GPES Solar is launching a book-built IPO worth ₹30.79 crores, consisting entirely of a fresh issue of 32.76 lakh shares. Below are the key details and timeline for the IPO:
– **IPO Subscription Period:** June 14, 2024, to June 19, 2024
– **Price Band:** ₹90 to ₹94 per share
– **Minimum Lot Size:** 1200 shares
– **Retail Investment Minimum:** ₹112,800 (1 lot)
– **HNI Investment Minimum:** ₹225,600 (2 lots)
– **Listing Platform:** NSE SME
– **Tentative Listing Date:** June 24, 2024
– **Allotment Finalization Date:** June 20, 2024
**IPO Specifics:**
– **Total Issue Size:** 32.76 lakh shares (aggregating up to ₹30.79 crores)
– **Fresh Issue:** 32.76 lakh shares
– **Market Maker:** Ss Corporate Securities
– **Book Running Lead Manager:** Corporate Capitalventures Pvt Ltd
– **Registrar:** Bigshare Services Pvt Ltd
**Share Allocation:**
– **Qualified Institutional Buyers (QIB):** Not more than 50% of the net offer
– **Retail Investors:** Not less than 35% of the offer
– **Non-Institutional Investors (NII):** Not less than 15% of the offer
**Anchor Investors:**
GPES Solar has raised ₹8.30 crores from anchor investors, with the anchor bid date on June 13, 2024. The shares offered to anchor investors total 883,200.
**Anchor Lock-In Period:**
– **50% shares lock-in period end date:** July 20, 2024
– **Remaining shares lock-in period end date:** September 18, 2024
**Important Dates:**
– **IPO Open Date:** June 14, 2024
– **IPO Close Date:** June 19, 2024
– **Allotment Date:** June 20, 2024
– **Initiation of Refunds:** June 21, 2024
– **Credit of Shares to Demat Accounts:** June 21, 2024
– **Listing Date:** June 24, 2024
– **Cut-off Time for UPI Mandate Confirmation:** 5 PM on June 19, 2024
**Lot Size and Investment:**
Investors can bid for a minimum of 1200 shares and in multiples thereof. Here’s a breakdown of the minimum and maximum investments:
| Category | Lots | Shares | Amount |
|———-|——|——–|——–|
| Retail (Min) | 1 | 1200 | ₹112,800 |
| Retail (Max) | 1 | 1200 | ₹112,800 |
| HNI (Min) | 2 | 2400 | ₹225,600 |
**Promoter Information:**
The promoters of GPES Solar are Mr. Deepak Pandey, Mrs. Anju Pandey, and Mr. Astik Mani Tripathi. The shareholding structure is as follows:
– **Pre-Issue:** 86.4%
– **Post-Issue:** 62.23%
**Company Profile:**
Founded in 2010, GP Eco Solutions India Limited specializes in solar inverters and solar panels. The company provides comprehensive engineering, procurement, and construction (EPC) services to both commercial and residential customers. Additionally, GPES distributes hybrid solar inverters and lithium ferro-phosphate (LFP) batteries under its own “Invergy” brand. The company also serves as an authorized dealer for Sungrow India Pvt Ltd, Saatvik Green Energy Private Limited, and LONGi Solar Technology Co Ltd in North India.
**Financial Performance:**
GP Eco Solutions India Limited has shown considerable growth between March 31, 2022, and March 31, 2023:
– **Revenue:** Increased by 25.08%
– **Profit After Tax (PAT):** Increased by 33.43%
| Period Ended | 31 Dec 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|————–|————-|————-|————-|————-|
| Assets | 4,728.75 | 4,715.19 | 1,904.89 | 1,429.81 |
| Revenue | 7,858.88 | 10,447.63 | 8,352.99 | 4,652.91 |
| PAT | 473.27 | 369.82 | 277.17 | 96.94 |
| Net Worth | 1,298.08 | 824.81 | 454.98 | 177.81 |
| Total Borrowing | 1,544.79 | 1,316.52 | 517.55 | 351.37 |
(All amounts are in ₹ Lakhs)
**Key Performance Indicators (as of December 31, 2023):**
– **Market Capitalization:** ₹110.08 crores
– **ROE:** 44.59%
– **ROCE:** 26.51%
– **Debt/Equity:** 1.11
– **RoNW:** 42.70%
– **P/BV:** 5.21
– **PAT Margin:** 8.15%
**Earnings Per Share (EPS) and Price-to-Earnings (P/E) Ratio:**
– **Pre-IPO EPS:** ₹4.38
– **Post-IPO EPS:** ₹5.39
– **Pre-IPO P/E:** 21.44x
– **Post-IPO P/E:** 17.44x
**Objectives of the Issue:**
The proceeds from the IPO will be used for:
1. Working Capital Requirements
2. Investment in the subsidiary, Invergy India Private Limited (IIPL), for the purchase of plant and machinery, and other assets, as well as construction/civil works for its facility
3. General Corporate Expenses
