Ganesh Green Bharat IPO: Ganesh Green Bharat Ltd’s initial public offering (IPO) commenced subscriptions on Friday, July 5, and will conclude on Tuesday, July 9. The IPO, offering shares in lots of 600 shares each, is priced between ₹181 and ₹190 per equity share with a face value of ₹10.
Retail investors are allocated 35% of the net issue, while the non-institutional investor (NII) segment has 15%, and Qualified Institutional Buyers (QIBs) have the remaining 50%. With a minimum application requirement of ₹1.14 lakh for retail investors and ₹2.28 lakh for HNIs at the upper price band, the IPO is an offer-for-sale of up to 6,591,000 equity shares, amounting to ₹125.23 crore.
Ganesh Green Bharat Ltd operates in the production of solar photovoltaic modules, solar systems, electrical contracting, and water supply projects. The company’s affiliate, Souraj Energy Private Ltd, manufactures solar PV modules with an installed capacity of 192.72 MW, utilizing monocrystalline, polycrystalline, and Topcon solar cell technologies. As per its Red Herring Prospectus (RHP), the company’s listed peers include Zodiac Energy Ltd, Waaree Renewable Technologies, and Solex Energy Ltd.
On the first day of subscription, the IPO was oversubscribed by 9.10 times, with the retail portion subscribed 13.64 times, NII portion 5.12 times, and QIB portion 4.61 times. As of the latest data, the company received bids for 4,00,61,400 shares against the 44,02,200 shares on offer.
Proceeds from the IPO will be utilized for working capital requirements, capital expenditures to enhance plant machinery and equipment, general corporate purposes, and partial repayment of existing borrowings.
Hem Securities Limited is the book-running lead manager for the IPO, with Kfin Technologies Ltd serving as the issue registrar. The grey market premium for Ganesh Green Bharat IPO is currently at +205, indicating a premium of ₹205 over the issue price. This suggests an expected listing price of ₹395 per share, which is 152.5% higher than the upper end of the IPO price band of ₹190.
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