Ganesh Green Bharat IPO Day 3: Issue subscribed over 44 times; check timeline and key details

The initial public offering (IPO) of solar photovoltaic (PV) module manufacturer Ganesh Green Bharat has received a good response from investors, with the issue being subscribed 44.89 times so far on the final day of subscription.

The IPO has received bids for 19.76 crore shares against 44 lakh shares on offer. The part for qualified institutional buyers (QIBs) has been subscribed 12 times the reserved quota, while the non-institutional investors (NIIs) category was subscribed 41.36 times the reserved portion.

The retail investors subscribed 66.51 times the part set aside for them.

The ₹125.23-crore IPO, live from July 5 to July 9, is a fresh issuance of 65.91 lakh equity shares. The company has a fixed price band of ₹181 to ₹190 per share.

Half of the issue is reserved for QIBs, while 35% is set aside for retail investors and 15% for NIIs.

The net proceeds from the public offer will be utilised to reduce the company's debt and fund the installation of additional plant and machinery at the factory. It will also be used to meet working capital requirements and general corporate purposes.

Ganesh Green Bharat IPO: Timeline

• Bidding period: July 5 to July 9
• Allotment finalisation: July 10
• Refund initiation: July 11
• Demat transfer: July 11
• Listing: July 12

About Ganesh Green Bharat

Established in 2016, Ganesh Green Bharat is involved in solar photovoltaic (PV) module manufacturing, electrical contracting services, and water supply scheme projects.

Established in 2016, Ganesh Green Bharat manufactures solar PV modules, provides electrical contracting services, and executes water supply scheme projects. The company's total installed capacity is 236.73 megawatts (MW).

For the financial year ending March 31, 2024, the company reported a consolidated net profit of ₹21.8 crore and a total income of ₹171.9 crore.

The company has worked with several government departments, including Ahmedabad Municipal Corporation (AMC), Rajasthan Renewable Energy Corporation Ltd and Gujarat Industrial Development Corporation.