IPO Bound-GP Eco Solutions Files Papers For NSE Emerge

Noida-based Solar Solutions and storage firm GP Eco Solutions is on the IPO Trail, having filed preliminary papers for a listing at NSE Emerge.  NSE Emerge is a platform from the NSE that has been created for small and medium enterprises to seek a wider pool of investors, without an IPO if need be.

The Deepak Pandey promoted GP Eco Solutions plans to take the initial public offering (IPO) route. The IPO is  planned to be a completely fresh issuance of 32.76 lakh equity shares. Of the IPO proceeds, the company will use Rs 12.45 crore to meet working capital requirements and Rs 7.6 crore to invest in its subsidiary Invergy India Private Limited (IIPL), procure plant and machinery as well as for setting up a new facility. GP Eco Solutions posted a revenue of Rs 78.40 crore and earned a profit (PAT) of Rs 4.73 crore during April-December period of 2023-24, with Rs 100 crore beckoning for the full year, if we consider the possibilities in the final quarter, usually a strong one for solar driven firms.

The company has been pushing to create its own inverter and storage brand under the Invergy umbrella, and now plans a solar inverter assembling in Noida, Uttar Pradesh. Commercial production of the plant is expected to begin in the third quarter of 2024-25. The firm has been an early seller of Lithium Ferro Phosphate batteries(LFP) for stationary storage along with renewable energy or otherwise.

GP Eco Solutions India itself has been a well known distributor of solar inverters and solar panels for leading global brands in India, with a strong presence in North India in particular. The firm has also been offering EPC services to commercial and residential customers besides Operations and Maintenance (O&M) of solar plants.