SEBI Greenlights IPOs for Neilsoft and Prozeal Green Energy
SEBI has approved IPOs for Neilsoft, an engineering services firm, and Prozeal Green Energy, a solar EPC company. Prozeal Green Energy aims to raise Rs 700 crore through a combination of fresh issue and offer for sale. Neilsoft's IPO includes a fresh issue of up to Rs 90 crore and an offer for sale of up to 8 million shares. Neilsoft reported a 12% YoY revenue growth to Rs 325.90 crore and a 24% increase in profit after tax to Rs 57.90 crore in FY2024.
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In a significant development for the Indian capital markets, the Securities and Exchange Board of India (SEBI) has granted approval for the Initial Public Offerings (IPOs) of two companies: Neilsoft, an engineering services firm, and Prozeal Green Energy, a solar EPC (Engineering, Procurement, and Construction) company. This move paves the way for both firms to raise capital through public offerings.
Prozeal Green Energy's IPO Details
Prozeal Green Energy, specializing in solar EPC services, is gearing up for a substantial IPO with plans to raise Rs 700.00 crore. The offering is structured as follows:
- Fresh Issue: Rs 350.00 crore
- Offer for Sale: Rs 350.00 crore (by promoters and investors)
The company intends to utilize the funds raised for:
- Working capital requirements
- Debt repayment at the subsidiary level
- General corporate purposes
Neilsoft's IPO Structure
Neilsoft, an engineering services company backed by Japan's Fujita Corporation, has also received the green light for its IPO. The offering comprises:
- Fresh Issue: Up to Rs 90.00 crore
- Offer for Sale: Up to 8 million shares by promoters and financial investors, including SIDBI and SICOM
Neilsoft plans to allocate Rs 63.50 crore from the fresh issue for capital expenditure and corporate purposes.
Neilsoft's Financial Performance
Neilsoft has demonstrated strong financial growth:
| Metric | FY2024 | YoY Growth |
|---|---|---|
| Revenue | 325.90 | 12% |
| Profit After Tax | 57.90 | 24% |
The company's robust financial performance, with a 12% increase in revenue and a 24% rise in profit after tax compared to the previous year, could potentially attract investor interest.
Market Impact
These IPO approvals come at a time when the Indian stock market is showing resilience and attracting both domestic and foreign investments. The diverse nature of these companies – one in the renewable energy sector and the other in engineering services – reflects the broad-based interest in the Indian economy.
As these companies prepare to list on the stock exchanges, investors will be keenly watching their performance and the response to their public offerings. The success of these IPOs could potentially encourage more companies to consider going public, further deepening the Indian capital markets.
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