Ganesh Green Bharat IPO Subscription Begins July 5; Price Band at ₹181-190

India IPO

Updated July 02, 2024

Ganesh Green Bharat IPO set to launch on July 5 with a price band of ₹181-190. Retail investors need to apply for a minimum of 600 shares, costing ₹1.14 lakh. Company engages in solar PV modules production and completed projects under government schemes.

Ganesh Green Bharat IPO Subscription Begins July 5; Price Band at ₹181-190

The initial public offering (IPO) of Ganesh Green Bharat Ltd is set to open for subscription on Friday, July 5, with a price band of ₹181-190 per share and a face value of ₹10 each. The SME IPO will close on Tuesday, July 9.

The IPO allocates 50% of the net issue to qualified institutional buyers (QIB), 35% to retail investors, and 15% to non-institutional investors (NII).

Retail investors must apply for a minimum of 600 shares, requiring a deposit of ₹1.14 lakh. High net-worth individuals (HNIs) can bid for at least two lots (1,200 shares) with a minimum investment of ₹2.28 lakh.

Founded in April 2016, Ganesh Green Bharat produces solar PV modules and systems, offers electrical contracting, and undertakes water supply projects. The company’s solar PV facility has an installed capacity of 236.73 MW, with a planned extension of 163.27 MW. Its subsidiary, Souraj Energy Private Ltd, has an installed capacity of 192.72 MW and manufactures solar PV modules using polycrystalline, monocrystalline, and Topcon technologies.

Ganesh Green Bharat has successfully executed projects under government schemes such as the Saubhagya Scheme, KUSUM Scheme, and Saur Sujla Yojna. The company also handles water supply projects like Har Ghar Jal (Jal Jeevan Mission) and Mukhya Mantri Nishchay Quality Affected Yojna.

According to the red herring prospectus (RHP), the company's listed peers include Solex Energy Ltd (P/E of 133.86), Waaree Renewable Technologies (P/E of 131.91), and Zodiac Energy Ltd (P/E of 94.15).

For the financial year, Ganesh Green Bharat reported a consolidated revenue of ₹170.17 crore, a PAT of ₹19.88 crore, and an EBITDA of ₹34.62 crore. The company also achieved a return on equity (ROE) of 46.42% and a return on capital employed (ROCE) of 29.98%.

The ₹125.23 crore IPO consists entirely of an offer-for-sale of up to 6,591,000 equity shares. The proceeds will be used for general business purposes, working capital, capital expenditures for new equipment and machinery, and partial or full repayment of existing borrowings.

Hem Securities Limited is the book running lead manager, and Kfin Technologies Ltd is the registrar for the IPO.

The share allocation for the IPO is expected to be finalized on Wednesday, July 10, with refunds processed the same day. Shares will be credited to demat accounts on Thursday, July 11, and are likely to be listed on the NSE SME on Friday, July 12.