GP ECO SOLUTIONS INDIA IPO Review - Issue Date, Price, GMP, Allotment, Lot Size, and Details

GP ECO SOLUTIONS INDIA LIMITED specializes in delivering "Cutting-edge, High-Quality Solar Energy Products” directly to consumers via a network of Solar System Integrators, Channel Partners, and Installers.

GPES Solar IPO, a Book Built issue amounting to  ₹ 30.79 crores, consisting entirely of a fresh issue of 32.76 lakh shares. The subscription period for the GPES Solar IPO opens on June 14, 2024, and closes on June 19, 2024. The allotment is expected to be finalized on or about Thursday 20th June, 2024, and the shares will be listed on the NSE SME with a tentative listing date set on or about Monday, 24 th June, 2024.

The price band of GPES Solar IPO is set at ₹90 to ₹94 per share, with a minimum lot size of 1200 shares. Retail investors are required to invest a minimum of ₹112,800, while the minimum investment for High-Net-Worth Individuals (HNIs) is 2 lots (2400 shares), amounting to ₹225,600.

CORPORATE CAPITALVENTURES PRIVATE LIMITED is the book-running lead manager, BIGSHARE SERVICES PRIVATE LIMITED is the registrar. S S Corporate Securities Limited is also the market maker for the GP Eco Solutions IPO.

Grey Market Premium (GMP) of GP Eco Solutions India Limited

The Grey Market Premium of GP Eco Solution IPO is expected in the range of Rs 140 - Rs. 150 based on the financial performance and subscription status of the company. As of 05:50 PM on 18 June 2024, the GP Eco Solution IPO subscription status shows that the IPO oversubcribed 228 times on NSE. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

Objectives of GP Eco Solutions India Limited

GPES intends to utilize the Net Fresh Issue Proceeds for the following Objects:
1) To Meet Working Capital requirements of the Company “GP Eco Solutions”
2) Investment in our subsidiary, Invergy India Private Limited (“IIPL”) in relation to Purchase of Plant & Machineries and other Miscellaneous Assets and also towards Construction / Civil Works for its facility
3) General Corporate Expenses. 

Refer to GP Eco Solutions India Limited RHP for more details about the Company.

GP ECO SOLUTIONS INDIA IPO Details

IPO Date June 14, 2024 to June 19, 2024
Listing Date June 24, 2024
Face Value ₹10
Price ₹90 to ₹94 per share
Lot Size 1200 Shares
Total Issue Size 32,76,000 Equity Shares (aggregating to ₹30.79 Cr)
Fresh Issue 32,76,000 Equity Shares (aggregating to ₹30.79 Cr)
Offer for Sale Nil
Issue Type Book Built Issue IPO
Listing At NSE SME
Share holding pre issue 84,34,800
Share holding post issue 11,710,800

GP ECO SOLUTIONS INDIA IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 1200 ₹112,800
Retail (Max) 1 1200 ₹112,800
HNI (Min) 2 2400 ₹225,600

GP ECO SOLUTIONS INDIA IPO Timeline (Tentative Schedule)

IPO Open Date Friday, 14th June, 2024
IPO Close Date Wednesday, 19 th June, 2024
Basis of Allotment Thursday 20th June, 2024
Initiation of Refunds Thursday, 20th June, 2024
Credit of Shares to Demat Friday, 21 st June, 2024
Listing Date Monday, 24 th June, 2024
Cut-off time for UPI mandate confirmation 5 PM on June 19, 2024

GP ECO SOLUTIONS INDIA IPO Reservation

Investor Category Shares Offered Reservation %
Market Maker Portion 3,27,600 Not Less than 11% of the Net Issue
Anchor Portion 8,83,200 Not More than 30% of the Net Issue
QIB Portion 14,72,400 Not More than 50% of the Net Issue
Retail Portion 10,32,000 Not Less than 35% of the Net Issue
Non-Institutional Portion 4,44,000 Not Less than 15% of the Net Issue

GP ECO SOLUTIONS INDIA IPO Promoter Holding

Share Holding Pre Issue 86.4%
Share Holding Post Issue 62.23%

About GP ECO SOLUTIONS INDIA Limited

GP ECO SOLUTIONS INDIA LIMITED (GPES Solar) is involved in the distribution of a wide range of solar inverters and solar panels. The company is an authorized distributor of Sungrow India Pvt Ltd or “Sungrow” for Solar Inverters in North India, and they are also authorized distributors for Saatvik Green Energy Private Limited or “Saatvik” and LONGi Solar Technology Co. Ltd or “LONGi” for solar panels in North India. Additionally, they serve as an integrated solar energy solutions provider, delivering comprehensive engineering, procurement, and construction ("EPC") services to their commercial and residential customer. 

GPES Solar also has its own brand called "Invergy". Under the Invergy brand, they sell hybrid solar inverters and lithium ferro phosphate (LFP) batteries. Invergy deals in OEM manufacturing for hybrid and LFP products.

The Company have happily served their 750+ Mega Watts supply to more than 2000 of their clients and with this they aim to develop an eco-friendly and sustainable work culture in industries and commercial projects to make the world cleaner and greener. 

The Products sold by the company GPES Solar are as follows : 
i. Solar Panels
ii. Solar Inverters
iii. Storage Solution

GPES Solar have thir expertise in :
 Rooftop On-Grid Solar Power Plants - They can experience the epitome of solar technology with On-Grid Solar Roof System, widely acclaimed in the market. This Solar-Powered Generation System (SPGS) seamlessly integrates solar photovoltaic prowess with the grid. 
 Rooftop Hybrid Solar Power Plants - A hybrid solar system seamlessly blends the strengths of both grid-tied and off-grid systems. This dynamic solution not only connects with the utility grid but also harnesses the ability to store energy in a dedicated battery bank.
▪ Sustainability Commitment - They embrace a sustainability-driven ethos, shaping not just how they work but ensuring their enduring success as a premier global force in integrated energy and chemicals.

INDIA SOLAR POWER INDUSTRY

The Solar Inverter Market size was valued at USD 7.7 billion in 2022 and is expected to reach USD 17.9 billion by 2030, at a CAGR of 8.8% from 2022 to 2030.

The Solar Inverter is an important device in the solar system, which converts the direct current flowing out of the solar panel into an alternating current. In addition to conversion, solar inverters track voltage, allow grid-tie communication, and shut down in emergency situations. Compared with off-grid inverters, grid-connected solar inverters generate pure sine wave AC power; therefore, increasing the use of grid-connected solar inverters can ensure the safety and efficiency of home appliances. Most commonly used in residential and utility applications, solar inverters are increasingly used in commercial and industrial projects around the world. Key Company of the solar inverter market in India is Hitachi Hi-Rel Power Electronics Pvt. Ltd.

The India - solar power market size is estimated to grow at a CAGR of 34.24% between 2022 and 2027. The market size is forecast to increase by USD 273.82 billion. The report includes historic market data from 2017 to 2021. The market is witnessing a growing demand for increasing investments in renewable energy, favourable government regulations, and the increased adoption of microgrids.

Solar Power Market in India Overview:
• The market segmentation by Application is categorized as (grid-connected and off-grid)
• The market segmentation by End-user categorized as (utility and rooftop)
• Grid-connected segment is fastest-growing segment during the forecast year
The grid-connected segment was the largest segment and valued at USD 22.98 billion in 2017
• APAC is most dominating region during the forecast period
• It also includes an in-depth analysis of drivers (factors influencing market growth), trends (emerging patterns or shifts in consumer behavior), and challenges (barriers or obstacles faced by the industry)

GP ECO SOLUTIONS INDIA LIMITED STRENGTHS & STRATEGIES

1. Experienced Promoter and management team with strong industry expertise and successful track record
2. Quality Assurance and Standards
3. Strong and long-standing customer relationships
4. Further explore initiatives to strengthen control over our supply chain
5. Increase geographical presence

GP ECO SOLUTIONS INDIA LIMITED RISK FACTORS & CONCERNS

1. Company's top ten clients contribute approximately 33.20%, 57.01%, and 51.76% of their revenues from operations for the year ended March 31, 2023, March 31, 2022 and March 31, 2021 respectively.
2. A significant portion of their revenue is derived from Rajasthan, Haryana, Uttar Pradesh, and Delhi.
3. They are entering into a new line of business involving assembly of Solar Hybrid Inverters through their Subsidiary, Invergy India Private Limited (“IIPL”), but the company has no prior experience in this field.
4. Their subsidiary company “IIPL” has limited Source of origin of goods for procurement of hybrid solar inverters and lithium ferro phosphate batteries.
5. GPES' success depends on stable and reliable logistics and transportation.

GP ECO SOLUTIONS INDIA Limited Financial Information (Restated Consolidated)

Amount in (₹ in Lakhs)

Period Ended Dec 31, 2023 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021
Reserve of Surplus 578.08 804.81 434.98 157.81
Total Assets 4728.75 4715.19 1904.89 1429.81
Total Borrowings 1,544.79 1,316.52 517.55 351.37
Fixed Assets 422.21 224.26 199.89 162.47
Cash 11.55 5.93 11.36 52.48
Net Borrowing 1,533.24 1,310.59 506.19 298.89
Revenue 7840.37 10121.24 8344.76 4646.82
EBITDA 802.89 668.96 464.21 180.52
PAT 473.27 369.82 277.17 96.94
EPS 6.57 5.14 3.85 1.35

Note 1:- ROCE, ROE calculation is based on 31st Dec, 2023 Data, given in RHP.
Note 2:- Pre EPS is based on 31st Mar, 2023 Data, given in RHP.
Note 3:- RoNW is calculated as weighted Average based on 31st Dec, 2024 Data, given in RHP.

Key Performance Indicator

KPI Values
EPS Pre IPO (Rs.) ₹5.14
EPS Post IPO (Rs.) ₹4.04
P/E Pre IPO 18.29
P/E Post IPO 23.26
ROE 44.59%
ROCE 26.51%
P/BV 2.20
Debt/Equity 1.11
RoNW 42.70%

GP ECO SOLUTIONS INDIA Limited IPO Peer Comparison

Company Name EPS ROCE ROE P/E (x) P/Bv Debt/Equity RoNW (%)
GP Eco Solutions India Limited ₹4.04 26.51% 44.59% 23.26 2.20 1.11 42.70%
Sungarner Energies Ltd ₹4.49 25.9% 32.4% 95.4 10.4 0.60 25.9%
GP ECO SOLUTIONS INDIA Limited Contact Details

GP ECO SOLUTIONS INDIA LIMITED

B-39, Sector-59, Gautam Buddha Nagar, Noida, Uttar Pradesh, India, 201301
Contact Person : Mrs. Tanushree (Company Secretary & Compliance Officer)
Tele No. : +91 - 8960095217
Email ID : cs@gpecosolutions.com
Websitehttps://www.gpecosolutions.com/

GP ECO SOLUTIONS INDIA IPO Registrar and Lead Manager(s)

Lead Manager : CORPORATE CAPITALVENTURES PRIVATE LIMITED
Tele No. : +91 11 - 41824066
Email ID : smeipo@ccvindia.com
Websitehttps://www.ccvindia.com/

Registrar : BIGSHARE SERVICES PRIVATE LIMITED
Tele No. : +91 – 22 – 6263 8200
Email ID : : ipo@bigshareonline.com
Websitehttps://www.bigshareonline.com/

GP ECO SOLUTIONS INDIA IPO Review

GP ECO SOLUTIONS INDIA LIMITED (GPES SOLAR) is empowering India's sustainable evolution, GPES Solar stands tall in the organized distribution arena. The company is armed with an expansive distribution network, with a mission to flood the Indian market with solar innovations from the world's elite brands.

GPES Solar is promoted by Mr. Deepak Pandey, Mrs. Anju Pandey and Mr. Astik Mani Tripathi, they have a experience of more than 13 to 15 years in the field of solar industry and renewable energy sector.

Financially, GPES Solar revenue increased from ₹ 4646.82 Lakhs in FY21 to ₹ 8344.76 in FY22 further going to ₹ 10121.24 Lakhs in FY23 and currently at ₹ 7840.37 Lakhs for the 9MFY24. Similarly, EBITDA rose from ₹ 180.52 Lakhs in FY21 to ₹ 464.21 Lakhs in FY22 and further to ₹ 668.96 Lakhs in FY23 and then currently at ₹ 802.89 Lakhs for the 9MFY24. This indicates steady growth in financial performance. 

For the GPES Solar IPO, GPES Solar is issuing shares at a pre-issue EPS of ₹ 5.14 and a post-issue EPS of ₹ 4.04. The pre-issue P/E ratio is 18.28, while the post-issue P/E ratio is 23.26 against the industry P/E ratio of 52.50. The company's ROCE for 9MFY24 is 26.51%, and ROE for 9MFY24 is 44.59%. These metrics suggest that the IPO is somewhat fairely priced.

The Grey Market Premium (GMP) indicates potential listing gains of 150%-160%. Given the company's steady financial performance and the valuation of the IPO, we recommend Investors to apply in the IPO for listing gains and long term Investment purposes.

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