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Indian solar EPC company Prozeal Green Energy plans to raise INR7bn ($82mn) through an initial public offering (IPO), Businessworld reported. The company has lodged its draft red herring prospectus (DRHP) with the Indian financial market regulator, the Securities and Exchange Board of India (Sebi).
The IPO comprises a mix of fresh issues and an offer-for-sale (OFS) segment through a book-built public offering. Prozeal aims to raise INR3.5bn through a new issuance of equity shares, each with a face value of INR2. The total number of shares on offer has not yet been disclosed in the draft documents, Businessworld said.
Founded in 2013, the company serves clients including Bharat Petroleum, Torrent Power, Bosch, Indian Oil, SML Isuzu, and Ashok Leyland.
According to the DRHP, Prozeal plans to allocate INR2.5bn from the IPO proceeds to support its long-term working capital needs. Additionally, INR0.19bn will be used to repay or prepay, either partially or fully, certain borrowings in one of its subsidiaries.
India’s solar power sector is witnessing a major boom. The Government of India’s domestic rooftop solar initiative, PM Surya Ghar: Muft Bijli Yojana (PMSGMBY), has achieved a milestone by completing 1.09mn installations across the country as of March 10, the government said in a recent press release.
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