GP Eco Solutions India, an integrated solar energy solutions provider, has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge. The initial public offering (IPO) comprises a fresh issuance of 32.76 lakh equity shares, each with a face value of INR 10.
The Noida-headquartered company distributes a wide range of solar inverters and solar panels. It also provides comprehensive EPC services to commercial and residential customers and O&M of solar plants.
Under its own brand, ‘Invergy’, GP Eco sells hybrid solar inverters and lithium ferro phosphate batteries. It is also an authorized distributor of Sungrow India, Saatvik Green Energy, and LONGi Solar Technology for solar panels in North India.
According to the DRHP, GP Eco proposes to utilize INR 12.45 crore of the IPO proceeds to meet the working capital requirements of the company and plans to invest INR 7.6 crore in its subsidiary, Invergy India Private Limited (IIPL), to procure plant and machinery and for setting up a new facility. The remaining funds will be used for general corporate purposes.
The company plans to assemble solar inverter in its proposed assembling facility being set up in Gautam Buddha Nagar, Noida, Uttar Pradesh, which is expected to complete trial runs and commence commercial production in the third quarter of FY2024-25.
Founded in 2010 by Deepak Pandey, GP Eco achieved a robust revenue of INR 78.40 crore and earned a profit (PAT) of INR 4.73 crore during the first nine months of the current fiscal year 2023-24.
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