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Scrips, which has significant changes during the market hours.
NSE SME GP Eco Solutions India rallies on debut
24-Jun-24   12:02 Hrs IST

The scrip was listed at Rs 375, a premium of 298.94% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 393.75 and a low of Rs 375. About 14.86 lakh shares of the company changed hands at the counter.

GP Eco Solutions India (GPES Solar)'s IPO was subscribed 539.85 times. The issue opened for bidding on 14 June 2024 and it closed on 19 June 2024. The price band of the IPO was fixed at Rs 90 to 94 per share.

IPO comprised fresh issue of 32,76,000 equity shares. The promoter and promoter group shareholding diluted to 62.23% from 86.4% pre-IPO.

The company intends to utilise the net proceeds to meet working capital requirements of the company, investment in its subsidiary, Invergy India, in relation to purchase of plant & machineries and other miscellaneous assets and towards construction or civil works and for general corporate expenses.

Ahead of the IPO, GP Eco Solutions India on 13 June 2024, raised Rs 8.30 crore from anchor investors. The board allotted 8.83 lakh shares at Rs 94 per share to 5 anchor investor.

GP Eco Solutions India distributes a wide range of solar inverters and panels, acting as authorized distributors for Sungrow (Solar Inverters) and Saatvik Green Energy & LONGi Solar Technology (Solar Panels) in North India. They also have their own brand, Invergy, specializing in hybrid solar inverters, lithium ferro phosphate (LFP) batteries, and even OEM manufacturing for these products with their own quality protocols. The company currently employs 16 people.

The company recorded revenue from operations of Rs 78.40 crore and net profit of Rs 4.73 crore for the period as on 31 December 2023.

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