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GP Eco to raise Rs.350 million via IPO; expand solar operations
POWER & RENEWABLE ENERGY

GP Eco to raise Rs.350 million via IPO; expand solar operations

GP Eco Solutions India Limited (GPES), a prominent player in the solar energy sector, has unveiled its intention to raise between ?300 million and ?350 million through an initial public offering (IPO) on NSE Emerge. The primary objective of the IPO is to fortify GPES's expansion initiatives and subsidiary operations. Specifically, ?124.5 million is earmarked for working capital and expansion endeavours, while ?760 million will be allocated to establish a new solar inverter assembly facility in Noida.

Deepak Pandey, MD, GPES, elaborated on the IPO's purpose, stating, "GP Eco Solar intends to raise capital between ?300-350 million, subject to approval. The IPO funds will fuel our growth, with ?124.5 million allocated for working capital and expansion, and ?760 million will be invested in our subsidiary Invergy India for a new solar inverter assembly facility in Noida. Remaining funds will go towards general corporate purposes."

The company is strategically capitalizing on a rapidly expanding market, with the global solar inverter market anticipated to surge from $7.7 billion in 2022 to $17.9 billion by 2030. Additionally, the Indian solar power industry is projected to grow at a Compound Annual Growth Rate (CAGR) of 34.24% from 2022 to 2027.

Pandey emphasised the significance of this IPO, stating, "This IPO is a significant milestone for us. By going public, we gain access to the resources necessary to drive innovation and make a significant contribution to India?s sustainable future. The proceeds will allow us to expand our manufacturing capabilities, strengthen our service offerings, and solidify our position as a key player in India?s clean energy transition. We are steadfastly committed to making solar energy accessible and affordable to all."

Astik Mani Tripathi, Promoter & Director of GPES, echoed the sentiments regarding the IPO's potential, remarking, "This IPO presents an attractive opportunity for investors to partake in the growth trajectory of a company well-positioned to thrive in the burgeoning Indian clean energy market."

The IPO comprises a fresh issuance of 3.276 million equity shares with a face value of ?10 each. Corporate Capital Ventures Private Limited, known for managing several successful SME IPOs recently, serves as the Book Running Lead Manager. For the fiscal year ending December 2023, GP Eco reported revenue of ?784 million and a profit after tax (PAT) of ?47.3 million, showcasing its financial stability and growth potential. (Source: ET Energy)

GP Eco Solutions India Limited (GPES), a prominent player in the solar energy sector, has unveiled its intention to raise between ?300 million and ?350 million through an initial public offering (IPO) on NSE Emerge. The primary objective of the IPO is to fortify GPES's expansion initiatives and subsidiary operations. Specifically, ?124.5 million is earmarked for working capital and expansion endeavours, while ?760 million will be allocated to establish a new solar inverter assembly facility in Noida. Deepak Pandey, MD, GPES, elaborated on the IPO's purpose, stating, GP Eco Solar intends to raise capital between ?300-350 million, subject to approval. The IPO funds will fuel our growth, with ?124.5 million allocated for working capital and expansion, and ?760 million will be invested in our subsidiary Invergy India for a new solar inverter assembly facility in Noida. Remaining funds will go towards general corporate purposes. The company is strategically capitalizing on a rapidly expanding market, with the global solar inverter market anticipated to surge from $7.7 billion in 2022 to $17.9 billion by 2030. Additionally, the Indian solar power industry is projected to grow at a Compound Annual Growth Rate (CAGR) of 34.24% from 2022 to 2027. Pandey emphasised the significance of this IPO, stating, This IPO is a significant milestone for us. By going public, we gain access to the resources necessary to drive innovation and make a significant contribution to India?s sustainable future. The proceeds will allow us to expand our manufacturing capabilities, strengthen our service offerings, and solidify our position as a key player in India?s clean energy transition. We are steadfastly committed to making solar energy accessible and affordable to all. Astik Mani Tripathi, Promoter & Director of GPES, echoed the sentiments regarding the IPO's potential, remarking, This IPO presents an attractive opportunity for investors to partake in the growth trajectory of a company well-positioned to thrive in the burgeoning Indian clean energy market. The IPO comprises a fresh issuance of 3.276 million equity shares with a face value of ?10 each. Corporate Capital Ventures Private Limited, known for managing several successful SME IPOs recently, serves as the Book Running Lead Manager. For the fiscal year ending December 2023, GP Eco reported revenue of ?784 million and a profit after tax (PAT) of ?47.3 million, showcasing its financial stability and growth potential. (Source: ET Energy)

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