SEBI Greenlights IPOs for Prozeal Green Energy and Neilsoft, Totaling ₹790 Crore
SEBI has approved IPOs for two companies: Prozeal Green Energy, a solar EPC firm, plans to raise ₹700 crore, while Neilsoft, an engineering services provider, aims for ₹90 crore. Prozeal's IPO includes ₹350 crore in fresh equity and ₹350 crore in offer for sale, with proceeds earmarked for debt repayment and working capital. Neilsoft's IPO comprises fresh equity issuance and an 80 lakh share offer for sale, with funds allocated for capital expenditure.
*this image is generated using AI for illustrative purposes only.
The Securities and Exchange Board of India (SEBI) has given its approval for two initial public offerings (IPOs) with a combined value exceeding ₹790 crore. The companies receiving the go-ahead are Prozeal Green Energy, a prominent player in the solar EPC sector, and Neilsoft, an engineering services provider backed by Tokyo-based Fujita Corporation.
Prozeal Green Energy's ₹700 Crore IPO
Prozeal Green Energy, recognized as the fourth largest solar EPC company in India, is set to raise ₹700 crore through its IPO. The offering structure includes:
- ₹350 crore through fresh equity shares
- ₹350 crore via an offer for sale by existing investors
The company plans to utilize the proceeds for:
- Debt repayment
- Working capital requirements
- General corporate purposes
Nuvama Wealth Management and SBI Capital Markets have been appointed as the lead managers for this IPO.
Company Profile
Prozeal Green Energy specializes in end-to-end renewable energy solutions. Since its inception in 2013, the company has:
- Executed 182 solar power projects
- Achieved a total capacity of 783.98 MWp
- Operated across 17 states in India and Nepal
- Served 125 clients
Prozeal Green Energy's order book stood at ₹2,220 crore, indicating a strong project pipeline.
Neilsoft's ₹90 Crore IPO
Neilsoft, a Pune-based engineering services provider, has received approval for its ₹90 crore IPO. The offering comprises:
- Fresh equity issuance
- An offer for sale of 80 lakh shares by existing investors
The company intends to use the IPO proceeds for:
- Capital expenditure
- General corporate purposes
Market Impact
The approval of these IPOs signifies continued investor interest in the renewable energy and engineering services sectors. Prozeal Green Energy's substantial order book and Neilsoft's backing by Fujita Corporation suggest strong fundamentals for both companies as they prepare to enter the public market.
Investors and market watchers will be keen to observe the reception of these IPOs, particularly given the current focus on sustainable energy solutions and the growing demand for specialized engineering services in India's evolving economic landscape.
18
