GPES Solar IPO: Issue opens for subscription, check price band, lot size and other key details

GPES Solar (GP Eco Solutions India Limited), a solar energy solutions provider, has launched its Initial Public Offering (IPO) today. The price band for the public issue has been set at ₹90 to ₹94, with a face value of ₹10 per share. The IPO will remain open till 19 June 2024.

So far on Day 1 the GPES Solar IPO received bids for over 8.5crore shares compared to 23 lakh shares on offer, taking overall subscription to over 35 times.

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Retail investors can bid for a minimum lot size of 1,200 shares, which aggregates to a minimum investment amount of ₹1,12,800. High networth Individuals (HNIs) can bid for a minimum lot size of 2 lots or 2,400 shares. HNIs will need to invest a minimum amount of ₹2,25,600 to bid for the public issue.

GPES Solar IPO offer size

GPES Solar IPO is a book-built issue that comprises a fresh issue of 32.76 lakh shares. The public issue is valued at ₹30.79 crore. GPES Solar has reserved 50% of the net offer for Qualified Institutional Buyers (QIBs). The company has set aside 35% of the issue for retail investors and 15% of the net issue for Non-Institutional Investors.

About GPES Solar

GP Eco Solutions India was founded in 2010 and offers solar energy solutions to its clients in the form of engineering, procurement, and construction (EPC) services. It is a distributor of hybrid solar inverters and lithium ferro-phosphate (LFP) batteries through its subsidiary “Invergy”.

GPES Solar IPO registrar

The registrar for GPES Solar IPO is Bigshare Services Pvt Ltd and the book-running lead manager for the IPO is Corporate Capitalventures Pvt Ltd. The market maker for the SME IPO is Ss Corporate Securities.

GPES Solar Promoters

The promoters of the company are Deepak Pandey, Anju Pandey and Astik Mani Tripathi before the public issue. They collectively hold an 86.4% stake in the IPO and will hold a 62.23% stake in the company post-issue.

GPES Solar IPO allotment, listing date

The subscription window for GPES Solar IPO will open on Friday, June 14, and will close on Wednesday, June 19. The share allocation of GPES Solar IPO is likely to be decided by June 20. Refunds will be initiated for bidders who were not allotted shares against their bids on June 21, shares will be credited to the demat accounts of successful bidders on the same day. The tentative listing date for GPES Solar’s shares is June 24, the company’s shares will list on the NSE SME, Emerge platform.

GPES Solar IPO financials

The solar energy solutions provider’s revenue for the nine months ended December 31, 2023, stood at ₹78.58 crore. The company’s Profit After Tax (PAT) stood at ₹4.73 crore. For the same period, the net worth stood at ₹12.98 crore.

GPES Solar’s revenue for FY23 grew 25% to ₹104.47 crore compared to ₹83.52 crore in the preceding fiscal. The PAT in the financial year ended March 31, 2023, grew nearly 33% to ₹3.69 crore compared to ₹2.77 crore in FY22. The net worth for FY23 surged nearly 81% to ₹8.24 crore compared to ₹4.55 crore in the preceding financial year.

GPES Solar IPO objective

GPES Solar will use the proceeds of the public issue to meet its working capital requirements and general corporate expenses. The money raised via the IPO will also be used for investing in the subsidiary of the company Invergy India Private Limited (IIPL). The investment will be made for purchasing plant and machinery and other miscellaneous assets.

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