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Prozeal Green Energy Files for Rs700 Cr IPO with SEBI
Apr 01, 2025
Prozeal Green Energy, a leading solar engineering, procurement, and construction (EPC) company, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) worth Rs700 crore.
The offering consists of a fresh issue of shares valued at Rs2, along with an offer for sale (OFS) of an equal amount. The breakdown of the OFS includes:
- Shobit Baijnath Rai – Rs169 crore
- Manan Hitendrakumar Thakkar – Rs169 crore
- AAR EM Ventures – Rs3 crore
- Bhaveshkumar Bachubhai Mehta – Rs2 crore
- Jaya Chandrakant Gogri – Rs6 crore
- Manoj Mulji Chheda – Rs2 crore
Utilization of IPO Proceeds
The company intends to allocate the net proceeds toward:
- Long-term working capital requirements
- Investments in subsidiaries for debt repayment or prepayment (either partially or fully)
- General corporate purposes
Nuvama Wealth Management and SBI Capital Markets are serving as the book-running lead managers for the issue.
Financial Performance & Growth
As of September 30, 2024, Prozeal Green Energy reported an order book of Rs2,221 crore, with 99.48% of projects focused on ground-mounted solar installations.
The company’s revenue has witnessed significant growth, rising from Rs287 crore in 2022 to Rs949 crore in 2024, reflecting a compound annual growth rate (CAGR) of 81.77%. For the half-year ending September 30, 2024, revenue stood at Rs469 crore.
The company’s net profit also experienced substantial growth, increasing from Rs10.071 crore in 2022 to Rs92.244 crore in 2024, with a CAGR of 202.64%. For the half-year ending September 30, 2024, net profit reached Rs51.595 crore.
Growing Interest in Renewable Energy IPOs
The renewable energy sector in India has been witnessing increased IPO activity. In December 2024, Fujiyama Power Systems (a Noida-based rooftop solar company), GK Energy (an agri-solar solutions provider from Maharashtra), and green power producer Continuum Green Energy also filed DRHPs for their planned public listings.