July 9, 2024
New Delhi, India
IPO Watch
The initial public offering (IPO) of Ganesh Green Bharat Ltd has seen overwhelming demand, being subscribed over 78 times by the third day of bidding. The IPO, which began on July 5 and will conclude on July 9, offers a price band of ₹181 to ₹190 per share and a lot size of 600 shares.
Key Details of Ganesh Green Bharat IPO
Subscription Status:
- As of the third day, the Ganesh Green Bharat IPO is subscribed 78.74 times.
- Retail investors have subscribed 102.94 times, while the non-institutional investor (NII) portion is booked 116.28 times.
- Qualified Institutional Buyers (QIBs) have subscribed 12.37 times.
- The company received bids for 34,66,44,600 shares against the 44,02,200 shares on offer as of 12:51 IST, according to Chittorgarh.com.
IPO Structure:
- Retail Investors: 35% of the net issue
- Non-Institutional Investors (NII): 15% of the net issue
- Qualified Institutional Buyers (QIB): 50% of the net issue
- Minimum investment for retail investors: ₹1.14 lakh (600 shares)
- Minimum investment for high net-worth individuals (HNIs): ₹2.28 lakh (1200 shares)
Company Profile
Ganesh Green Bharat Ltd operates in the production of solar photovoltaic modules, solar systems and related services, electrical contracting, and water supply scheme projects. The company’s solar PV facility has a total installed capacity of 236.73 MW, with an additional 163.27 MW planned for development. Its affiliate, Souraj Energy Private Ltd, manufactures solar photovoltaic modules with an installed capacity of 192.72 MW.
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Financials and Peers
- Consolidated Sales: ₹170.17 crore
- Profit After Tax (PAT): ₹19.88 crore
- EBITDA: ₹34.62 crore
- Return on Capital Employed (ROCE): 29.98%
- Return on Equity (ROE): 46.42%
Listed peers include:
- Zodiac Energy Ltd (P/E: 94.15)
- Waaree Renewable Technologies (P/E: 131.91)
- Solex Energy Ltd (P/E: 133.86)
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IPO Details
- Issue Size: ₹125.23 crore (offer-for-sale of up to 6,591,000 equity shares)
- Use of Proceeds: Working capital needs, capital expenditures for new machinery and equipment, general business objectives, and repayment of existing borrowings.
- Lead Manager: Hem Securities Limited
- Registrar: Kfin Technologies Ltd
Grey Market Premium (GMP)
The Ganesh Green Bharat IPO grey market premium (GMP) stands at +258, indicating that the shares are trading at a premium of ₹258 in the grey market. Based on the upper end of the IPO price band and the current GMP, the expected listing price is ₹448 per share, which is 135.79% higher than the IPO price of ₹190.
Disclaimer:
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