Ganesh Green Bharat IPO To Open On July 5: Check Price Band And Other Key IPO Details

Ganesh Green Bharat Ltd, a key player in the solar PV modules and renewable energy sector, is set to launch its Initial Public Offering (IPO) on July 5. 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 of up to 6,591,000 equity shares.

Check Ganesh Green Bharat IPO Live Subscription Status Here.

Investors can subscribe to Ganesh Green Bharat's IPO starting July 5, 2024. The issue, closing on July 9, 2024, 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.

Established in April 2016, Ganesh Green Bharat Ltd. specialises in producing solar PV modules and provides comprehensive solutions in solar system installations, electrical contracting, and water supply scheme projects. The company's subsidiary, Souraj Energy Private Ltd., contributes significantly to its solar PV manufacturing capacity of 236.73 MW, utilising advanced technologies including polycrystalline, monocrystalline, and Topcon solar cell technologies.

Proceeds from the IPO will primarily be allocated towards business expansion initiatives, working capital requirements, and the repayment of existing borrowings. Specifically, Rs 19 crore will go towards debt repayment, Rs 11.52 crore for capital expenditures in new machinery, and Rs 60 crore for bolstering working capital reserves.

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.