GP Eco Solutions Announces Rs 35 Crore IPO for Solar Expansion

GP Eco Solutions India Limited (GPES), a leading player in the solar energy industry, has announced its plans to raise Rs 30-35 crore through an initial public offering (IPO) on NSE Emerge.

The move is part of GPES's strategic vision to accelerate growth within the dynamic solar power sector, capitalising on the promising opportunities presented by India's clean energy transition.

The IPO, spearheaded by Promoter and Managing Director Deepak Pandey, aims to raise capital for various strategic initiatives. With Rs 12.45 crore allocated for working capital and expansion and Rs 7.6 crore earmarked for a new solar inverter assembly facility in Noida under its subsidiary, Invergy India, GP Eco Solutions intends to bolster its manufacturing capabilities and strengthen its service offerings. The remaining funds will be allocated towards general corporate purposes, further solidifying its position as a key player in India's sustainable future.

"This IPO is a significant milestone for us. By going public, we gain access to the resources necessary to drive innovation and make a significant contribution to India's sustainable future. The proceeds will allow us to expand our manufacturing capabilities, strengthen our service offerings, and solidify our position as a key player in India's clean energy transition. We are steadfastly committed to making solar energy accessible and affordable to all," Deepak Pandey, MD, GPES, said.

The global solar inverter market, valued at USD 7.7 billion in 2022, is projected to reach USD 17.9 billion by 2030, reflecting a promising CAGR of 8.8%. India's solar power industry is poised for even more remarkable growth, with a projected CAGR of 34.24% between 2022 and 2027.

Astik Mani Tripathi, Promoter and Director of GPES, described the IPO as an attractive opportunity for investors to participate in the company's growth trajectory within the burgeoning Indian clean energy market.

Key Highlights of the IPO:

Fresh Issuance: The IPO will comprise a fresh issuance of 32.76 lakh equity shares with a face value of Rs 10 each.

Book Running Lead Manager: Corporate Capital Ventures Private Limited has been appointed as the Book Running Lead Manager for the issue, with Bigshare Services Private Limited serving as the Registrar.

Financial Performance: GP Eco Solutions achieved robust revenue of Rs. 78.40 crore and a profit (PAT) of Rs. 4.73 crore during the nine months of the current fiscal year, ending December 31, 2023. In FY2022-23, the company recorded a revenue of Rs. 101.21 crore and a profit (PAT) of Rs. 3.70 crore. Notably, GP Eco derives a significant portion of its revenues from Uttar Pradesh, followed by Haryana, Maharashtra, and Tamil Nadu.

About GP Eco Solar:

GP Eco Solar, founded in 2010 by entrepreneur Mr. Deepak Pandey, is a prominent player in India's solar energy domain. The company offers a comprehensive suite of solar solutions, including the distribution of premium solar inverters and panels, Engineering, Procurement, and Construction (EPC) services, and Operation and Maintenance (O&M) services for solar power plants.

GP Eco Solutions holds prominent certifications such as ISO 9001:2015 in Quality Management System and Bureau of Indian Standard certification from the Ministry of Consumer Affairs, Food & Public Distribution, Govt. of India.