GP Eco Solutions India
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 14 Jun 2024 – 19 Jun 2024
- Listing date
- 24 Jun 2024
- Face value
- ₹10 per share
- Issue price
- ₹94 per share
- Lot size
- 1,200 shares
- Total issue size
- ₹30.79 Cr
- Market cap at offer price
- ₹110 Cr
- Promoter holding
- 86.40% → 62.23% pre-issue → post-issue
- ISIN
- INE0S7E01015
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Corporate Capitalventures Pvt.Ltd.
- Registered office
- B-39, Sector-59, Gautam Buddha Nagar, Uttar Pradesh
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,83,200 | — | — |
| Market maker | 3,27,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹94
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,12,800 |
| S-HNI (min) | 2 | 2,400 | ₹2,25,600 |
| S-HNI (max) | 8 | 9,600 | ₹9,02,400 |
| B-HNI (min) | 9 | 10,800 | ₹10,15,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.38 | 5.39 |
| P/E (×) | 21.46 | 17.44 |
| Price to book (×) | 5.21 | — |
| Market cap | — | ₹110 Cr |
Key performance indicators
- Return on net worth
- 42.70%
- ROCE
- 26.51%
- Debt / equity
- 1.11
- PAT margin
- 8.15%
- NAV per share
- ₹18.03
- Price to book
- 5.21
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About GP Eco Solutions India
Incorporated on July 30, 2010 as GP Eco Solutions India Private Limited (converted to a public limited company with effect from November 17, 2023) and headquartered at B-39, Sector-59, Noida, Uttar Pradesh, GP Eco Solutions India Limited is a solar products distribution and solutions company. It is the authorized North India distributor of Sungrow for solar inverters (channel partner since September 2018) and of Saatvik Green Energy Private Limited and LONGi for solar panels, buying from these principals and reselling predominantly to business-to-business customers such as EPC players and re-sellers (approximately 99.9% of revenue is B2B, per management estimates). The company also delivers turnkey solar engineering, procurement and construction (EPC) projects — including at least 12 government projects totalling 543 KW for CREST, Chandigarh Administration — and bills operation & maintenance services yearly on plants it has built. Through its 99%-owned subsidiary Invergy India Private Limited (99% stake acquired on January 19, 2024), it markets its own 'Invergy' brand of hybrid solar inverters and lithium ferro phosphate (LFP) batteries sourced via OEM contract manufacturing from vendors in China and India, and intends to establish an in-house SKD-form assembly unit at Noida funded partly from the IPO proceeds. Per the restated financials, revenue from operations was ₹4,646.82 Lakhs in FY2021, ₹8,344.76 Lakhs in FY2022, ₹10,121.24 Lakhs in FY2023 and ₹7,840.37 Lakhs for the nine months ended December 31, 2023, with profit after tax of ₹369.82 Lakhs in FY2023 and ₹473.27 Lakhs for the nine months ended December 31, 2023.
Company Analysis
from RHPGP Eco Solutions India Limited is a Noida-headquartered distributor of solar inverters and solar panels (authorized for Sungrow, Saatvik and LONGi in North India) that also executes solar EPC projects, provides plant operation & maintenance services, and sells its own 'Invergy' brand of hybrid solar inverters and lithium ferro phosphate batteries — spanning solar equipment distribution, renewable-energy EPC and energy storage.
Incorporated on July 30, 2010 as GP Eco Solutions India Private Limited (converted to a public limited company with effect from November 17, 2023) and headquartered at B-39, Sector-59, Noida, Uttar Pradesh, GP Eco Solutions India Limited is a solar products distribution and solutions company. It is the authorized North India distributor of Sungrow for solar inverters (channel partner since September 2018) and of Saatvik Green Energy Private Limited and LONGi for solar panels, buying from these principals and reselling predominantly to business-to-business customers such as EPC players and re-sellers (approximately 99.9% of revenue is B2B, per management estimates). The company also delivers turnkey solar engineering, procurement and construction (EPC) projects — including at least 12 government projects totalling 543 KW for CREST, Chandigarh Administration — and bills operation & maintenance services yearly on plants it has built. Through its 99%-owned subsidiary Invergy India Private Limited (99% stake acquired on January 19, 2024), it markets its own 'Invergy' brand of hybrid solar inverters and lithium ferro phosphate (LFP) batteries sourced via OEM contract manufacturing from vendors in China and India, and intends to establish an in-house SKD-form assembly unit at Noida funded partly from the IPO proceeds. Per the restated financials, revenue from operations was ₹4,646.82 Lakhs in FY2021, ₹8,344.76 Lakhs in FY2022, ₹10,121.24 Lakhs in FY2023 and ₹7,840.37 Lakhs for the nine months ended December 31, 2023, with profit after tax of ₹369.82 Lakhs in FY2023 and ₹473.27 Lakhs for the nine months ended December 31, 2023.
Objects of the Issue
- To Meet Working Capital requirements of the Company 'GP Eco Solutions' ₹ 1,245.00 Lakhs p.73
- Investment in subsidiary Invergy India Private Limited ('IIPL') towards Purchase of Plant & Machineries and other Miscellaneous Assets and Construction / Civil Works for its assembly facility ₹ 760.00 Lakhs p.77
- General Corporate Expenses ₹ [●] (not exceeding 25% of the Gross Proceeds) p.80
Issue Structure
- Total Issue
- 32,76,000 Equity Shares aggregating to ₹ [●] Lakhs (constituting 27.97% of post-issue paid-up equity share capital)
- Fresh Issue
- 32,76,000 Equity Shares aggregating to ₹ [●] Lakhs (of which 3,27,600 Equity Shares reserved for Market Maker; Net Issue 29,48,400 Equity Shares constituting 25.18% of post-issue capital)
- Offer for Sale
- Nil
- Price Band
- ₹ 90 to ₹ 94 per Equity Share
- Lot Size
- Minimum of 1200 Equity Shares and in multiples of 1200 Equity Shares thereafter
- Face Value
- ₹ 10 per Equity Share
Business Model
The company earns revenue primarily as a distributor: it purchases on-grid solar inverters from Sungrow and solar panels from Saatvik and LONGi and resells them (through an exclusively offline sales model, largely on credit) to B2B customers — EPC contractors, re-sellers of solar panels and inverters, and a small number of end users — across North India. Secondary revenue streams are turnkey solar EPC project income and yearly-billed operation & maintenance service fees on plants it has constructed, plus sales of its own-brand Invergy hybrid inverters and LFP/'Encap' supercapacitor batteries, which it procures from contract manufacturers (OEMs) under its own quality protocol while managing its own supply chain. Warranties on distributed third-party brands remain with the partner manufacturers.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Deepak Pandey | Promoter / Managing Director | 38.24% | 27.55% |
| Anju Pandey | Promoter / Director | 42.68% | 30.74% |
| Astik Mani Tripathi | Promoter / Non-Executive Director | 4.27% | 3.07% |
Leadership
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