Ganesh Green Bharat IPO sails through first day of bidding; retail, NII portion sees huge demand. Check GMP

Ganesh Green Bharat IPO sails through first day of bidding; retail, NII portion sees huge demand. Check GMP /ganeshbansal

MINT | July 5, 2024 | 09:52 PM IST | Breaking News | Follow on Google News

Ganesh Green Bharat IPO sails through first day of bidding; retail, NII portion sees huge demand. Check GMP

Ganesh Green Bharat IPO sails through first day of bidding; retail, NII portion sees huge demand. Check GMP

Ganesh Green Bharat IPO: The initial public offering of Ganesh Green Bharat Ltd began subscriptions on Friday, July 5 and will close on Tuesday, July 9. The Ganesh Green Bharat IPO has a lot size of 600 shares. The Ganesh Green Bharat IPO price band has been fixed in the range of ₹181 to ₹190 per equity share, having a face value of ₹10.

35% of the net issue is allocated to retail investors, 15% to the non-institutional investor (NII) sector, and 50% of the net issue is allocated to QIB. With a minimum lot size of 600 shares for an application, retail investors must deposit a minimum of ₹1.14 lakh. High net-worth individuals (HNIs) are required to invest a minimum of ₹2.28 lakh at the highest price range, which equates to two lots, or 1200 shares, in the bidding process.

Also Read: Ganesh Green Bharat IPO to kick off for subscription on July 5; price band set at ₹181-190 apiece

Ganesh Green Bharat Ltd is involved in the production of solar photovoltaic modules, solar system and related services, electrical contracting, and water supply scheme projects. The solar PV facility has a total installed capacity of 236.73 MW, with an additional 163.27 MW planned for development. Solar photovoltaic (PV) modules with an installed capacity of 192.72 MW are also manufactured by the company’s affiliate Souraj Energy Private Ltd. The technology used in the production of solar PV modules includes monocrystalline, polycrystalline, and Topcon solar cells.

The company’s listed peers, according to the Red Herring Prospectus (RHP), include Zodiac Energy Ltd (P/E of 94.15), Waaree Renewable Technologies (P/E of 131.91), and Solex Energy Ltd (PE of 133.86).

Ganesh Green Bharat Limited reported consolidated sales of ₹170.17 crore in addition to its ₹19.88 crore PAT and ₹34.62 crore EBITDA. 29.98% ROCE and 46.42% ROE.

Ganesh Green Bharat IPO subscription status

Ganesh Green Bharat IPO subscription status is 12.48 times, on day 1, so far.

The retail portion was subscribed 18.40 times, and NII portion was booked 8.45 times. Qualified Institutional Buyers has been booked 5.79 times.

The company has received bids for 5,49,52,800 shares against 44,02,200 shares on offer, at 17:47 IST, according to data on chittorgarh.com.

Ganesh Green Bharat IPO details

The Ganesh Green Bharat IPO, worth ₹125.23 crore, is purely an offer-for-sale of up to 6,591,000 equity shares.

The issuance proceeds will be applied to working capital needs, capital expenditures for the installation of new machinery and equipment at the plant, general business objectives, and the repayment of some existing borrowings, either in full or in part.

Hem Securities Limited is the book running lead manager of the Ganesh Green Bharat IPO, while Kfin Technologies Ltd is the issue registrar.

Also Read: Nephro Care India shares list with 90% premium at ₹171 apiece on NSE SME

Ganesh Green Bharat IPO GMP today

Ganesh Green Bharat IPO grey market premium is +205. This indicates Ganesh Green Bharat share price were trading at a premium of ₹205 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, Ganesh Green Bharat IPO expected listing price was indicated at ₹395 apiece, which is 152.5% higher than the IPO price of ₹190.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

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