Ganesh Green Bharat IPO to raise ₹125 crore; sets price band at ₹181 to ₹190 per share

The initial public offering (IPO) of solar PV module manufacturer Ganesh Green Bharat will open for subscription on July 5. The issue, which has fixed a price band at ₹181-₹190 per share, will conclude on July 9.

The IPO is entirely a fresh issuance of up to 65.91 lakh shares, raising ₹125.23 crore at the upper end of the price band.

Half of the issue is set aside for qualified institutional buyers, 35% for retail individual investors and 15% for non-institutional investors (NIIs).

The net proceeds from the fresh issue will be used to reduce debt, finance the installation of additional plant and machinery at the factory, meet working capital requirements, and for general corporate purposes.

Interested investors can bid for at least 600 shares and in multiples after that.

About Ganesh Green Bharat

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

The company has a total installed capacity of 236.73 megawatts (MW).

For March 31, 2024, the Ahmedabad-based company posted a consolidated total income of ₹171.9 crore and a profit after tax of ₹21.8 crore.

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

Hem Securities is the sole book-running lead manager, while Kfin Technologies is the issue registrar.