GP Eco Solutions India Ltd, the Noida-headquartered integrated solar energy solutions provider, has filed its draft Red Herring Prospectus (DRHP) with NSE Emerge to launch its initial public offering (IPO).
The IPO of GP Eco Solutions is an SME IPO and comprises a fresh issue of 32.76 lakh shares of face value ₹10 each.
According to the DRHP, GP Eco suggests its use ₹12.45 crore of the IPO proceeds will meet the company's working capital needs and plan investments ₹7.6 crore to its subsidiary Invergy India Private Limited (IIPL) for procurement of plant and machinery and for setting up a new plant.
The remaining funds will be used for general corporate purposes.
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GP Eco Solutions IPO Lead Manager
Corporate Capital Ventures Pvt Ltd is the book running lead manager for the IPO of GP Eco Solutions while Bigshare Services Pvt Ltd is the IPO registrar.
About GP Eco Solutions
GP Eco Solutions was founded in 2010 by Deepak Pandey. It sells a wide range of solar inverters and solar modules. The company also offers comprehensive EPC services for commercial and private customers as well as the operation and maintenance of solar systems. The company is also an authorized distributor of Sungrow India Pvt Ltd, Saatvik Green Energy Private Limited and LONGi Solar Technology Co. Ltd for solar modules in North India.
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GP Eco Solutions Finance
GP Eco achieved sales of ₹78.40 crore and earned a net profit of ₹4.73 crore in the nine months of the current financial year ended December 31, 2023. The company reported sales of ₹101.21 crore and a net profit of ₹3.70 crore in the financial year 2022-23.
The company derives a significant portion of its revenue from Uttar Pradesh, followed at a distance by Haryana, Maharashtra and Tamil Nadu.
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