Ganesh Green Bharat IPO Subscribed 12.55 Times On Day 1
The SME IPO opened for subscription on July 5 and will close for bidding on July 9.
Ganesh Green Bharat Ltd.'s Initial Public Offering of up to 6,591,000 equity shares has been subscribed 12.55 times till 06:00 p.m. on Friday, as per Chittorgarh. The solar PV modules manufacturer aims to raise Rs 125.23 crore via IPO. The company also provides solar systems and related services, alongside electrical contracting, and water supply scheme projects
Ganesh Green Bharat IPO: Day 1 Subscription Status
The IPO has been subscribed 12.55 times as of 6:00 p.m. on Friday.
Anchor investors: 1 time
Non-institutional investors: 8.48 times
Retail investors: 18.53 times
Qualified Institutions: 5.79 times
IPO Details
The SME IPO, priced in the range of Rs 181-190 per share, aims to raise approximately Rs 125.23 crore through an offer-for-sale.
The issue will close on July 9, 2024 and offers shares at a face value of Rs 10 each. Retail investors must apply for at least 600 shares, amounting to Rs 1.14 lakh at the upper price band.
Hem Securities Limited is the book-running lead manager for the IPO, while KFin Technologies Ltd. has been appointed as the registrar. The IPO's share allocation basis will be finalised on July 10, 2024, with refunds initiated the same day and shares credited to investors' demat accounts by July 11, 2024. The listing of Ganesh Green Bharat's shares on NSE Emerge is anticipated on July 12, 2024.
Company's Financials
In the financial year ending March 2024, Ganesh Green Bharat reported a consolidated revenue of Rs 170.17 crore, with a net profit after tax (PAT) of Rs 19.88 crore and EBITDA of Rs 34.62 crore. The company demonstrated a Return on Equity (ROE) of 46.42% and a Return on Capital Employed (ROCE) of 29.98%, reflecting robust financial health.
As per the Red herring prospectus (RHP), Ganesh Green Bharat's peers are Solex Energy Ltd., Waaree Renewable Technologies, and Zodiac Energy Ltd. The company aims to offer competitive pricing and growth prospects in the renewable energy sector. The company's focus on expanding its solar PV manufacturing capacity and executing government-backed projects positions it well for future growth amid increasing adoption of renewable energy solutions.
