Ganesh Green Bharat shares list at bumper premium of 90% on NSE Emerge

Solar panel manufacturer and electrical EPC services provider Ganesh Green Bharat made a stellar debut on the NSE SME platform on Friday, July 12, with its shares listing at a premium of 90% over the issue price.

Shares of the company started trading at ₹361 per piece on NSE Emerge against the issue price of ₹190 per share, reflecting gains of 90%.

After listing at a premium, the stock rallied further to hit a high of ₹379 per share on buying by investors, reflecting gains of 99% from the issue price and 5% from the listing price.

More than 8 lakh shares of the company changed hands on NSE Emerge. The traded value was ₹29.7 crore. Its market valuation stood at ₹940 crore.

Ganesh Green Bharat launched its public offer on July 5 to raise ₹125.23 crore from public investors. The IPO comprised a fresh issue of 65.91 lakh shares. The company had fixed the price band at ₹181 to ₹190 per share for the public offer. The minimum lot size was 600 shares and the minimum investment stood at ₹1,14,000. At the close of bidding on July 9, the IPO was booked around 230 times on the back of strong retail demand. According to exchange data, applications for 101.21 crore shares worth ₹19,230.83 crore were received against 44.02 lakh shares on offer.

The company had earlier raised ₹35.29 crore from anchor investors by allotting 1,857,600 shares or 28% of issue size to fund schemes.

About Ganesh Green Bharat

The company is engaged in the business of electrical contracting, water supply projects and solar power projects. It provides services for supply, installation, testing and commissioning of solar and electrical goods and services. Its major clients are government bodies and it has commissioned projects under central and state schemes like Saubhagya Scheme, KUSUM Scheme and Saur Sujla Yojna.

In the water supply segment, it has completed bagged projects under the Mukhya Mantri Nishchay Quality Affected Yojna, Har Ghar Jal (Jal Jeevan Mission) etc.

The company has proposed to utilise IPO proceeds for the repayment in full, or in part, of certain outstanding borrowings. The company also seeks to finance capital expenditure towards installation of additional plant and machinery at its factory and meet working capital requirements.