• Source:JND
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Renewable energy solutions provider Prozeal Green Energy has filed draft documents with capital markets regulator Sebi for an initial public offering (IPO) to raise Rs 700 crore. According to the draft red herring prospectus (DRHP) filed on Sunday, the promoters and selling shareholders have issued equity shares worth Rs 350 crore in this IPO and an offer for sale (OFS) of Rs 350 crore.

As part of the OFS, Shobit Vaijnath Roy and Manan Hitendrakumar Thackeray (promoters), AAREM Ventures LLP, Jaya Chandrakant Gogri, Bhaveshkumar Bachubhai Mehta and Manoj Mulji Seda will sell shares in the company.

The company will likely raise Rs 70 crore in the pre-IPO placement round. If such placement is completed, the size of the new issue will be reduced.

The net proceeds from the issue of Rs 250 crore will be used to fund the company's long-term working capital requirements and Rs 19.53 crore will be used to make investments in subsidiaries and repay debt.

The money will also be used for general corporate purposes.

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

The company undertakes standalone solar EPC projects and focuses on implementing projects based on a "plug-and-play" solar park model.

According to 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 its inception in 2013, it has completed 182 solar power projects with a total installed capacity of 783.98 MWP.

As of September 30, 2024, it had an order book of Rs. 2,220.92 crore, of which 99.48 per cent was in the ground-mounted solar project segment. Its clients include Torrent Power, AM Green Energy, Alembic Pharmaceuticals, Asahi Sangwan Colors, Pashupati Castspin and ACG Associated Capsules.

SBI Capital Markets and Nuama Wealth Management are the lead bookrunners, while MUFG Intim India is the IPO registrar. The company proposes to list its shares on the BSE and the National Stock Exchange.

(With Inputs From PTI)