IPO-bound Prozeal Green Energy secures ₹2,000 crore ONGC contract; public issue likely in Q2FY27

IPO-bound Prozeal Green Energy, a renewable energy solutions provider, has received a notification of award (NOA) from state-run Oil and Natural Gas Corporation (ONGC) to establish 250 MW of captive, ISTS-connected wind power projects worth over ₹2,000 crore, the company said on Thursday.

"For one of the nation's energy giants to entrust Prozeal with its captive renewable ambitions is a powerful endorsement of our engineering depth, execution capability, and the trust we've built across the sector," the firm said.

The proposed initial share sale consists of a fresh issuance of shares worth ₹350 crore and an offer for sale (OFS) of ₹350 crore.

Under the OFS, Shobit Baijnath Rai, AAR EM Ventures LLP, Manan Hitendrakumar Thakkar, Jaya Chandrakant Gogri, Manoj Mulji Chheda and Bhaveshkumar Bachubhai Mehta will offload their stake.

The net issue proceeds will be used for working capital requirements, debt repayment of its subsidiary and general corporate purposes.

"We expect to receive the benefits of listing of the equity shares on the stock exchanges, and creation of a public market for our equity shares in India," according to the draft red herring prospectus.

SBI Capital Markets and Nuvama Wealth Management are the issue's book-running lead managers, while MUFG Intime India is the registrar.

Ahmedabad-based Prozeal Green Energy was the fourth largest solar EPC company in India in terms of revenue for FY24. It is focused on delivering end-to-end renewable energy solutions.

Additionally, it provides end-to-end EPC services to set up electric vehicle charging infrastructure, apart from developing and operating EV charging stations under the charge point operator model.