Prozeal Green Energy gets SEBI nod for ₹700 crore IPO
Prozeal Green Energy just got the green light from SEBI to launch its ₹700 crore IPO.
The offering includes ₹350 crore in fresh shares and another ₹350 crore as an offer for sale.
Shares will have a face value of ₹2 each.
The company's business model and project portfolio
Founded in 2013, Prozeal Green Energy builds solar parks and provides engineering, procurement, and construction (EPC) services mainly for commercial and industrial clients.
Their "Plug-and-Play" model covers everything from land acquisition to grid approvals, with flexible options for leasing or buying land.
By September 2024, they'd completed 182 projects across India and Nepal.
Impressive financials and order book
The company's revenue shot up from about ₹287 crore in FY22 to nearly ₹949 crore in FY24—an impressive 81% compound annual growth rate (CAGR).
EBITDA jumped too, reaching over ₹124 crore last year.
As of September 2024, their order book stood at a massive ₹2,220 crore, mostly for ground-mounted solar projects.
Funds raised will help with working capital, debt repayment, and other business needs.