 31, 2023. The company achieved a revenue of Rs. 101.21 crore and a profit (PAT) of Rs. 3.7 crore in FY2022-23. GP Eco derives a significant portion of its revenues from Uttar Pradesh distantly followed by Haryana, Maharashtra and Tamil Nadu.
