Ganesh Green Bharat Limited's IPO Surges 90% on NSE SME Debut

New Delhi, Jul 12 (KNN) Ganesh Green Bharat Limited, an electrical contracting service company, made a strong debut on the National Stock Exchange's Small and Medium Enterprises (NSE SME) platform on July 12.

The company's shares opened at Rs 361, marking a 90 per cent premium over the initial public offering (IPO) price of Rs 190 per share.

The Rs 125-crore IPO, which consisted of a fresh issue of 65.91 lakh shares, saw robust investor interest during its three-day subscription period.

The offer was oversubscribed 229.92 times, with non-institutional buyers leading the demand at 470.44 times. Qualified institutions and retail investors also showed significant interest, with subscription rates of 154.50 and 176.88 times, respectively.

Despite the strong listing, the opening price fell short of grey market expectations, where shares were reportedly trading at a 123 per cent premium.

The grey market, an unofficial trading platform, often serves as an indicator of investor sentiment prior to official listing.

Ganesh Green Bharat Limited, established in 2016, specialises in providing services such as supply, installation, testing, and commissioning of solar and electrical goods for various government entities.

The company has completed projects under several government initiatives, including the Saubhagya Scheme, KUSUM Scheme, and Saur Sujla Yojna.

The company intends to utilise the net proceeds from the IPO for multiple purposes, including the repayment of certain outstanding borrowings, capital expenditure for additional plant and machinery installation at its factory, meeting working capital requirements, and general corporate purposes.

This successful listing underscores the growing investor interest in the renewable energy sector and government-backed infrastructure projects in India.

(KNN Bureau)