Prozeal Green Energy, a solar EPC and renewable energy solutions provider headquartered in Gujarat, India, is currently gearing up for its initial public offering (IPO). The company has submitted its prospectus to the Securities and Exchange Board of India (SEBI), aiming to raise 7 billion Indian Rupees (approximately $84 million) through the IPO.
The IPO will comprise a fresh issue of 3.5 billion Indian Rupees ($42 million) and an offer for sale of the same amount, with all shares having a face value of 2 Indian Rupees each.
According to the IPO fundraising plan, Prozeal Green Energy intends to allocate 2.5 billion Indian Rupees (30 million) for long−term working capital,195.3 million Indian Rupees (23.4 million) for repaying subsidiary debt, and the remaining funds for general corporate purposes.
Prozeal Green Energy revealed in its Draft Red Herring Prospectus (DRHP) that it ranked fourth among India’s solar EPC providers based on revenue in fiscal year 2024. As of September 2024, the company’s order book stood at 22.21 billion Indian Rupees ($266.5 million), with 99.48% of it coming from ground-mounted solar power plant projects.
Furthermore, in January 2025, Prozeal Green Energy officially entered the Nepalese market through its joint venture with GolyanPower of Nepal, Prozeal Green Energy Nepal, and plans to construct over 500MW of solar power projects in the next two years.
