Solar EPC player plans to strengthen its renewable energy footprint with robust order book, strong financial growth, and turnkey solar park model.
Prozeal Green Energy Limited, solar EPC player by revenue in FY24 (Crisil report), has received approval from the Securities and Exchange Board of India (SEBI) to launch its Initial Public Offering (IPO) worth ₹7,000 million.
The IPO includes a fresh issue of ₹3,500 million and an offer for sale of ₹3,500 million by promoters and early investors, including co-founders Shobit Baijnath Rai and Manan Hitendrakumar Thakkar. Proceeds from the issue will be utilized for long-term working capital needs, subsidiary investments for debt repayment, and general corporate purposes.
Nuvama Wealth Management Limited and SBI Capital Markets Limited are acting as the book-running lead managers for the offering.
Founded in 2013, Prozeal Green Energy has executed 182 solar projects with an installed capacity of nearly 784 MWp across 17 Indian states and Nepal, catering to 125 clients. The company specializes in turnkey solar EPC solutions under its “Plug-and-Play” solar park model, offering end-to-end services from land acquisition to project commissioning. Its clientele includes Torrent Power, AM Green Energy, Alembic Pharmaceuticals, GHCL, and ACG Associated Capsules.
The company has demonstrated robust growth, with revenue surging from ₹2,871.85 million in FY22 to ₹9,488.82 million in FY24, a CAGR of 81.77%. During the same period, profit jumped from ₹100.71 million to ₹922.44 million, while EBITDA expanded nearly 10x to ₹1,247.36 million. As of September 30, 2024, the order book stood at ₹22,209.22 million, with 99.5% attributed to ground-mounted solar projects.
With the SEBI approval in place, Prozeal Green Energy is now set to tap the capital markets, further strengthening its position in India’s rapidly growing renewable energy sector.