GPES Solar IPO subscribed 60 times on first day, retail portion booked 85x: Check subscription details

GPES Solar Limited IPO (GP Eco Solutions India Limited) was booked nearly 60 times on the first day of subscription on Friday, June 14, driven by strong retail demand.

Investors placed bids for over 12.33 crore shares against the 20.65 lakh shares on offer. The initial public offer of GP Eco Solutions India Limited was booked 59.73 times, as per the NSE data.

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The retail category drove the demand for GPES Solar IPO with the investors applying for nearly 8.83 crore shares compared to the 10.32 lakh shares reserved for the category, leading to a subscription of 85.55 times on day 1. The non-institutional investors (NIIs) placed bids for over 3.33 crore shares against the 4.44 lakh shares set aside for the category. The issue was booked 75 times in the NII category.

The qualified institutional buyers (QIBs) placed bids for 17.4 lakh shares against the 5.89 lakh shares set aside for the category, leading to GPES Solar IPO being subscribed 2.95 times in the category.

GPES Solar IPO is a book-built issue aimed at raising ₹30.79 crore. The public offer is an entirely fresh issue of 32.76 lakh shares.

GPES Solar IPO price band, lot size and minimum investment

The price band for GPES Solar IPO has been set at ₹90 to ₹94 per share. Retail investors can bid for a lot size of 1,200 shares, aggregating to a minimum investment of ₹1,12,800. High Net Worth Investors (HNIs) can place bids for a minimum of 2,400 shares or 2 lots, which translates to a minimum investment of ₹2,25,600.

GPES Solar IPO allotment status and listing date

GPES Solar IPO subscription is open from June 14 to June 19. The share allotment status of the GPES Solar IPO will be decided by June 20. Refunds will be initiated for unsuccessful applicants and successful bidders will receive shares in their demat accounts on Friday, June 21. The tentative listing date for GPES Solar shares has been fixed as June 24. Shares of GP Eco Solutions India Limited will be listed on the NSE SME platform, Emerge, on June 24.

GPES Solar IPO objectives

The solar energy solutions provider plans to use the funds raised via the issue for meeting working capital requirements and for investing in the company’s subsidiary Invergy India Private Limited (IIPL) and for the fulfillment of general corporate expenses.

About GPES Solar Limited

Founded in 2010 GPES Solar Limited is a provider of engineering, procurement, and construction (EPC) services. The company’s diverse clientele includes commercial and residential customers.

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