GP Eco Solutions or GPES Solar shares made a rocking stock market debut on June 24 after listing at Rs 375, a staggering premium of over 298 percent over the issue price of Rs 94 on the NSE SME platform.
The listing gains topped grey market estimates by a comfortable margin where shares were trading with a premium of 192 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.
The Rs 30.79-crore public offer received substantial investor interest over its three-day subscription period after it was subscribed over 856 times. Non-institutional investors were at the forefront buying over 1,824 times the allotted quota. Retail investors purchased 793 times the portion reserved for them. QIBs or qualified institutional buyers bought 236 times the allotted quota.
Founded in 2010, it specializes in offering solar inverters and solar panels. The company provides comprehensive solar energy solutions through engineering, procurement, and construction (EPC) services for both commercial and residential customers. It also distributes hybrid solar inverters and lithium ferro-phosphate (LFP) batteries under its own Invergy brand.
The company plans to utilize the net fresh issue proceeds to meet its working capital requirements, and invest in its subsidiary Invergy India Private Limited (IIPL) for the purchase of plant and machinery. Additionally, a portion of the proceeds will be allocated toward general corporate expenses.
The issue is entirely a fresh issue of 32.76 lakh shares with a price band of Rs90-94.
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