About Prozeal Green Energy IPO
Prozeal Green Energy IPO Details
The Prozeal Green Energy IPO is a 100% book-built issue of ₹700 crore, comprising a fresh issue of ₹350 crore and an offer for sale (OFS) of ₹350 crore, with a face value of ₹2 per share. The company filed its DRHP with SEBI on March 30, 2026.
The price band and official dates of subscription and listing will be announced by the company later, but the shares are supposed to be listed on the BSE and the NSE platforms. The book-running lead manager of this issue is Nuvama Wealth Management Ltd. and SBI Capital Markets Ltd., while the registrar to the issue is MUFG Intime India Private Ltd. (formerly Link Intime India Private Ltd.).
Prozeal Green Energy IPO Date & Timeline
Prozeal Green Energy Ltd. officially filed its Draft Red Herring Prospectus (DRHP) on March 30, 2026. However, the specific Prozeal Green Energy IPO date and subscription timeline remain unannounced. Following regulatory approval, the company will finalize the price band and bidding dates. Once cleared, the schedule for anchor allotment, public bidding and the final listing on the exchange will be formally disclosed.
Prozeal Green Energy IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Prozeal Green Energy IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 2 per share |
| Issue Price Band | [.] to [.] per share |
| Lot Size | - |
| Total Issue Size | [.] shares (aggregating up to ₹ 700.00 Cr) |
| Fresh Issue | [.] shares (aggregating up to ₹ 350.00 Cr) |
| Offer for Sale | [.] shares of ₹2 (aggregating up to ₹ 350.00 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 5,58,50,322 shares |
Prozeal Green Energy IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Prozeal Green Energy IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Company Background
Prozeal Green Energy Ltd. was incorporated as a private limited company in July 2013. The company changed its name to Prozeal Infra Engineering Private Limited in 2015 and then to Prozeal Green Energy Private Limited in August 2023, before converting to a public limited company in June 2024, headquartered in Ahmedabad, Gujarat. The company began as a localised consultancy firm before transforming into a comprehensive renewable energy solutions provider. Today, it stands as the fourth-largest solar EPC company in India by revenue, with a pan-India presence and international exposure in Nepal.
Operations & Product Range
The core operating model of Prozeal Green Energy Ltd. revolves around delivering end-to-end solar energy solutions through complete engineering, procurement and construction (EPC) services on a turnkey basis. A significant portion of operations focuses on a "plug-and-Play" solar park model, managing everything from conceptualisation and land acquisition to final commissioning. The company is also actively expanding into EPC services for electric vehicle (EV) charging stations. Target customers primarily include commercial and industrial enterprises seeking sustainable energy transitions.
Facilities & Capacity
As an EPC contractor, Prozeal Green Energy Ltd. operates out of its head office in Ahmedabad but undertakes projects across various states. By September 2024, Prozeal had completed a total of 182 solar energy projects with a cumulative capacity of 783.98 MWp. The expansion strategy in the DRHP highlights a move towards developing large hybrid parks combining solar and wind energy and penetrating the public electric vehicle (EV) charging infrastructure market.
Brands & Market Presence
Prozeal Green Energy Ltd. has built a strong market presence as a B2B service provider, with its brand reputation anchored in executing large-scale, complex solar projects efficiently. It has completed projects across 17 Indian states, alongside minor export exposure in Nepal. Its market presence is validated by a strong order book of ₹2,220.92 crore as of September 30, 2024, reflecting deep trust from major corporate clients and government entities.
Revenue Streams & Business Model
The main source of income of Prozeal Green Energy Ltd. is from end-to-end solar EPC projects, whereby its business model revolves around winning lucrative contracts to install independent commercial solar plants as well as solar parks. It also makes money through its O&M contract that provides maintenance services to the solar power plants installed by Prozeal. For FY24, the income from operations stood at ₹948.88 crore, showcasing an extremely scalable business model aimed at meeting growing demand for clean energy within the domestic market.
Management & Shareholding
Prozeal Green Energy Ltd. is promoted by Shobit Baijnath Rai, Manan Hitendrakumar Thakkar and the Amaara Family Trust, who held an 88.63% stake before the IPO. But after the IPO, the shareholding will undergo planned dilution following the fresh issue and OFS, where the promoters, alongside other investors like AAR EM Ventures LLP will offload a portion of their stakes, expanding the public float while the founders continue to lead the strategic vision.
Board & Key Management
The leadership of Prozeal Green Energy Ltd. is led by a team of experts with many years of experience. The Shobit Baijnath Rai and Manan Hitendrakumar Thakkar give strategic direction to the firm and manage the daily operations. To ensure good governance, the board includes Independent Directors Aneesh Sudhanshu Gupte, Bhadresh Vinaychandra Mehta and Rashmi Tushar Bhatt for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Prozeal Green Energy IPO Financial Information
Latest Revenue
475.49
₹ Crore
Profit After Tax
51.6
₹ Crore
Net Worth
243.84
₹ Crore
Total Borrowing
82.6
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2024 | 514 | 475.49 | 51.6 | 243.84 | — | 82.6 | |||
| 31 Mar 2024 | 422.94 | 953.89 | 92.24 | 192.03 | — | 77.34 | |||
| 31 Mar 2023 | 221.93 | 341.8 | 21.52 | 72.02 | — | 62.92 | |||
| 31 Mar 2022 | 157.25 | 290.25 | 10.07 | 20.48 | — | 3.43 | |||
| Amount in ₹ Crore | |||||||||
Prozeal Green Energy Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 69.87% |
| RoNW | 69.87% |
| PAT Margin | 9.67 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 16.84 (basic/diluted) | - |
| P/E (x) | - | - |
Prozeal Green Energy IPO Objectives
The company intended to use the Prozeal Green Energy IPO proceeds for strategic purposes:
- • Funding long-term working capital requirements
- • Repay or prepay of debt (in part or in full)
- • General corporate purposes
Prozeal Green Energy IPO Review
Prozeal Green Energy Ltd. operates in one of the fastest-growing and most heavily supported sectors in the Indian economy. Its specialized focus on turnkey solar EPC projects and the "Plug-and-Play" solar park model provides a distinct competitive advantage. By catering to the commercial and industrial sectors, the company captures high-margin contracts while aiding corporate India's green energy transition. Its strategic entry into EV charging infrastructure further diversifies the service portfolio.
Financially, the company has demonstrated explosive growth, as the revenue was reported for FY24, at ₹953.89 crore and the PAT was ₹92.24 crore. This issue aims to fund the working capital for executing the massive order book without straining the balance sheet.
However, potential risks include the susceptibility of solar EPC contracts to solar module price volatility — since many contracts lack price escalation clauses, sudden raw material cost spikes could compress margins. The industry is also highly fragmented and competitive, requiring continuous operational efficiency. Overall, the IPO presents an opportunity to participate in a rapidly scaling enterprise capitalising on India's renewable energy push.
Conclusion
Prozeal Green Energy IPO is an opportunity for investors to invest in a growing company that brings a decade of proven execution capabilities to the Indian renewable energy sector. Its strong market positioning, robust order book and exceptional financial growth provide a highly stable foundation, reflecting the company's execution focus and commitment to powering sustainable energy solutions ahead. With this issue, the company aims to raise capital directly supporting its operational expansion through critical working capital funding and debt reduction.
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Competitive Strengths
As one of the top four solar EPC companies in India, having more than 783.98 MWp of installed capacity from 182 completed projects.
With a well-diversified and strong pipeline worth ₹2,220.92 crore for sustained revenues over the next two years.
A complete “plug-and-play” solar park concept that makes it easy for companies to go green by embracing renewable energy solutions.
The promoter’s expertise in the fast-evolving sectors of renewable energy and EV infrastructure.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 01/09/2025 | - |
| 2 | Filed with SEBI/Exchange | 01/04/2025 | View DRHP |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Retail (Min) | 1 | — | ~₹14,000 - ₹15,000 |
| Retail (Max) | 13-14 | — | Up to ₹200,000 |
| S-HNI (Min) | 14-15 | — | Over ₹200,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| S-HNI (Max)B-HNI (Min) | 71+ | — | Over ₹10,00,000 |