The Initial Public Offer (IPO) of GP Eco Solutions India Limited received an overwhelming response from the investors. It recorded 856.37 times subscription until the final day of bidding, garnering bids worth over Rs. 16,624 crore. The Noida-based integrated solar energy player aimed to raise Rs. 30.79 crore from the issue that was floated between June 14 – June 19, 2024.
While the Qualified Institutional Buyer (QIB) portion of the issue was subscribed 236.64 times, the HNI quota was subscribed 1825.61 times and the Retail Individual Investors (RII) quota was subscribed 793.20 times, bringing the overall subscription to 856.37 times till the final day of bidding on Wednesday, June 19, 2024.
The price band of the issue is fixed at Rs. 90-94/- per Equity Share with a face value of Rs. 10 apiece. The IPO comprises a fresh issue of 32.76 Lakh Equity Shares with a face value of Rs. 10/- through the book-building route. The minimum lot size for the application is 1,200 Equity Shares. The company is proposed to be listed on NSE Emerge.
Corporate Capital Ventures is the sole Book Running Lead Manager, and Bigshare Services Private Limited is the Registrar to the offer.
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.
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 Pvt Ltd, Saatvik Green Energy Private Limited and LONGi Solar Technology Co. Ltd for solar panels in North India.
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.
