GP Eco Solutions eyes Rs 35 crore via IPO, expected to hit market by month-end: CEO Deepak Pandey

New Delhi: GP Eco Solutions India Limited (GPES) is planning to raise as much as Rs 35 crore through an Initial Public Offering (IPO) which is expected to hit the markets by month-end, its CEO Deepak Pandey said on Thursday.

The proceeds will be utilised to fuel the company's expansion plans and support working capital requirements, he said in a media interaction here.

The proposed IPO will comprise a fresh issuance of 32.76 lakh equity shares with a face value of Rs 10 each. Through the issue, the promoters will dilute about 25 per cent stake in the company.

"GPES intends to raise Rs 30-35 crore, subject to necessary approvals. Rs 12.45 crore will be allocated for working capital and expansion, and Rs 7.6 crore will be invested in our subsidiary Invergy India for a new solar inverter assembly facility in Noida, and the remaining fund will go towards general corporate purposes," Pandey, who is also the MD of the company, said.

When asked about the timeline, he said the IPO is expected to be launched by the end of this month.

Explaing the reasons for going public, the CEO said the company will gain access to the resources necessary to drive innovation and make a significant contribution to India’s sustainable future.

Corporate Capital Ventures Private Ltd is the Book running lead manager for the issue.

Noida-based GPES Solar is an EPC player in the solar energy domain.

The company had reported a revenue of Rs 78.40 crore and Profit After Tax (PAT) of Rs 4.73 crore during April-December period of FY24.