PROZEAL Green Energy Secures SEBI Nod for INR 700 Crore IPO
PROZEAL Green Energy, a Gujarat-based solar EPC firm, has received Securities and Exchange Board of India’s (SEBI) nod to raise INR 700 crore through an initial public offering (IPO). It will comprise a fresh issue of INR 350 crore and offers for sale from promoters and investors aggregating up to INR 350 crore.
September 10, 2025. By Mrinmoy Dey
The IPO will consist of a fresh issue of equity shares with a face value of INR 2 each, aggregating up to INR 350 crore. This will also comprise an offer for sales (OFS) aggregating up to INR 168.5 crore each by Shobit Baijnath Rai and Manan Hitendrakumar Thakkar, the promoters of the company.
It will also have OFS component from investors, including up to INR 3 crore by AAR EM Ventures LLP, INR 2 crore by Bhaveshkumar Bachubhai Mehta, INR 6 crore by Jaya Chandrakant Gogri and INR 2 crore by Manoj Mulji Chheda.
The company proposes to utilise the net proceeds from the offer towards funding the long-term working capital expenditure of the company, investment in the subsidiary(ies) for repayment/pre-payment, in part or in full, of certain borrowings, and general corporate purposes.
Nuvama Wealth Management and SBI Capital Markets are the book-running lead managers to the issue.
Prozeal Green Energy is focused on delivering end-to-end renewable energy solutions, including engineering, procurement, and construction (EPC) of solar energy projects on a turnkey basis, with an emphasis on serving clients in the commercial and industrial (C&I) sectors.
While the company executes independent solar EPC projects for its clients, its major focus is on implementing projects based on the ‘Plug-and-Play’ solar park model. “Under this model, the company facilitates seamless project deployment from conceptualisation and land acquisition to commissioning and assists with obtaining the necessary approvals, including for evacuation lines from the solar power plant to the electricity grid. This process is complemented by its expertise in project design, execution capabilities, and procurement strategies,” the company said in a statement.
The company provides clients with customised solutions, including options for Capex or Opex models, land purchase or lease, and the selection of suitable technology. Since its inception in 2013 through September 30, 2024, Prozeal Green Energy has successfully executed 182 solar power projects with a total installed capacity of 783.98 MWp across 17 states in India and one overseas location (Nepal) for 125 clients, the company stated.
As of September 30, 2024, the company’s order book stood at INR 2,220.92 crore, of which INR 2,209.30 crore, or 99.48 percent, was for ground-mounted solar power projects.
The company’s revenue from operations has increased from INR 287.19 crore in FY 2022 to INR 948.88 crore in FY 2024, representing a CAGR of 81.77 percent. Revenue from operations for the half year ended September 30, 2024, was INR 468.54 crore.
The company's EBITDA grew from INR 11.54 crore in FY 2022 to INR 124.74 crore in FY 2024, reflecting a CAGR of 228.71 percent. EBITDA for the half year ended September 30, 2024, was INR 68.71 crore.
Additionally, profit for the year increased from INR 10.07 crore in FY22 to INR 92.24 crore in FY24, representing a CAGR of 202.64 percent. Profit for the period for the half year ended September 30, 2024, was INR 51.60 crore.
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