GP Eco Solutions India Files its Draft Red Herring Prospectus with NSE Emerge

GP Eco Solutions India Limited has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge. The initial public offering (IPO) comprises a fresh issuance of 32.76 lakh Equity Shares, each with a face value of INR 10. 

Corporate Capital Ventures Private Limited is the Book Running Lead Manager for the issue while Bigshare Services Private Limited is the Registrar. Corporate Capital Ventures Private Limited completed a string of successful SME IPOs in recent months, including Alpex Solar, Rockingdeals, Accent Microcell, Oriana Power, Droneacharya and Crayons Advertising, among others.

The Noida-headquartered company distributes a wide range of solar inverters and solar panels. It also provides comprehensive EPC services to commercial and residential customers and O&M of solar plants. Under its own brand, ‘Invergy’, GP Eco sells hybrid solar inverters and lithium ferro phosphate batteries. Invergy manages its own supply chain stream to provide easy and comfortable transitions. GP Eco is also an authorized distributor of Sungrow India Pvt Ltd, Saatvik Green Energy Private Limited and LONGi Solar Technology Co. Ltd for solar panels in North India.

According to the DRHP, GP Eco proposes to utilize INR 12.45 crore of the IPO proceeds to meet the working capital requirements of the company and plans to invest INR 7.6 crore in its subsidiary, Invergy India Private Limited (IIPL), to procure plant and machinery and for setting up a new facility.

The remaining funds will be used for general corporate purposes. The company plans to assemble solar inverter in its proposed assembling facility being set up in Gautam Buddha Nagar, Noida, Uttar Pradesh which is expected to complete trial runs and commence commercial production in the third quarter of FY2024-25.

The company has a dominant presence in Noida (UP) and plans to expand its operations into new geographies with an emphasis on increasing the scale of operations and growing its supply chain network. This expansion will present attractive opportunities to broaden the client base and increase revenues.

Founded in 2010 by a dynamic entrepreneur Deepak Pandey, GP Eco has maintained strong partnerships with industry brands like Sungrow, Saatvik and LONGi and also ensured access to high-quality, technically excellent and innovative products to its customers. Deepak Pandey serves as the Promoter and Managing Director of the company.

With over 20 years of extensive experience in the solar industry, he drives the company’s growth strategy and is actively involved in developing business. He is also the founder of Invergy India Private Limited, a subsidiary company of GP Eco, which is engaged in the distribution of Hybrid solar inverters.

GP Eco achieved a robust revenue of INR 78.40 crore and earned a profit (PAT) of INR 4.73 crore during the nine months of the current fiscal year, which ended December 31, 2023. The company achieved a revenue of INR 101.21 crore and a profit (PAT) of INR 3.70 crore in FY2022-23. GP Eco derives a significant portion of its revenues from Uttar Pradesh distantly followed by Haryana, Maharashtra and Tamil Nadu.

GP Eco received prominent certification of ISO 9001:2015 in Quality Management System and Bureau of Indian Standard certification from the Ministry of Consumer Affairs, Food & Public Distribution, Govt. of India.