Prozeal Green Energy plans to raise nearly ₹700 crore via an IPO. It has filed a draft red herring prospectus (DRHP) with SEBI. The IPO includes a fresh issue of shares worth ₹350 crore. It also includes an offer-for-sale (OFS) of ₹350 crore.
Shobit Baijnath Rai will sell ₹168.5 crore worth of shares in the OFS. Manan Hitendrakumar Thakkar will also sell ₹168.5 crore worth of shares. AAR EM Ventures LLP will sell shares. Other individuals include Jaya Chandrakant Gogri, Bhaveshkumar Bachubhai Mehta, and Manoj Mulji Chheda. The total OFS from these investors is ₹13 crore.
Promoters hold 88.63% stake in Prozeal Green Energy. Public shareholders hold 11.37% stake. The company may raise nearly ₹70 crore in a pre-IPO round. If successful, this amount will reduce the fresh issue size.
Prozeal Green Energy claims to be India’s fourth-largest solar EPC company by FY24 revenue. It has executed 182 solar power projects since 2013. The total installed capacity is 783.98 MWp. Its order book was ₹2,220.9 crore as of September 2024. 99.48% of this is in ground-mounted solar projects.
The company also provides operations and maintenance services. It also provides EPC services for EV charging infrastructure.
Prozeal Green Energy will use ₹250 crore for long-term working capital. It will use ₹19.5 crore for debt repayment. The remaining funds will be used for general corporate purposes.
The company’s profit increased over 4-fold to ₹92.2 crore in FY2024-25 from ₹21.5 crore in FY 2023-24. Its revenue grew by 178.3% to ₹948.9 crore from ₹341 crore in the prior year. Profit for the six months ending September 2024 was ₹51.6 crore. Revenue for this period was ₹468.5 crore.
Nuvama Wealth Management is a book running lead manager. SBI Capital Markets is also a book running lead manager.
Prozeal Green Energy is seeking to raise ₹700 crore through an IPO. The funds will support working capital, debt repayment, and general corporate purposes. The company has shown significant revenue and profit growth. The IPO aims to further its expansion in the solar EPC sector.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Apr 1, 2025, 2:32 PM IST
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