Prozeal Green Energy Files for Rs 700 Cr IPO

New Delhi, Mar 31 (PTI) Renewable energy solutions provider Prozeal Green Energy has filed draft papers with capital markets regulator Sebi for an initial public offering (IPO) to raise Rs 700 crore.

The IPO comprises a fresh issue of equity shares worth Rs 350 crore and an offer-for-sale (OFS) of Rs 350 crore by promoters and investor selling shareholders, according to the draft red herring prospectus (DRHP) filed on Sunday.

As part of the OFS, Shobit Baijnath Rai and Manan Hitendrakumar Thakkar (promoters), AAR EM Ventures LLP, Jaya Chandrakant Gogri, Bhaveshkumar Bachubhai Mehta, and Manoj Mulji Chheda will be selling shares in the company.

The company may consider raising Rs 70 crore in a pre-IPO placement round. If such a placement is completed, the fresh issue size will be reduced.

The net proceeds from the issue worth Rs 250 crore will be used by the company towards funding the long-term working capital requirements, and Rs 19.53 crore will be used for investment in subsidiaries and debt repayment.

Funds will also be used for general corporate purposes.

Ahmedabad-based Prozeal Green Energy focusses on delivering end-to-end renewable energy solutions, including engineering, procurement and construction (EPC) of solar energy projects on a turnkey basis.


The company execute independent solar EPC projects and its major focus is on implementing projects based on the "plug-and-play" solar park model.

As per credit rating agency Crisil, Prozeal Green Energy is the fourth largest solar EPC company in India in terms of revenue from operations for FY24.

Since inception in 2013, it has executed 182 solar power projects with a total installed capacity of 783.98 MWp.

As of September 30, 2024, its order book stood at Rs 2,220.92 crore, of which 99.48 per cent is the ground-mounted solar power projects segment.

Its clientele include such as Torrent Power, AM Green Energy, Alembic Pharmaceuticals, Asahi Songwon Colors, Pashupati Costspin, and ACG Associated Capsules, among others.

SBI Capital Markets and Nuvama Wealth Management are the book-running lead managers while MUFG Intime India is the registrar for the IPO.

The company's shares are proposed to be listed on the BSE and the National Stock Exchange.