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4h ago

SEBI Clears Prozeal Green Energy’s ₹700 Crore IPO

The approval sets the solar EPC firm up to finalize pricing, with proceeds slated for working capital, subsidiary investments, debt reduction and general purposes.

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Overview

  • Prozeal’s offer totals up to ₹700 crore, split evenly between a ₹350 crore fresh issue and a ₹350 crore offer for sale by promoters and early investors.
  • SEBI’s nod allows the company to move toward the prospectus, book-building and launch stages, with final timing and pricing yet to be announced.
  • Filings and reports differ on the appointed book-running lead managers, citing either Nuvama and SBI Capital Markets or Equirus Capital and IIFL Capital Services.
  • The solar EPC player reported sharp growth from FY2022 to FY2024, with revenue rising to ₹9,488.82 million and profit increasing to ₹922.44 million.
  • As of September 30, 2024, the order book stood at ₹22,209.22 million, with 99.48% tied to ground-mounted projects, and the company emphasizes a plug-and-play solar park model for C&I clients.