GP Eco Solutions Soars on NSE Debut with 304% Premium

GP Eco Solutions India enjoyed a remarkable stock market debut, closing at a 304% premium over its IPO price of Rs 94. The company's IPO was subscribed 856.37 times, driven primarily by institutional investors. Proceeds will be used for working capital, subsidiary investments, and corporate purposes.

GP Eco Solutions India made a remarkable debut on the NSE SME platform on Monday, closing at an extraordinary 304% premium over its issue price of Rs 94.

The stock opened at Rs 375, marking gains of 298.94% from the issue price, and later closed at Rs 393.75, representing a 303.94% increase. The company's market cap reached Rs 461.11 crore.

The IPO, which aimed to raise Rs 30.79 crore, saw an overwhelming subscription rate of 856.37 times, largely driven by institutional investors.

Proceeds from the IPO will be allocated towards meeting working capital needs, investing Rs 7.6 crore into its subsidiary Invergy India Pvt Ltd for new plant and machinery, and general corporate purposes. Founded in 2010 by Deepak Pandey, the Noida-based firm specializes in solar inverters, panels, and comprehensive EPC services.