Prozeal Green Energy, one of India’s fastest-growing renewable energy EPC players, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) worth up to INR 700 crore. The offer comprises a fresh issue and an offer for sale (OFS) aggregating INR 350 crore each, with shares of face value INR 2 apiece.
The issue is being managed by Nuvama Wealth Management and SBI Capital Markets, with MUFG Intime India Private Limited acting as the registrar.
Prozeal Green IPO: Fresh Issue + OFS
- Fresh Issue: Up to INR 350 crore
- Offer for Sale: Up to INR 350 crore
- Shobit Baijnath Rai (Promoter): INR 168.5 crore
- Manan Hitendrakumar Thakkar (Promoter): INR 168.5 crore
- Other investors (AAR EM Ventures LLP, Jaya Chandrakant Gogri, etc.): INR 13 crore collectively
Utilization of Net Proceeds
The company plans to deploy the net proceeds as follows:
- Funding the long-term working capital requirements of the company – INR 250 Crore
- Investment in its subsidiary(ies) for repayment/ prepayment, in part or full of certain borrowings – INR 19.53 Crore
- Balance for general corporate purposes
Prozeal Green Energy: Business Overview
Established in 2013, Prozeal Green Energy has emerged as the fourth-largest solar EPC company in India by revenue from operations in Fiscal 2024, according to a Crisil Report. The company specializes in delivering end-to-end EPC solutions with a key focus on the “Plug-and-Play” solar park model for commercial and industrial clients.
Key highlights:
- 182 solar projects executed with a cumulative capacity of 783.98 MWp
- 57 O&M projects under management with 361.74 MWp capacity
- Presence across 17 Indian states and Nepal
- Foray into EV charging infrastructure and hybrid wind-solar parks
- Strong order book of INR 2,220.92 crore as of 30 September 2024
Proven Execution and Asset-Light Model
Prozeal Green operates on an asset-light Capex model, focusing on EPC services while clients invest in land and infrastructure. This approach lowers fixed costs, speeds up project execution, and enables scalable growth. It also contributes to strong financial metrics like high ROE (69.87% in FY24), low debt, and short project cycles ranging from 11 to 18 months. Its operations are supported by:
- In-house design and engineering teams using PVcase, AutoCAD, SketchUp
- Advanced procurement strategies to ensure material quality and reduce cost
Prozeal Green Energy: Financial Performance
| FY 2022 | FY 2023 | FY 2024 | H1 FY 2025 | |
| Revenue | 287.19 | 341.00 | 948.88 | 468.54 |
| Expenses | 276.76 | 312.14 | 836.02 | 404.54 |
| EBITDA | 11.54 | 32.49 | 124.74 | 68.71 |
| Net Income | 10.07 | 21.52 | 92.24 | 51.60 |
| Margin (%) | 3.47 | 6.30 | 9.67 | 10.85 |
| EBITDA (%) | 4.02 | 9.53 | 13.15 | 14.67 |
| ROCE (%) | 60.98 | 39.56 | 60.72 | 22.77 |
| Debt/Equity | (0.19) | 0.45 | 0.08 | 0.09 |
| Net Working Capital Days | 19 | 100 | 69 | 97 |
The company’s EBITDA surged 228.71% CAGR from FY22 to FY24, while PAT rose 202.64% CAGR. Its net debt-to-equity ratio stood at a healthy 0.09 as of September 2024, reflecting strong financial discipline.
Plug-and-Play Solar Parks Driving Growth
Prozeal’s standout plug-and-play model helps commercial and industrial clients quickly commission solar power plants without the burden of land acquisition or regulatory approvals. As of 30 September 2024, 214.25 MWp worth of solar power plants were built under this model.
Strong Order Book Across Segments
The following information pertains to the period ending on September 30, 2024:
- Total Order Book: INR 2,220.92 crore
- Ground-Mounted Projects: INR 2,209.31 crore (923.25 MWp)
- Rooftop Projects: INR 11.62 crore (5.83 MWp)
- Commercial & Industrial Clients: INR 1,041.86 crore
- Public Sector/Government Projects: INR 1,179.06 crore
Additionally, its associate firm, Prozeal Infra Renewable LLP, is executing a 190 MWp project worth INR 725.25 crore in Gujarat.
Conclusion: A High-Growth Clean Energy Play
With robust financials, a scalable business model, and a proven track record in executing large solar projects, Prozeal Green Energy’s INR 700 crore IPO is expected to draw strong investor interest. The proceeds will help the company further expand its footprint in India’s renewable energy sector and diversify into EV infrastructure and hybrid energy projects.
In the first two months of 2025, a total of 10 Mainboard IPOs were listed in the Indian markets. These IPOs cumulatively raised INR 15,983.05 crore. Out of these, 3 IPOs delivered negative returns. The average listing returns for the last two month stand at 17.53%. It is quite low compared to 29.15% for the IPOs listed in November and December 2024. For more details related to IPO GMP, and Live Subscription, stay tuned to IPO Central.