Solar Energy Firm GP Eco Solutions Debuts On NSE SME With 304% Premium

New Delhi, Jun 25 (KNN) GP Eco Solutions India, a solar energy solutions provider, made a remarkable stock market debut on Monday, closing at a significant premium on the NSE SME platform.

The company's shares closed at Rs 393.75, marking a 303.94 per cent increase from the initial public offering (IPO) price of Rs 94.

The stock opened at Rs 375, already reflecting a substantial gain of 298.94 per cent from the issue price.

By the end of the trading day, GP Eco Solutions India's market capitalisation reached Rs 461.11 crore, with 15.30 lakh shares changing hands.

This strong market performance follows the company's recent IPO, which was oversubscribed by 856.37 times, largely driven by institutional investor interest.

The offering, priced between Rs 90-94 per share, raised Rs 30.79 crore through the issuance of 32.76 lakh fresh equity shares.

GP Eco Solutions India, headquartered in Noida, plans to utilize the IPO proceeds for various purposes.

The company intends to allocate Rs 12.45 crore for working capital requirements and invest Rs 7.6 crore in its subsidiary, Invergy India Pvt Ltd (IIPL), for procurement of plant and machinery and establishment of a new facility.

The remaining funds will be used for general corporate purposes.

Founded in 2010 by Deepak Pandey, the company specialises in the distribution of solar inverters and panels, while also providing EPC services for commercial and residential customers and operations and maintenance of solar plants.

This successful market debut underscores growing investor interest in the renewable energy sector, particularly in solar energy solutions providers.

(KNN Bureau)