GRE Renew Enertech Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹105
Per ShareLot Size
1200 Shares
Minimum Investment
₹1,26,000
Issue Size
₹39.56 Cr
Face Value
₹10
Per ShareIPO Type
Book Building - SME
Retail Quota
35.23%
QIB Quota
49.67%
NII Quota
15.1%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
GRE Renew Enertech Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
95.05%
Promoter Holding (Post-Issue)
69.99%
Issue Type
Book Building - SME
ISIN
INE0U8P01015
About the Company
GRE Renew Enertech Limited is a company that specializes in providing solar energy solutions to industrial and commercial customers. We offer green energy solutions by installing on-site solar projects. Our business operations are primarily divided into two segments: Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO). Under the CAPEX model, we offer Engineering, Procurement, construction, and operation of solar projects. In this model, customer invest in the Capital Expenditure at their own and our Company does Engineering, Procurement, Construction, and Operation on behalf of the client. Under the RESCO model, agreement is entered into with roof-top owners. The rooftop owners may consume the electricity generated, for which they have to pay a pre-decided tariff to us as RESCO developer for the tenure of the agreement. In this model the assets (solar panels and installations) belong to Our Company. Under RESCO model, we may also develop ground mount project, in which case land for the project is owned by our Company, either on freehold or leasehold, as developer of the RESCO Project. Our Company in the past has not developed any major ground-mount project under RESCO model. However, under the RESCO Model, we have been planning to implement a 7.20 MW (AC) / 9.99 MW (DC) ground mounted solar power project.
Industry Overview
India's energy demand is expected to increase more than that of any other country in the coming decades due to its sheer size and enormous potential for growth and development. Therefore, most of this new energy demand must be met by low-carbon, renewable sources. India's announcement India that it intends to achieve net zero carbon emissions by 2070 and to meet 50% of its electricity needs from renewable sources by 2030 marks a historic point in the global effort to combat climate change. India was ranked fourth in wind power capacity and solar power capacity, and fourth in renewable energy installed capacity, as of 2023. Installed renewable power generation capacity has increased at a fast pace over the past few years, posting a CAGR of 15.4% between FY16 and FY23. India has 125.15 GW of renewable energy capacity in FY23. India is the market with the fastest growth in renewable electricity, and by 2026, new capacity additions are expected to double. With the increased support of the Government and improved economics, the sector has become attractive from an investor's perspective. As India looks to meet its energy demand on its own, which is expected to reach 15,820 TWh by 2040, renewable energy is set to play an important role.
Company History
Our Company was originally carrying on co-partnership business in name and style of "G.R.E. Electronics" in the terms and conditions contained in the Partnership Deed dated April 1, 1999. Further various amendment made in the aforesaid partnership deed dated April 1, 2005, April 1, 2007, February 5, 2008. Thereafter deed of Co-Partnery was entered on April 24, 2008, between all the partners of GRE Electronics, where all the parties hereto for the sake of smooth working and better and effective management and improvement and advancement of business, have agreed to register the said Joint Stock Company under Part IX of the Companies Act, 1956 as a Private Limited Company with the Name "GRE Electronics Private Limited". Accordingly, the partnership firm was converted into Private Limited Company in the name and style of "GRE Electronics Private Limited on October 24, 2008 pursuant to Part IX of the Companies Act, 1956 vide certificate of incorporation issued by Registrar of Companies, Gujarat, Dadra and Nagar Havelli. Further the name of the Company was changed from "GRE Electronics Private Limited" to "GRE Renew Enertech Private Limited" pursuant to special resolution passed by the shareholders at the Extra Ordinary General Meeting of the Company held on Thursday 1st June 2023 consequently to name change a fresh Certificate of Incorporation was granted to our Company on 6th July 2023 by the Registrar of Companies, Ahmedabad. Subsequently our Company was converted into a Public Company vide special resolution passed by the Shareholders at the Extra Ordinary General Meeting held on 28th May 2024, and consequently, the name of our Company was changed from "GRE Renew Enertech Private Limited" to "GRE Renew Enertech Limited" and a Fresh Certificate of Incorporation dated July 24, 2024 issued by the Registrar of Companies, Ahmedabad.
Growth Strategy
- Enhance customer base by entering new geographies.
- Leveraging our Market Skills and Relationships.
- Focus on Quality.
- To build up a Professional Organization.
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public issue of up to 37,68,000 equity shares of face value of Rs. 10/- each of GRE Renew Enertech Limited ("GRE or the company or the "Issuer") for cash at a price of Rs.105 per equity share including a share premium of Rs.95 per equity share (the "Issue Price") aggregating to Rs.39.56 crores ("The Offer"), comprising a fresh issue of up to 37,68,000 equity shares aggregating up to Rs. 39.56 crores by the company ("Fresh Issue") out of which, 1,92,000 equity shares aggregating to Rs. 2.02 crores will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion"). The offer less the market maker reservation portion i.e., net offer of up to 35,76,000 equity shares of face value of Rs. 10/- each at a price of Rs. 105 per equity share including a share premium of Rs. 95 per equity share aggregating to Rs. 37.55 crores is herein after referred to as the "Net Offer". The offer and the net offer will constitute 26.37% and 25.02%, respectively, of the post issue paid up equity share capital of the company. Price Band: Rs.105 per equity share of face value Rs. 10/- each. The floor price is 10.5 times of the face value of the equity shares. Bids can be made for a minimum of 2400 equity shares and in multiples of 1200 equity shares thereafter.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Comprehensive end-to-end EPC solutions provider with a global execution track record.
- Strong relationship with customers and other key stakeholders.
- Well-equipped with advance technology.
- Experienced Promoters and Technically Sound Operation Team.
- Track record of growth and profitability.
- The company may be unable to accurately estimate costs under fixed-price EPC contracts, fails to maintain the quality and performance guarantees under its EPC contracts, The company may experience delays in completing the construction of solar power projects, which may increase its construction costs and working capital requirements and thus may have a material adverse effect on the company financial condition, cash flow and results of operations.
- The company operates in a competitive industry and as such its may not be successful in bidding for and winning bids for solar power projects to grow the company business at national level, which may have a material adverse effect its business, financial condition, results of operations and prospects.
- The company has projects mainly concentrated in one state - Gujarat. Any geographical disturbance in Gujarat can heavily adversely affect its business.
- The company business operations relies on consistent solar weather conditions and unfavourable solar weather conditions could have a material adverse effect on its business, financial condition and results of operations.
- The company, inter-alia, bid for projects funded by the Central and State Governments and derives its revenues from the work orders awarded to the company. Any reduction in budgetary allocation to its industry sector may affect the number of projects that the government authorities/bodies may plan to develop in a particular period.