Prozeal Green Energy Files DRHP for IPO: Plans to Raise ₹700 crore from the IPO

Prozeal Green Energy, a Gujarat-based renewable energy solutions provider, has filed the draft red herring prospectus (DRHP) with SEBI. It plans to go public with an aim to raise ₹700 crore from the Initial Public Offering (IPO). 

Prozeal Green Energy IPO Details

According to the DRHP, 

• The IPO will be a combination of fresh issue and offer for sale (OFS) of equity shares of face value of ₹2 each, aggregating up to ₹ 700 crore.
• The equity shares are proposed to be listed on the National Stock Exchange (NSE) and BSE, as per DRHP.
• The price band and minimum bid lot for the IPO will be determined by the company in consultation with the book-running lead manager.
• 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.

Utilisation of Proceeds

The Company proposes to utilise the Net Proceeds from the issue for the following purposes:

• Funding the long-term working capital requirements of the Company
• Investment in our Subsidiary(ies) for repayment/ prepayment, in part or full of certain borrowings.
• General corporate purposes.

About Prozeal Green Energy

Incorporated in 2013, Prozeal Green Energy is a Gujarat-based renewable energy solutions provider. 

It is a solar EPC company focused on delivering end-to-end renewable energy solutions, including engineering, procurement and construction (“EPC”) of solar energy projects on a turnkey basis. It emphasises serving clients in the commercial and industrial sectors. 

While the company executes independent solar EPC projects for clients, its primary focus is implementing projects based on the “Plug-and-Play” solar park model. Under this model, the company facilitates seamless project deployment from conceptualisation and land acquisition to commissioning and assists with obtaining the necessary approvals.

Company Financials

As per the Company Financials, the net profit for Prozeal Green Energy for the July-September quarter of the financial year 2024-25 was ₹51.595 crore. For the financial year 2023-24, the net profit was ₹92.244 crore, and ₹21.521 crore for FY 2022-23.

As of the July to September quarter of the 2024-25 fiscal, the company’s net worth 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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