GP Eco Solutions India Debuts on NSE Emerge with INR 375 Listing Price

Noida-based GP Eco Solutions India Ltd., an integrated solar energy solutions provider, has made an impressive debut on the NSE Emerge platform. The stock was listed at INR 375, a remarkable 299 percent premium over the fixed price band of INR 94.

The company's IPO received an exceptional response from investors. The Qualified Institutional Buyer (QIB) segment was oversubscribed 236.64 times, the Non-Institutional Investor (NII) segment 1,825.61 times, and the Retail Individual Investors (RII) segment 793.2 times. The IPO was opened for subscription on June 14 and by the final bidding day on June 19, the overall subscription had soared to 856.37 times, amassing bids worth over INR 16,624 crore.

The IPO featured a fresh issue of 32.76 lakh equity shares with a face value of INR 10, through the book-building route. Corporate Capital Ventures acted as the sole book-running lead manager, while Bigshare Services was the Registrar for the issue.

The IPO's anchor book attracted a cohort of high-profile investors, including CCV Emerging Opportunities Fund—I, Persistent Growth Fund—Varsu India Growth Story Scheme 1, Finavenue Capital Trust—Finavenue Growth Fund, Vikasa India EIF I Fund—Incube Global Opportunities, and Acintyo Investment Fund PCC—Cell 1.

Out of a lot size of 1,200 shares, the company allotted 3.27 lakh equity shares to market maker, 8.83 lakh equity shares to anchor investors, 4.44 lakh equity shares to NIIs, and 5.89 lakh equity shares to QIBs. The retail (RII) portion accounts for 10.32 lakh equity shares. 

GP Eco Solutions India is targeting to raise INR 30.79 crore through the issue. The company intends to allocate INR 12.45 crore of the IPO proceeds towards working capital needs. Additionally, it plans to invest INR 7.6 crore in its subsidiary, Invergy India, for the purchase of plant and machinery and the establishment of a new facility. The remaining funds will be designated for general corporate purposes.

GP Eco Solutions India offers solar inverters and panels, comprehensive EPC services to commercial and residential customers, as well as O&M services for solar plants.