The SME IPO of GPES Solar opened for subscription and will close on June 19. The company aims to raise about Rs 31 crore through the SME IPO and list the shares on NSE SME platform. Here are 10 key things investors need to know about the public offer before subscribing to the issue.
The company is involved in the distribution of a wide range of solar inverters and solar panels. It is an authorized distributor of Sungrow India for solar inverters in North India, and also authorized distributors for Saatvik Green Energy Private and LONGi Solar Technology for solar panels in the northern region.
The solar inverter market size was valued at $7.7 billion in 2022 and is expected to reach $17.9 billion by 2030, at a CAGR of 8.8% from 2022 to 2030.
The IPO is entirely a fresh equity issue of 32.76 lakh shares and through the issue, the company aims to raise nearly Rs 31 crore. The company is offering its shares at Rs 90-94 apiece, and investors can bid for 1200 shares in 1 lot.
For the period ended December 2023, the company clocked revenues of Rs 78.58 crore and net profit of Rs 4.73 crore. The net proceeds from the public offer will be used to meet working capital requirements, investment in subsidiaries, and other general corporate purposes. Corporate Capital Ventures is acting as the lead manager to the issue and Bigshare Services is the registrar.
About 50% of the offer is reserved for QIB investors, 35% for retail investors and the rest 15% for non-institutional investors.The IPO opened on June 14 and will close on June 19. The final allotment will likely be made on June 20. The company's shares will likely get listed on June 24.
