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  • GP Eco Solutions India IPO opens today; Anchor Book fully subscribed

    Published on June 15, 2024

       GP Eco Solutions India Limited (“GP Eco” or “The Company”), a leading integrated solar energy solutions provider, has successfully completed its Anchor book subscription, raising Rs. 8.3 crore through the sale of 8.83 lakh equity shares priced at Rs. 94/- each.

    A group of marquee investors subscribed to the anchor book, 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.

    While CCV Emerging Opportunities Fund – I subscribed 39.54% of the anchor book, Persistent Growth Fund – Varsu India Growth Story Scheme 1 subscribed 24.19%, Finavenue Capital Trust – Finavenue Growth Fund, Vikasa India EIF I Fund – Incube Global Opportunities and Acintyo Investment Fund PCC – Cell 1 subscribed 12.09% each of the anchor book.

    The Noida-based company’s IPO begins today, June 14, and will conclude on Wednesday, June 19, 2024. GP Eco Solutions is looking to raise approximately Rs. 30.79 crore from the offering. The company intends to utilize Rs. 12.45 crore of the IPO proceeds to meet the working capital requirements of the company and plans to invest Rs. 7.6 crore in its subsidiary, Invergy India Private Limited (IIPL), to procure plant and machinery and to set up a new facility. The remaining funds will be used for general corporate purposes. The company plans to assemble solar inverter in its proposed assembling facility being set up in Gautam Buddha Nagar, Noida, Uttar Pradesh which is expected to complete trial runs and commence commercial production in the third quarter of FY2024-25.

    The price band of the issue is Rs. 90-94/- per equity share with a face value of Rs. 10/- apiece. The company’s IPO comprises a fresh issue of 32.76 lakh Equity Shares with a face value of Rs. 10/- through the book-building route. Corporate Capital Ventures Private Limited is the sole Book Running Lead Manager for the issue.

    The company has allotted 3.27 Lakh equity shares for Market Maker, 8.83 Lakh equity shares for anchor investors, 4.4 Lakh equity shares allocated for NIIs, 5.89 Lakh equity shares for QIBs, and the Retail (RII) portion accounts for 10.32 Lakh equity shares. The lot size is 1,200 shares.

    Founded in 2010 by a dynamic entrepreneur Mr. Deepak Pandey, GP Eco has maintained strong partnerships with industry brands like Sungrow, Saatvik and LONGi and also ensured access to high-quality, technically excellent and innovative products to its customers. Mr. Deepak Pandey serves as the Promoter and Managing Director of the company. With over 20 years of extensive experience in the solar industry, he drives the company’s growth strategy and is actively involved in developing business. He is also the founder of Invergy India Private Limited, a subsidiary company of GP Eco, which is engaged in the distribution of Hybrid solar inverters.

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