Upcoming IPO: Gujarat-based renewable energy solutions provider Prozeal Green Energy has filed its draft red herring prospectus (DRHP) with the markets regulator, the Securities and Exchange Board of India (SEBI), to raise funds from the stock market.
Prozeal Green Energy is a renewable energy solutions provider which aims to contribute to a carbon-neutral future through innovation, advanced solar EPC technology, and strategic sustainability initiatives.
The firm was incorporated in 2013 and now has clients such as Bharat Petroleum, Torrent Power, Bosch, Indian Oil, SML Isuzu, and Ashok Leyland, among others.
Prozeal Green Energy, through a book-built public issue, offers a combination of fresh issues and an offer-for-sale (OFS) component. The company aims to raise ₹700 crore from the initial public offering.
Prozeal aims to raise ₹350 crore from the fresh issue of equity shares with the face value of ₹2 per share. However, the total number of shares for the issue remains undisclosed in the draft papers.
The company’s promoters, such as Shobit Baijnath Rai, Manan Hitendrakumar Thakkar, AAR EM Ventures LLP, Jaya Chandrakant Gogri, Bhaveshkumar Bachubhai Mehta, and Manjor Mulji Chheda are selling their stake to raise ₹350 crore via issue of equity shares with a face value of ₹2 apiece.
According to the DRHP data, the company aims to use ₹250 crore raised from the public issue to fund its long-term working capital needs, while they also plan to invest ₹19.532 crore in repaying or prepaying, in parts or full, certain borrowings in one of its subsidiaries.
The remaining amount will be used for general corporate purposes, as per the regulatory filing.
Nuvama Wealth Management Limited and SBI Capital Markets Limited are the book-running lead managers of the public issue, while MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the registrar to the offer.
Prozeal Green Energy’s net profit for the July to September quarter of the financial year 2024-25 was ₹51.595 crore. The company’s net profit for the financial year 2023-24 was ₹92.244 crore, and ₹21.521 crore in the 2022-23 fiscal.
The firm’s net worth as of the July to September quarter of the 2024-25 fiscal was ₹143.841 crore, according to the DRHP data. The company’s revenue from operations was at ₹468.54 crore as of the September 2024 quarter.
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