Prozeal Green Energy Files Draft Red Herring Prospectus with SEBI
Bengaluru: Prozeal Green Energy Limited, India’s fourth-largest solar EPC company, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) aggregating up to ₹7,000 million.
The IPO comprises a fresh issue of ₹3,500 million and an offer for sale of ₹3,500 million by the promoter selling shareholders and investor selling shareholders.
Prozeal Green Energy plans to utilize the net proceeds from the IPO to fund long-term working capital expenditure, invest in its subsidiary, repay/pre-pay certain borrowings, and for general corporate purposes.
Nuvama Wealth Management Limited and SBI Capital Markets Limited are the Book Running Lead Managers to the issue.
Prozeal Green Energy has demonstrated strong financial performance, with revenue from operations increasing from ₹2,871.85 million in Fiscal 2022 to ₹9,488.82 million in Fiscal 2024, representing a CAGR of 81.77%.
The company’s EBITDA grew from ₹115.44 million in Fiscal 2022 to ₹1,247.36 million in Fiscal 2024, reflecting a CAGR of 228.71%.
Prozeal Green Energy has successfully executed 182 solar power projects with a total installed capacity of 783.98 MWp across 17 states in India and one overseas location.
