Gujarat’s Prozeal Green Energy is gearing up for its initial public offering (IPO), having recently submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). This strategic move is aimed at raising ₹700 crore through the stock market to further its mission of promoting renewable energy solutions. With a focus on sustainability and cutting-edge solar EPC technology, Prozeal is poised to make significant contributions toward a carbon-neutral future.
Prozeal Green Energy: An Overview
Founded in 2013, Prozeal Green Energy has established itself as a prominent player in the renewable energy sector. The company boasts an impressive portfolio of clients, including industry giants like Bharat Petroleum, Torrent Power, and Indian Oil. Their commitment to innovation and sustainability sets them apart in a rapidly evolving market.
IPO Structure and Financial Goals
In its upcoming IPO, Prozeal Green Energy plans to utilize a book-building approach, which includes both fresh equity issues and an offer-for-sale (OFS) component. Here’s a breakdown of their financial strategy:
- Total Fundraising Goal: ₹700 crore
- Fresh Equity Issue: Aiming to raise ₹350 crore through new shares, each with a face value of ₹2
- Stake Sale: Prominent investors, including Shobit Baijnath Rai and AAR EM Ventures LLP, are selling stakes to raise an additional ₹350 crore.
The company intends to allocate ₹250 crore of the proceeds to meet its long-term working capital requirements. Additionally, ₹19.532 crore will be dedicated to repaying borrowings within one of its subsidiaries, while the remainder will be used for general corporate purposes.
Prozeal Green Energy’s Financial Performance
Recent financial data reveals a positive trajectory for Prozeal Green Energy. For the quarter ending September 2024, the company reported a net profit of ₹51.595 crore. This marks an impressive increase compared to the ₹21.521 crore net profit in the fiscal year 2022-23 and ₹92.244 crore for the entire fiscal year 2023-24. As of September 2024, the company’s net worth stands at ₹143.841 crore, with revenue from operations reaching ₹468.54 crore.
Leadership and Management
The IPO is being managed by Nuvama Wealth Management Limited and SBI Capital Markets Limited, both recognized for their expertise in public offerings. Meanwhile, MUFG Intime India Private Limited will serve as the registrar for this issue.
Prozeal Green Energy is on a promising path, and its upcoming IPO marks a pivotal moment for the company. As they strive to elevate renewable energy solutions in India, investors will be keenly watching how this offering unfolds in the dynamic market landscape.
For more updates on IPOs and financial news, stay tuned!
