Prozeal Green Energy has filed a DRHP with SEBI to raise INR 7 billion via an IPO
It will offer a combination of equity shares and OFS by existing shareholders
The proceeds will be deployed for long-term working capital, debt payment and general corporate purposes
Gujarat-based solar EPC and renewable solutions provider Prozeal Green Energy is another Indian solar company planning to go public. It has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise INR 7 billion ($84 million) through an initial public offering (IPO).
The company is offering equity shares worth INR 3.5 billion ($42 million) and an offer-for-sale (OFS) of shares with a similar value. All shares offered have a face value of INR 2 each.
Out of the proceeds raised, it plans to deploy INR 2.5 billion ($30 million) for its long-term working capital expenditure, and another INR 195.3 million ($2.34 million) of investments in subsidiaries for debt repayment, in part or full. The remaining amount will be used for general corporate purposes.
According to the company’s DRHP, it claims to be India’s 4th largest solar EPC by FY2024 revenue. As of September 2024, its order book was worth INR 22.21 billion ($266.5 million), 99.48% of which represented ground-mounted solar PV projects.
In January 2025, it ventured into the neighboring Nepal under a joint venture (JV) with Golyan Power. The JV Prozeal Green Energy Nepal aims to install over 500 MW of solar energy capacity over the next 2 years.
The IPO route has become a favorite with Indian solar companies as the market is forecast to grow exponentially with a strong government focus on meeting its solar PV capacity target of 280 GW by 2030. These companies are now leveraging the favorable market conditions to expand. Being a publicly listed company also has its benefits as it gives them credibility with investors and the general public alike.
In recent times, there have been several other solar companies that have proposed IPOs. Rooftop solar PV company Fujiyama Power Systems plans to raise INR 7 billion to set up an integrated project to manufacture solar inverters, solar panels and lithium-ion batteries in Ratlam, Madhya Pradesh.
PMEA Solar had planned an IPO in September 2024 to raise INR 6 billion to manufacture fixed tilt and tube mill manufacturing factory in Mundra, Gujarat (see Indian Solar Mounting Products Manufacturer To Go Public).