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Ganesh Green Bharat IPO Subscribed 229.92 Times On Day 3

The solar PV modules manufacturer aims to raise Rs 125.23 crore via IPO.

<div class="paragraphs"><p>(Source: ganeshgreen.com)</p></div>
(Source: ganeshgreen.com)

Ganesh Green Bharat Ltd.'s Initial Public Offering of up to 6,591,000 equity shares has been subscribed 229.92 times on Tuesday at 06:00 p.m., as per Chittorgarh. The solar PV modules manufacturer aims to raise Rs 125.23 crore via the IPO. The company also provides solar systems and related services, alongside electrical contracting, and water supply scheme projects.

Click here to check the step-by-step guide to verify Ganesh Green Bharat IPO allotment status, which will be finalised on July 10.

Ganesh Green Bharat IPO: Day 3 Subscription Status

The IPO has been subscribed 229.92 times as of 06:00 p.m. on Tuesday.

  • Anchor investors: 1 time

  • Non-institutional investors: 470.44 times

  • Retail investors: 176.88 times

  • Qualified Institutions: 154.50 times

IPO Details

The SME IPO, priced in the range of Rs 181-190 per share, aims to raise approximately Rs 125.23 crore through an offer-for-sale.

The issue, which closes on July 9, offers shares at a face value of Rs 10 each. Retail investors must apply for at least 600 shares, amounting to Rs 1.14 lakh at the upper price band.

Hem Securities Limited is the book-running lead manager for the IPO, while KFin Technologies Ltd. has been appointed registrar. The IPO's share allocation basis will be finalised on July 10, with refunds initiated the same day and shares credited to investors' demat accounts by July 11. The listing of Ganesh Green Bharat's shares on NSE Emerge is expected on July 12.

Company's Financials

In the financial year ending March 2024, Ganesh Green Bharat reported a consolidated revenue of Rs 170.17 crore, with a net profit after tax (PAT) of Rs 19.88 crore and EBITDA of Rs 34.62 crore. The company demonstrated a Return on Equity (ROE) of 46.42% and a Return on Capital Employed (ROCE) of 29.98%, reflecting robust financial health.

As per the red herring prospectus (RHP), Ganesh Green Bharat's peers are Solex Energy Ltd., Waaree Renewable Technologies, and Zodiac Energy Ltd. The company aims to offer competitive pricing and growth prospects in the renewable energy sector. The company's focus on expanding its solar PV manufacturing capacity and executing government-backed projects positions it well for future growth amid increasing adoption of renewable energy solutions

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