GP Eco Solutions India Limited IPO Details
| Detail | Description |
|---|---|
| IPO Date | June 14, 2024 to June 19, 2024 |
| Listing Date | [.] |
| Face Value | ₹ 10 per share |
| Price Band | ₹ 90 to ₹ 94 per share |
| Lot Size | 1,200 Shares |
| Total Issue Size | 32,76,000 shares (aggregating up to ₹ 30.79 Cr) |
| Fresh Issue | 32,76,000 shares (aggregating up to ₹ 30.79 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 84,34,800 |
| Share holding post issue | 1,17,10,800 |
| Market Maker portion | 3,27,600 shares |
About GP Eco Solutions India Limited IPO
GP Eco Solutions India Limited is involved in the distribution of a wide range of solar inverters and solar panels. Their company also has its brand called “Invergy”. Under the Invergy brand, they sell hybrid solar inverters and lithium ferro phosphate (LFP) batteries. Invergy deals in OEM manufacturing for hybrid and LFP products. Energy has its own quality and reliable protocol for contract manufacturing of these products. Invergy manages its supply chain stream to provide easy and comfortable transitions.
Additionally, they serve as an integrated solar energy solutions provider, delivering comprehensive engineering, procurement and construction (“EPC”) services to their commercial and residential customers, however, the contribution of this segment is comparatively less as compared to the business of distribution of solar inverters and solar panels. GPES Solar IPO is a book-built issue of Rs 30.79 crores. The issue is entirely a fresh issue of 32.76 lakh shares. GPES Solar IPO opens for subscription on June 14, 2024 and closes on June 19, 2024. The allotment for the GPES Solar IPO is expected to be finalized on Thursday, June 20, 2024.
GPES Solar IPO price band is set at ₹90 to ₹94 per share. The minimum lot size for an application is 1200 Shares. Corporate Capital Ventures Pvt Ltd is the book-running lead manager of the GPES Solar IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for GPES Solar IPO is Ss Corporate Securities.
Company & Financials
GP Eco Solutions India Limited was founded in 2010 and offers solar inverters and solar panels. The company offers solar energy solutions by providing comprehensive engineering, procurement and construction ("EPC") services to commercial and residential customers. The company also distributes hybrid solar inverters and lithium ferro-phosphate (LFP) batteries through its own "Invergy" brand. Invergy is active in the OEM manufacturing of hybrid and LFP products. The company is an authorized dealer of Sungrow India Pvt Ltd or "Sungrow" for Solar Inverters in North India, as well as for Saatvik Green Energy Private Limited or "Saatvik" and LONGi Solar Technology Co Ltd or "LONGi" for solar panels in North India.
Objectives of GP Eco Solutions India IPO
The company intends to utilize the Net Fresh Issue Proceeds for the following Objectives:
1. To Meet the Working Capital requirements of the Company.
2. Investment in the subsidiary, Energy India Private Limited ("IIPL") to the Purchase of Plant & machinery and other Miscellaneous Assets and also towards Construction / Civil Works for its facility.
3. General Corporate Expenses.
GP Eco Solutions India IPO Review
The company is in the distribution of solar inverters and panels which is a highly competitive and fragmented segment. The company posted steady growth in its top and bottom lines for FY21 to FY23, but its bottom line was boosted for 9M-FY24, raising eyebrows and concern over its sustainability. Based on FY24 annualized super earnings, the issue appears fully priced. Well-informed/cash surplus investors may park moderate funds for long-term rewards.
GP Eco Solutions India IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Net offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Offer |
GP Eco Solutions India Limited IPO Financial Information
Latest Revenue
7,858.88
₹ Crore
Profit After Tax
473.27
₹ Crore
Net Worth
1,298.08
₹ Crore
Total Borrowing
1,544.79
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Total Borrowing | ||||
|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2023 | 4,728.75 | 7,858.88 | 473.27 | 1,298.08 | 1,544.79 | ||||
| 31 Mar 2023 | 4,715.19 | 10,447.63 | 369.82 | 824.81 | 1,316.52 | ||||
| 31 Mar 2022 | 1,904.89 | 8,352.99 | 277.17 | 454.98 | 517.55 | ||||
| 31 Mar 2021 | 1,429.81 | 4,652.91 | 96.94 | 177.81 | 351.37 | ||||
| Amount in ₹ Crore | |||||||||
GP Eco Solutions India Limited Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 44.59% |
| ROCE | 26.51% |
| Debt/Equity | 1.11 |
| RoNW | 5.21 |
| PAT Margin (%) | 8.15 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 4.38 | 5.39 |
| P/E (x) | 21.44 | 17.44 |
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Competitive Strengths
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GP Eco Solutions India Limited IPO Timeline
| IPO Open Date | Friday, June 14, 2024 |
| IPO Close Date | Wednesday, June 19, 2024 |
| Basis of Allotment | Thursday, June 20, 2024 |
| Initiation of Refunds | Friday, June 21, 2024 |
| Credit of Shares to Demat | Friday, June 21, 2024 |
| Listing Date | Monday, June 24, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 19, 2024 |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1200 | 112,800 |
| Retail (Max) | 1 | 1200 | 112800 |
| HNI (Min) | 2 | 2,400 | 225,600 |