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Renewable Player Prozeal Green Energy Gets SEBI Nod for Rs 700 Crore IPO
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PROZEAL Green Energy Limited gets SEBI approval for ₹7,000 million IPO, with strong growth in solar EPC projects, major clients, and robust financials for Fiscal 2024.
Solar EPC Firm Prozeal Green Energy Gets SEBI Go-Ahead for Rs 700 Crore IPO
PROZEAL Green Energy Limited gets market regulator Securities and Exchange Board of India approval to raise capital from the primary market via IPO.
Initial public offering of face value of ₹ 2 each (“equity shares”) of Prozeal Green Energy Limited (“our company” or the “issuer”) aggregating up to ₹ 7,000.00 million (the “offer”).
The offer comprises of a fresh issue of face value of ₹ 2 each aggregating up to ₹ 3,500.00 million (the “fresh issue”) and an offer for sale of up of face value of ₹ 2 each aggregating up to ₹ 3,500.00 million (the “offer for sale”), consisting up to ₹ 1,685.00 million by Shobit Baijnath Rai and up to ₹ 1,685.00 million by Manan Hitendrakumar Thakkar (the “promoter selling shareholders”), up to ₹ 30.00 million by AAR EM Ventures LLP, up to ₹ 20.00 million by Bhaveshkumar Bachubhai Mehta, up to ₹ 60.00 million by Jaya Chandrakant Gogri and up to ₹ 20.00 million by Manoj Mulji Chheda (the “investor selling shareholders”) (the promoter selling shareholders along with the investor selling shareholders, the “selling shareholders” and such equity shares, the “offered shares”).
The company proposes to utilize the Net Proceeds from the offer towards Funding the long-term working capital expenditure of the company, investment in the subsidiary(ies) for repayment/pre-payment, in part or full, of certain borrowings, and general corporate purposes.
Nuvama Wealth Management Limited, and SBI Capital Markets Limited are the Book Running Lead Managers to the issue.
Prozeal Green Energy is focused on delivering end-to-end renewable energy solutions, including engineering, procurement, and construction (EPC) of solar energy projects on a turnkey basis, with an emphasis on serving clients in the commercial and industrial sectors. While the company executes independent solar EPC projects for its clients, its major focus is on implementing projects based on the “Plug-and-Play” solar park model. Under this model, the company facilitates seamless project deployment from conceptualization and land acquisition to commissioning and assists with obtaining the necessary approvals, including for evacuation lines from the solar power plant to the electricity grid. This process is complemented by its expertise in project design, execution capabilities, and procurement strategies.
The company provides clients with customized solutions, including options for Capex or Opex models, land purchase or lease, and the selection of suitable technology. Since its inception in 2013 through September 30, 2024, Prozeal Green Energy has successfully executed 182 solar power projects with a total installed capacity of 783.98 MWp across 17 states in India and one overseas location (Nepal) for 125 clients.
Prozeal Green Energy’s EPC clients include prominent organizations such as Torrent Power Limited, AM Green Energy Pvt Ltd, GHCL Ltd, Alembic Pharmaceuticals Limited, Asahi Songwon Colors Limited, Mark Alloys Private Limited, Ajay Costspin Industries, Pashupati Costspin Limited, and ACG Associated Capsules Private Limited.
As of September 30, 2024, its order book, defined as the amount payable under EPC contracts minus the revenue already recognized from those contracts, stood at ₹22,209.22 million, of which ₹22,093.04 million, or 99.48%, was for ground-mounted solar power projects.
Prozeal Green Energy has demonstrated strong financial performance, with revenue from operations increasing from ₹2,871.85 million in Fiscal 2022 to ₹9,488.82 million in Fiscal 2024, representing a CAGR of 81.77%. Revenue from operations for the half year ended September 30, 2024, was ₹4,685.40 million.
The company’s EBITDA grew from ₹115.44 million in Fiscal 2022 to ₹1,247.36 million in Fiscal 2024, reflecting a CAGR of 228.71%. EBITDA for the half year ended September 30, 2024, was ₹687.13 million.
Additionally, profit for the year increased from ₹100.71 million in Fiscal 2022 to ₹922.44 million in Fiscal 2024, representing a CAGR of 202.64%. Profit for the period for the half year ended September 30, 2024, was ₹515.95 million.
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
September 09, 2025, 18:39 IST
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Prices of gold and silver witnessed a significant increase in both the global market and Pakistan’s local bullion market, reflecting continued volatility in precious metals.
According to market data, the price of one tola of gold surged by Rs15,200, reaching Rs479,262, while the rate for 10 grams of gold increased by Rs13,031 to settle at Rs410,889.
In the international market, gold prices also recorded a substantial rise, climbing by $152 to reach $4,565 per ounce, indicating strong global demand and investor interest in safe-haven assets.
Meanwhile, silver prices followed a similar upward trend, with one tola increasing by Rs370 to reach Rs7,824 in the local market.
Market analysts attribute the rise in prices to ongoing global economic uncertainties and increased demand for precious metals as a hedge against inflation and currency fluctuations.
The speed of price rises in the UK has stayed the same, according to data which was collected before the US-Israel war with Iran began.
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Buying continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 1,700 points during the opening minutes of trading on Wednesday. At 10 am, the benchmark index was at 155,730.37, up 1,764.37 points (1.13%).
Buying interest was observed in key sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs, power generation, and refinery. Index-heavy stocks, including ARL, HUBCO, PSO, MARI, OGDC, POL, PPL, HBL, MCB, and MEBL traded in the green.
On Tuesday, PSX ended with moderate gains as thin volumes and profit-taking capped the upward momentum despite supportive global cues and easing geopolitical concerns.
The KSE-100 Index closed at 153,966.36 points, gaining 1,225.99 points or 0.80%.
K-Electric led trading volumes with over 35 million shares exchanged, coinciding with the company’s announcement of a new chief executive earlier in the day.
Market heavyweights, including Engro Holdings, Fauji Fertiliser Company, Lucky Cement, Systems Limited, and Hub Power Company, contributed significantly to the index gains, while banking and select industrial stocks weighed on overall performance.
Despite the rebound, analysts noted that the market remained cautious after last week’s decline, which was driven by geopolitical uncertainty, particularly tensions in the Middle East, and concerns over global energy prices.
Experts suggest that future market direction will depend on regional stability, energy policy developments, and progress in ongoing discussions with the International Monetary Fund.
Globally, stocks rose, and oil fell on Wednesday on reports the US is seeking a month-long ceasefire in its war on Iran, and had sent a 15-point plan to Iran for discussion, raising hopes for a resumption of oil exports out of the Persian Gulf.
S&P 500 futures rose 0.9% in the Asian morning, European futures lifted 1.2%, and Brent crude futures fell about 6% to $98.30 a barrel.
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