Prozeal Green Energy Initiates Rs 700 Crore IPO Journey

Prozeal Green Energy, a renewable energy firm, plans to raise Rs 700 crore through an IPO. The proceeds will fund working capital, investments, and debt repayment. The IPO includes fresh shares worth Rs 350 crore and an offer-for-sale by promoters and investors. Prozeal is a leading solar EPC provider.

Prozeal Green Energy, a prominent player in the renewable energy sector, has filed for an initial public offering (IPO) aiming to raise Rs 700 crore, according to recent draft papers submitted to capital markets regulator Sebi. The IPO is divided equally between a fresh issue of shares and an offer-for-sale by existing stakeholders.

The Ahmedabad-based company may consider a Rs 70 crore pre-IPO placement, potentially reducing the fresh issue size. The majority of proceeds, amounting to Rs 250 crore, will be allocated for long-term working capital needs, while Rs 19.53 crore is slated for investments in subsidiaries and debt repayment.

Recognized as the fourth-largest solar EPC company in India, Prozeal has executed over 180 solar projects since its inception, with significant projects in the ground-mounted segment. Its shares will be listed on the BSE and NSE, facilitating broader investment opportunities.

(With inputs from agencies.)