Prozeal Green Energy, a Gujarat-based renewable energy solutions provider, has filed its draft red herring prospectus (DRHP) with SEBI to raise ₹700 crore via an IPO. The issue includes ₹350 crore from a fresh issue and ₹350 crore from an offer-for-sale (OFS). The company plans to use the funds for working capital, debt repayment, and corporate purposes.
Gujarat-based renewable energy company Prozeal Green Energy has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹700 crore through an initial public offering (IPO). The IPO comprises a fresh issue of ₹350 crore and an offer-for-sale (OFS) worth ₹350 crore by existing promoters and shareholders.
Established in 2013, Prozeal Green Energy is a key player in India’s renewable energy sector, specializing in solar EPC solutions, carbon-neutral initiatives, and sustainable energy infrastructure. The company serves major clients, including Bharat Petroleum, Torrent Power, Bosch, Indian Oil, SML Isuzu, and Ashok Leyland.
IPO Details and Fund Utilization
As per the DRHP, the company intends to allocate ₹250 crore from the fresh issue to meet long-term working capital needs. Additionally, ₹19.532 crore will be used for debt repayment in one of its subsidiaries, with the remaining funds earmarked for general corporate purposes.
The book-running lead managers for the IPO are Nuvama Wealth Management Limited and SBI Capital Markets Limited, while MUFG Intime India Private Limited serves as the registrar.
Prozeal Green Energy reported a net profit of ₹51.595 crore for the July-September quarter of FY 2024-25. The firm recorded a net profit of ₹92.244 crore for FY 2023-24 and ₹21.521 crore in FY 2022-23. Its net worth as of the July-September quarter stood at ₹143.841 crore, with revenue from operations reaching ₹468.54 crore.
With the IPO filing, Prozeal Green Energy is positioning itself for significant expansion in the renewable energy space, aiming to leverage public investment for future growth.
