Ahmedabad-based Prozeal Green Energy has filed draft papers with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO) worth ₹700 crore. The offering comprises a fresh issue of equity shares amounting to ₹350 crore and an offer-for-sale (OFS) of ₹350 crore by the company’s promoters and investors.
Promoters Shobit Baijnath Rai and Manan Hitendrakumar Thakkar, along with investors including AAR EM Ventures LLP, Jaya Chandrakant Gogri, Bhaveshkumar Bachubhai Mehta, and Manoj Mulji Chheda, will divest their holdings under the OFS component.
The company may also explore a pre-IPO placement of up to ₹70 crore, which would reduce the fresh issue size accordingly. Net proceeds from the fresh issue will be utilized to meet long-term working capital needs (₹250 crore), invest in subsidiaries and repay debt (₹19.53 crore), and for general corporate purposes.
SBI Capital Markets and Nuvama Wealth Management are managing the IPO, while MUFG Intime India will act as the registrar.
Prozeal Green Energy, established in 2013, provides end-to-end renewable energy solutions and specializes in turnkey EPC services for solar energy projects. It primarily focuses on the “plug-and-play” solar park model. The company has delivered 182 solar projects with a cumulative installed capacity of 783.98 MWp.
