Regreen-Excel EPC India Submits DRHP for IPO to SEBI

Regreen-Excel EPC India Limited, a technologically advanced engineering, procurement, and construction (EPC) company specializing in ethanol facilities, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).

The IPO will consist of a fresh issue of equity shares worth up to ₹350 crore and an offer for sale of up to 11,450,380 equity shares by the promoter selling shareholders.

These include up to 3,944,020 equity shares by Sanjay Shrinivasrao Desai, and up to 1,501,272 equity shares each by Tushar Vedu Patil, Alimuddin Aminuddin Sayyed, Kiran Sudhakar Gavali, Rokesh Luis Mascarenhas, and Sagar Satish Raut.

The funds raised from the new issue are planned for capital expenditure, repayment or prepayment of certain loans, margin money for bank guarantees, and general corporate purposes. ICICI Securities Ltd and IIFL Securities Ltd are the book-running lead managers for the issue.

According to the F&S Report, Regreen-Excel EPC India, by March 31, 2024, will become one of the youngest leading manufacturers and suppliers of ethanol plants in India, covering sectors like distilleries, sugar and cogeneration, biofuels, zero liquid discharge systems, and renewable energy.

The company has completed projects in 17 states across various regions of India, and has international experience, having undertaken projects in countries such as Turkey and Thailand.

As of July 15, 2024, Regreen-Excel EPC India had 64 active projects worth ₹3,451.68 crore in its order book, and had received 15 new orders amounting to ₹1,046.25 crore between April 1, 2024, and July 15, 2024.

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