GP Eco Solutions India Ltd, a Noida-based integrated solar energy solutions provider, has made a stellar debut on the NSE Emerge platform. The stock was listed at INR 375 ($4.49), at a premium of 299% over the fixed price band of INR 94.
Last week, the issue received an overwhelming response from the investors as the qualified institutional investor (QIB) portion was subscribed 236.64 times, the non-institutional investor (NII) portion was subscribed 1,825.61 times and the retail individual investors (RII) quota was subscribed 793.2 times, bringing the overall subscription to 856.37 times, until the final day of bidding on June 19, garnering bids worth over INR 16,624 crore.
The IPO comprised a fresh issue of 32.76 lakh equity shares with a face value of INR 10 through the book-building route. Corporate Capital Ventures is the sole book running lead manager, and Bigshare Services is the Registrar for the issue.
The anchor book of the IPO was subscribed to by a group of high-profile investors, including CCV Emerging Opportunities Fund—I, Persistent Growth Fund—Varsu India Growth Story Scheme 1, Finavenue Capital Trust—Finavenue Growth Fund, Vikasa India EIF I Fund—Incube Global Opportunities, and Acintyo Investment Fund PCC—Cell 1.
The company has allotted 3.27 lakh equity shares to market maker, 8.83 lakh equity shares to anchor investors, 4.44 lakh equity shares to NIIs, 5.89 lakh equity shares to QIBs, and the retail (RII) portion accounts for 10.32 lakh equity shares. The lot size is 1,200 shares.
The Noida-headquartered company aims to raise INR 30.79 crore from the issue and intends to utilize INR 12.45 crore of the IPO proceeds to meet its working capital requirements. It also plans to invest INR 7.6 crore in its subsidiary, Invergy India, to procure plant and machinery and to set up a new facility. The remaining funds will be used for general corporate purposes.
GP Eco Solutions India distributes a wide range of solar inverters and solar panels. It also provides comprehensive EPC services to commercial and residential customers and O&M of solar plants. Under its own brand, ‘Invergy’, GP Eco sells hybrid solar inverters and lithium ferro phosphate batteries. Invergy manages its own supply chain stream to provide easy and comfortable transitions. GP Eco is also an authorized distributor of Sungrow India, Saatvik Green Energy, and LONGi Solar Technology for solar panels in North India.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.