IPO News

Vishnu Prakash R Punglia has filed draft papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO comprises a fresh issue of 3.12 crore equity shares with no offer-for-sale (OFS) component.

The IPO size is expected to be Rs 300 crore. Proceeds from the fresh issuance to the tune of Rs 58.64 crore will be utilised for purchasing capital equipment, Rs 140 crore will be used for funding the working capital requirements of the company and the balance for general corporate purposes. Choice Capital Advisors and Pantomath Capital Advisors are the book-running lead managers. The equity shares are proposed to be listed on BSE and NSE.

The Jodhpur-based company has experience in the design and construction of major infrastructure projects for the central and state governments, with ongoing projects in nine states.

Go Digit General Insurance has refilled draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for its initial public offering (IPO) after making certain changes to its employee stock appreciation rights scheme. This came after SEBI returned Go Digit's draft IPO papers on January 30 and asked the company to refile the documents with certain updates. The company had first filed the DRHP with Sebi in August 2022 to raise funds through an initial share sale.

The size of the company's IPO remain unchanged in the revised documents. The IPO comprises fresh issuance of equity shares worth Rs 1,250 crore and an offer-for-sale (OFS) of 10,94,45,561 equity shares by a promoter and existing shareholders. Proceeds from the fresh issuance have been proposed to be utilised for the augmentation of the company's capital base and maintenance of solvency levels and general corporate purposes. ICICI Securities, Morgan Stanley India Company, Axis Capital, Edelweiss Financial Services, HDFC Bank, and IIFL Securities are the book-running lead managers for the issue. The equity shares of the company will be listed on BSE and NSE.

Go Digit offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products, to meet the needs of the customers.

Zaggle Prepaid Ocean Services has received the Securities and Exchange Board of Indias (SEBI) approval to float an initial public offering (IPO).

Proceeds from the fresh issue would be utilised towards customer acquisition and retention, development of technology and products, payment of debt and for general corporate purposes. ICICI Securities, Equirus Capital, IIFL Securities and JM Financial have been appointed as merchant bankers to manage the IPO. The equity shares of the company will be listed on the BSE and NSE.

Founded in 2011, Zaggle Prepaid Ocean Services operates in the business-to-business-to-customer segment. It has created a market niche in the country by offering a combined solution for spend management through prepaid cards and employee management (through SaaS).

Cyient DLM has received the Securities and Exchange Board of Indias (SEBI) approval to float an initial public offering (IPO).

The funds raised through the IPO would be utilised for funding incremental capital requirements, capital expenditure, debt payment, achieving inorganic growth through acquisitions as well as for general corporate purposes. Axis Capital and JM Financial are the book running lead managers to the issue. The equity shares of the company will be listed on the BSE and NSE.

Cyient DLM, a subsidiary of Cyient, is the leading integrated EMS and solutions provider with a focus on the entire life cycle of a product, including design, build and maintenance. It has three state manufacturing facilities in Hyderabad, Bengaluru and Mysore.

Aeroflex Industries has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise as much as Rs 350 crore through an initial public offering (IPO).

Proceeds from the fresh issue will be utilised to the extent of Rs 35 crore for the payment of debt, Rs 84 crore for funding its working capital requirements, and a certain amount will be used for general corporate purposes and acquisitions for inorganic growth. Pantomath Capital Advisors is the sole book-running lead manager to the issue. The companys equity shares are proposed to be listed on the BSE and NSE.

Aeroflex is a manufacturer and supplier of metallic flexible flow solution products, catering to global markets. It exports its products to more than 80 countries including Europe, USA and others and generates 80 per cent of its revenue from exports.

SPC Lifesciences has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The Initial Public Offering (IPO) consists of fresh issuance of equity shares worth Rs 300 crore and an Offer For Sale (OFS) of 89.39 lakh equity shares by promoter -- Snehal Rajivbhai Patel.

The proceeds from the fresh issue will be used to pay debt, to support working capital needs and to fund capital expenditure requirements for setting up Phase-2 at its Dahej facility in order to expand product offerings of pharmaceutical intermediates, and for general corporate purpose. Ambit and HDFC Bank are the book running lead managers to the issue. The shares of the company will be listed on the BSE and NSE.

SPC Lifesciences is a leading manufacturers of advanced intermediates for certain key active pharmaceutical ingredients.

Netweb Technologies India has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise as much as Rs 700 crore through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares worth Rs 257 crore and an offer for sales of 85 lakh equity shares by promoters.

Proceeds of the fresh issue to the tune of Rs 32.77 crore will be used to fund capital expenditure, Rs 128.02 crore to support long-term working capital, Rs 22.5 crore for debt payment, besides, general corporate purposes. Equirus Capital and IIFL Securities are the book-running lead managers to the issue. The equity shares of the company will be listed on the BSE and NSE.

Netweb Technologies is one of the country's leading high-end computing solutions (HCS) providers. It is one of the few original equipment manufacturers (OEMs) in the country and is a recipient of production-linked incentives schemes of the Government of India.

JG Chemicals has received the Securities and Exchange Board of Indias (SEBI's) approval to float an initial public offering (IPO). The IPO comprises fresh issue of equity shares worth up to Rs 202.50 crore and an offer-for-sale (OFS) of 57 lakh equity shares by its existing promoter group shareholders. Equity shares of the company will be listed on BSE and NSE.

The company, which filed the draft red herring prospectus with the SEBI in January 2023, got the regulators approval on March 20, 2023. Proceeds from the fresh issue will be used for investment in its material subsidiary BDJ Oxides. It will use Rs 45 crore in repayment of borrowings availed by its arm, Rs 5.31 crore will be used for setting up a Research & Development centre, Rs 65 crore will be used to fund the long-term working capital requirements of its material arm. It will also use Rs 35 crore for funding the long-term working capital requirements of the company and other general corporate purposes. Centrum Capital, Emkay Global Financial Services and Keynote Financial Services are the book-running lead managers to the issue.

The Kolkata-based firm is India's largest zinc oxide manufacturer in terms of production and revenue.

IndiaFirst Life Insurance Company has received the Securities and Exchange Board of Indias (SEBI) approval to float an initial public offering (IPO). The IPO comprises a fresh issue of up to Rs 500 crore along with an offer for sale (OFS) of up to 14,12,99,422 equity shares by the promoters and existing shareholders of the company.

The company, which filed the draft red herring prospectus with the SEBI in October 2022, got the regulators approval on March 15, 2023. The net proceeds from the fresh issuance worth Rs 500 crore will be used towards augmentation of its capital base to support solvency levels.

ICICI Securities, Ambit, BNP Paribas, BOB Capital Markets, HSBC Securities and Capital Markets (India), Jefferies India and JM Financial are the book-running lead managers to the issue. The equity shares will be listed on the BSE and NSE.

IndiaFirst Life Insurance Company (IndiaFirst Life) is one of the fastest growing private life insurers in India. IndiaFirst Life is supported by an extensive bancassurance network provided by Bank of Baroda and Union Bank, two of India's biggest public sector banks.

Tata Technologies, a subsidiary of Tata Motors, has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The equity shares of the company are proposed to be listed on both -- NSE and BSE.

The IPO is purely an offer for sale (OFS), where the company will sell up to 9.57 crore equity shares representing approximately 23.60 per cent of its paid-up share capital.  Under the OFS, Tata Technologies' parent company Tata Motors will offload 8.11 crore shares or a 20 per cent stake in the company. JM Financial, Citigroup Global Markets India and BofA Securities India are the book running lead managers to the issue.

Tata Technologies is a leading global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs).

IPO Name Price Band Open Date Close Date Minimum Qty Apply
GPECO 90 - 94 14-06-2024 19-06-2024 1200

IPO type

EQUITY

Face value

10

Lot size (qty)

1200

Category

Retail

Retail discount

0.00

Min - Max inv amt

90 - 94

Issue size

2392800

EQ1NSETEST 1 - 2 10-06-2024 31-12-2036 1

IPO type

EQUITY

Face value

1

Lot size (qty)

1

Category

Retail

Retail discount

0.00

Min - Max inv amt

1 - 2

Issue size

10000000000

EQ2NSETEST 1 - 2 10-06-2024 31-12-2036 1

IPO type

EQUITY

Face value

1

Lot size (qty)

1

Category

Retail

Retail discount

0.00

Min - Max inv amt

1 - 2

Issue size

10000000000

SM1NSETEST 1 10-06-2024 31-12-2036 1

IPO type

EQUITY

Face value

1

Lot size (qty)

1

Category

Retail

Retail discount

0.00

Min - Max inv amt

1

Issue size

10000000000

IPO Details

COMPANY NAME
GP Eco Solutions India Ltd.
ADDRESS
B-39, Sector-59 , Gautam Buddha Nagar ,
CITY / STATE / PINCODE
Noida Uttar Pradesh 201301
WEBSITE
www.gpecosolutions.com
PHONE
8960095217
EMAIL
cs@gpecosolutions.com
LEADMANAGER
Corporate Capital Ventures Pvt Ltd.
PROMOTERS
Anju Pandey, Astik Mani Tripathi, Deepak Pandey
PRE SHARE CAP
7287600
OFFER TO PUBLIC
3276000
PRE PROMOTER HOLDER
86.4
POST PROMOTER HOLD
62.23
REGISTRAR
Bigshare Services Pvt Ltd
ADDRESS
B-39, Sector-59 , Gautam Buddha Nagar , , 400093
Registrar Phone
91-022-62638200
Registrar EMail
Investor@bigshareonline.com
Registrar Fax
91-022-62638299
Registrar WebSite
Objective
1) To Meet Working Capital requirements of the Company “GP Eco Solutions”;2) Investment in our subsidiary, Invergy India Private Limited (“IIPL”) in relation to Purchase of Plant & Machineries and other Miscellaneous Assets and also towards Construction / Civil Works for its facility; and3) General Corporate Expenses.

Description
Our company is involved in the distribution of a wide range of solar inverters and solar panels. Our company is an authorized distributor of Sungrow India Pvt Ltd or “Sungrow” for Solar Inverters in North India, and we are also authorized distributors for Saatvik Green Energy Private Limited or “Saatvik” and LONGi Solar Technology Co. Ltd or “LONGi” for solar panels in North India. Additionally, we serve as an integrated solar energy solutions provider, delivering comprehensive engineering, procurement, and construction ("EPC") services to our commercial and residential customers, however the contribution of this segment is comparatively less as compared to business of distribution of solar inverters and solar panels.
IPO Analysis

GP Eco Solutions India coming with IPO to raise Rs 30.79 crore

The issue will open for subscription on June 14, 2024 and will close on June 19, 2024

Details

GP Eco Solutions India

  • GP Eco Solutions India is coming out with initial public offering (IPO) of 32,76,000 shares of Rs 10 each in a price band Rs 90-94 per equity share.  
  • The issue will open for subscription on June 14, 2024 and will close on June 19, 2024.
  • The shares will be listed on NSE Emerge Platform.
  • The face value of the share is Rs 10 and is priced 9.00 times of its face value on the lower side and 9.40 times on the higher side. 
  • Book running lead manager to the issue is Corporate Capital ventures.
  • Compliance Officer for the issue is Tanushree.

Profile of the company

GP Eco Solutions India is involved in the distribution of a wide range of solar inverters and solar panels. The company is an authorized distributor of Sungrow India or ‘Sungrow’ for Solar Inverters in North India, and it is also authorized distributors for Saatvik Green Energy or ‘Saatvik’ and LONGi Solar Technology for solar panels in North India. Additionally, it serves as an integrated solar energy solutions provider, delivering comprehensive engineering, procurement, and construction (EPC) services to its commercial and residential customers, however the contribution of this segment is comparatively less as compared to business of distribution of solar inverters and solar panels. 

The company also has its own brand called ‘Invergy’. Under the Invergy brand, it sells hybrid solar inverters and Lithium Ferro phosphate (LFP) batteries. Invergy deals in OEM manufacturing for hybrid and LFP products. Invergy has its own quality and reliable protocol for contract manufacturing of these products. Invergy manages its own supply chain stream to provide easy and comfortable transitions. 

Invergy buys, make the contract manufacturing, and then sell to the end customers. Invergy has its own quality and reliable protocol for contract manufacturing of these products. Invergy takes an active role in overseeing and controlling the various stages involved in the supply chain. The manufacturing contractor encompasses all the processes from the acquisition of raw materials to the delivery of the final products to Invergy and Invergy thereafter sell to the customers. The goal is to create a seamless and comfortable experience, ensuring that products move from manufacturing to the hands of customers without disruptions or delays. The company got certification of ISO 9001:2015 in Quality Management System, which is valid up to October 27, 2026.

Proceed is being used for:

  • Meeting working capital requirements
  • Investment in its subsidiary, Invergy India (IIPL) in relation to Purchase of Plant & Machineries and other miscellaneous assets; and also towards Construction / Civil Works for its facility
  • General corporate expenses

Industry overview

The India - solar power market size is estimated to grow at a CAGR of 34.24% between 2022 and 2027. The market size is forecast to increase by $273.82 billion. The report includes historic market data from 2017 to 2021. The market is witnessing a growing demand for increasing investments in renewable energy, favourable government regulations, and the increased adoption of microgrids. A key factor shaping the India solar power market growth is the rising adoption of floating solar power plants. One of the emerging technologies that is at a primitive stage across the world is the floating solar power plant. The main advantage of a floating solar power plant is that it can be installed in human-made or natural water bodies such as dam reservoirs, lakes, municipality water storage ponds, and water treatment plants. Additionally, the performance of floating solar power systems is better than the arrays that are built on the land.

The low conversion efficiency of solar PVs is one of the key challenges hindering India solar power market growth. One of the essential requirements of an off-grid system is that it must be self-sufficient in terms of capacity to meet its overall needs. However, a majority of grid sources in several off-grid projects are highly unreliable. Thus, it is necessary to have a sizable PV system and energy storage to produce and store enough power to meet the total electricity needs. Moreover, solar power is considered as a clean and abundant source of energy but it is low on efficiency. Therefore, as solar power is required to charge the battery in a hybrid system, the low efficiency will need more solar PV panels, which will increase the cost of the entire system. Hence, such factors are negatively impacting the India - solar power market growth. Therefore, it is expected to hinder India solar power growth during the forecast period.

Pros and strengths

Strategic partnerships with industry leaders: The company is an authorized distributor for Sungrow (a prominent solar inverter manufacturer), Saatvik and LONGi, (a solar panel manufacturer), signifies strong partnerships with industry brands. This association not only adds credibility to its brand but also ensures access to high-quality and reliable products. It allows it to offer cutting-edge technologies and trusted solutions to its customers, giving the company a competitive advantage in terms of product quality and innovation.

Quality assurance and standards: It is committed to deliver the good quality product in proper manner at all steps from dispatch to delivery. Its dedicated internal quality control team ensures the compliance with good standard practices. It gives prime focus to providing quality, ISO 9001:2015 for the quality management system.

Strong and long-standing customer relationships: Its existing client relationships help it to get repeat business from its customers. Its client relationships also help it to cross sells its other products and services to them. Further, it has been mutually value creating, stable and long-term association with its customers through product, operational process & technology excellence offered by the company. This has helped it maintain a long-term working relationship with its customers and improve its customer retention strategy. Through these efforts, it aims to become the ‘first choice vendor’ for all companies for the services it offers.

Risks and concerns

Depend on third parties for supply of products: Its top ten suppliers are responsible for a significant portion of its purchases, contributing approximately 89.94% 67.35%, 76.76%, and 92.96% of its purchases of raw material for the period nine months ended December, 2023 and for the year ended March 31, 2023, March 31, 2022 and March 31, 2021 respectively. Non-availability or inadequate quantity of raw material or use of substandard quality of the raw materials in the manufacturing of its products, could have a material adverse effect on its business.

Depend on top ten customers: Its top ten clients are responsible for a significant portion of its revenue, contributing approximately 51.94%, 33.20%, 57.01%, and 51.76% of its revenues from operations based on Restated Financials for the period nine months ended December, 2023 and for the year ended March 31, 2023, March 31, 2022 and March 31, 2021 respectively. The loss of its major customers or a decrease in the volume of its products may adversely affect its revenues and profitability. It cannot assures that it shall generate the same quantum of business, or any business at all, from these customers, and loss of business from one or more of them may adversely affect its operations and profitability.

Revenue is derived from Rajasthan, Haryana, Uttar Pradesh, and Delhi: The company earns a significant portion of its revenue from the states of Rajasthan, Haryana, Uttar Pradesh, and Delhi. Any materially adverse social, political or economic development, natural calamities, civil disruptions, regulatory developments or changes in the policies of the state or local government in these regions could adversely affect its distribution activities, result in modification of its business strategy or require it to incur significant capital expenditure, which will in turn have a material adverse effect on its business

Outlook

GP Eco Solutions India Is primarily engaged in the business of manufacturing of solar plant and trading of electrical goods and solar plant and its ancillary products. Additionally, it serves as an integrated solar energy solutions provider, delivering comprehensive engineering, procurement, and construction services to its commercial and residential customers, however the contribution of this segment is comparatively less as compared to business of distribution of solar inverters and solar panels. On the concern side, the company, trades in few products viz. Solar Inverters, Solar Panels, Energy Storage Solutions, and Solar Power Generating Systems. Within this portfolio over around 50% of its revenues are derived from the sale of Solar Inverters. The heavy reliance on singular product makes it vulnerable to potential disruptions, whether in the form of supply chain challenges, regulatory changes, or shifts in market dynamics. Any loss or decrease in the supply or demand for Solar Inverters could significantly impact on its business prospects and results of operations. 

The company is coming out with an IPO of 32,76,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 90-94 per equity share. The aggregate size of the offer is around Rs 29.48 crore to Rs 30.79 crore based on lower and upper price band respectively. On performance front, total revenue has increased by 21.29% from Rs 8,344.76 lakh in the fiscal year ended March 31, 2022 to Rs 10,121.24 lakh in the fiscal year ended March 31, 2023. The increase in revenue is because of the increase in the demand of solar inverters and panels in the economy backed by the initiatives introduced by the Indian governments towards the solar panels and the solar inverters which boost the demand in the Indian economy for the solar products. Net profit has increased by 33.43% from Rs 277.17 lakh in the fiscal year ended March 31, 2022 to profit of Rs 369.82 lakh in the fiscal year ended March 31, 2023. Meanwhile, it intends to continue exploring options to reduce its dependence on external suppliers. Its efforts to reduce its dependence on imports would also help it improve its inventory management and cost efficiencies, which would in turn reduce the costs. In addition, reduced dependence on imports would also help reduce its exposure to foreign currency fluctuations.

IPO Name Price range Issue Size (in crores) Lot Size Open Date Close Date
DEEDEV 193 - 203 21427036 73 19-06-2024 21-06-2024
DURLAX 65 - 68 6000000 2000 19-06-2024 21-06-2024
FALCONTECH 92 1488000 1200 19-06-2024 21-06-2024
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NO LISTED IPO'S