Ganesh Green Bharat IPO to kick off for subscription on July 5; price band set at ₹181-190 apiece
Ganesh Green Bharat IPO set to hit the primary market on Friday, July 5. The SME IPO of ₹125.23 crore with up to 6,591,000 equity shares for sale. Funds to be used for business objectives, working capital, and repayment of borrowings.
Ganesh Green Bharat IPO: The initial public offering of Ganesh Green Bharat Ltd is all set to hit the primary market on Friday, July 5. With a face value of ₹10, each share, the issue's price band has been set between ₹181 and ₹190. Tuesday, July 9 is the last day of the SME IPO offering.
50% of the net issue for QIB, 35% for retail investors, and 15% for the NII section are made up of the IPO.
Considering that the minimum lot size for an application is 600 shares, retail investors must deposit a minimum of ₹1.14 lakh. HNIs can bid as little as two lots, or 1,200 shares, at the higher price range, with a total investment of ₹2.28 lakh.
Ganesh Green Bharat was established in April 2016 and is involved in the production of solar PV modules, solar system and related services, electrical contracting, and water supply scheme projects. With a projected extension of 163.27 MW, the solar PV facility has a total installed capacity of 236.73 MW. With an installed capacity of 192.72 MW, the company's subsidiary Souraj Energy Private Ltd (Souraj) is also engaged in the production of solar photovoltaic (PV) modules. Polycrystalline, monocrystalline, and Topcon solar cell technologies are used in the production of solar PV modules.
The Saubhagya Scheme, KUSUM Scheme, and Saur Sujla Yojna are just a few of the government initiatives that Ganesh Green Bharat Limited has successfully completed projects under. The company also designs, builds, installs, operates, and maintains water supply projects such as Har Ghar Jal (Jal Jeevan Mission) and Mukhya Mantri Nishchay Quality Affected Yojna.
As per the Red herring prospectus (RHP), the company's listed peers are Solex Energy Ltd (with a PE of 133.86), Waaree Renewable Technologies (with a P/E of 131.91), and Zodiac Energy Ltd (with a P/E of 94.15).
In addition to its ₹19.88 crore PAT and ₹34.62 crore EBITDA, Ganesh Green Bharat Limited recorded consolidated revenue of ₹170.17 crore. 46.42% ROE and 29.98% ROCE.
Ganesh Green Bharat IPO details
The Ganesh Green Bharat IPO, worth ₹125.23 crore, is purely an offer-for-sale of up to 6,591,000 equity shares.
The issue proceeds will be used for general business objectives, working capital requirements, capital expenditures for the installation of new equipment and machinery at the factory, and the full or partial repayment of some existing borrowings.
The Ganesh Green Bharat IPO's book running lead manager is Hem Securities Limited, while the issue's registrar is Kfin Technologies Ltd.
The Ganesh Green Bharat IPO basis for share allocation is tentatively scheduled to be finalised on Wednesday, July 10. The business will commence refunds on the same day, and on Thursday, July 11, the shares will be credited to the allottees' demat accounts. On Friday, July 12, shares of the Ganesh Green Bharat IPO are likely to be listed on NSE SME.
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