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Prozeal Green Energy Files DRHP with SEBI to Raise INR 700 Crore via IPO

Prozeal Green Energy has filed its DRHP with SEBI to raise INR 700 crore through an Initial Public Offering (IPO). It includes a fresh issue of INR 350 crore and an offer-for-sale (OFS) component of INR 350 crore by promoters.

April 01, 2025. By Mrinmoy Dey

Gujarat-based Prozeal Green Energy, a renewable energy solutions provider, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise INR 700 crore through an initial public offering (IPO).

The IPO will include a fresh issue of equity shares worth INR 350 crore and an offer-for-sale (OFS) component of INR 350 crore by promoters, including Shobit Baijnath Rai, Manan Hitendrakumar Thakkar, and AAR EM Ventures LLP.

According to the DRHP, INR 250 crore from the IPO proceeds will be allocated to long-term working capital needs, while INR 19.53 crore will be used for debt repayment. The remaining funds will be utilised for general corporate purposes.

Nuvama Wealth Management Ltd. and SBI Capital Markets Ltd. are the book-running lead managers. MUFG Intime India Pvt. Ltd. will be the registrar for the issue.

Founded in 2013, Prozeal Green Energy specialises in advanced solar EPC technology and sustainability initiatives, serving clients like Bharat Petroleum, Torrent Power, Bosch, Indian Oil, SML Isuzu, and Ashok Leyland.

The company reported a net profit of INR 51.60 crore in Q2 FY25, INR 92.24 crore in FY24, and INR 21.52 crore in FY23. Its net worth stood at INR 143.84 crore as of September 2024. As per the DRHP, the company’s revenue from operations stood at INR 468.54 crore, as of September 2024.

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