By Enersider Desk | New Delhi
Prozeal Green Energy Limited, India’s fourth-largest solar energy EPC company, has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). The company plans to raise ₹700 crore through this public issue.
The IPO will consist of two parts. The first is a fresh issue of new shares worth ₹350 crore, which will bring new money into the company. The second is an offer for sale of existing shares worth ₹350 crore by the company’s promoters and early investors, including Shobit Baijnath Rai and Manan Hitendrakumar Thakkar.
The funds raised from the fresh issue will be used for key growth initiatives. These include financing long-term working capital needs, investing in subsidiaries, repaying some of the company’s borrowings, and for general corporate purposes.
Nuvama Wealth Management and SBI Capital Markets are managing the share sale.
Prozeal Green Energy provides comprehensive solar power solutions, handling everything from engineering and procurement to construction on a turnkey basis. A major focus is its “Plug-and-Play” solar park model, which simplifies the entire process for clients, from finding land to connecting the plant to the electricity grid. Since starting in 2013, the company has successfully completed 183 projects with a total capacity of 784 MWp across India and Nepal for 125 clients.
The company boasts a strong order book of over ₹2,220 crore as of September 2024. It has also demonstrated impressive financial growth, with revenues soaring from ₹287 crore in Fiscal 2022 to ₹949 crore in Fiscal 2024. Similarly, its profit jumped from ₹10 crore to ₹92 crore over the same period, highlighting its strong market position and profitable operations.
