Solar PV Maker Ganesh Green Bharat Plans Rs 125 Crore IPO

Solar PV module manufacturer Ganesh Green Bharat on Tuesday said it plans to raise Rs 125.23 crore through its initial public offer. The company has fixed the price band at Rs 181-190 per share for the issue, which will open for public subscription on July 5-9.

The company’s shares will be listed on the NSE SME platform Emerge, the company said in a statement.

At the upper end of the price band, the company will fetch up to Rs 125.23 crore.

The initial public offering is entirely a fresh issue of up to 65.91 lakh shares, it added.

The IPO comprises 50% of the net issue for qualified institutional buyers, 35% for retail investors and 15% for the non-institutional investor segment.

The proceeds from the fresh issue will be utilised to pare debt and fund capital expenditure towards installation of additional plant and machinery at the factory.

In addition, funds will also be used to meet the working capital requirements and general corporate purposes.

Investors can bid for a minimum of 600 shares and in multiples thereof.

Incorporated in April 2016, Ganesh Green Bharat is into solar PV module manufacturing, electrical contracting services and water supply scheme projects.

The Ahmedabad-based company has a total installed capacity of 236.73 MW.

For March 31, 2024, the company reported a consolidated total income of Rs 171.96 crore and a profit after tax of Rs 21.83 crore. The company has worked for various government departments including Gujarat Industrial Development Corporation, Ahmedabad Municipal Corporation, and Rajasthan Renewable Energy Corporation Ltd.

Hem Securities Ltd is the sole book-running lead manager, while Kfin Technologies is the registrar for the issue.