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Prozeal Green Energy Secures SEBI Nod for Rs700 Crore IPO

Prozeal Green Energy, a Gujarat-based solar EPC company, has received approval from SEBI to launch an IPO worth Rs700 crore. The offer includes a fresh issue of equity shares worth Rs350 crore and an offer for sale (OFS) of Rs350 crore by promoters and investors. The proceeds will be used for working capital needs, debt repayment, investment in subsidiaries, and general corporate purposes.

The IPO will be managed by Nuvama Wealth Management and SBI Capital Markets.

Founded in 2013, Prozeal specializes in end-to-end solar EPC solutions with a focus on C&I clients. It is well known for its ‘Plug-and-Play’ solar park model, handling every stage of project execution—from land acquisition and approvals to commissioning and grid connectivity.

As of September 30, 2024, the company had executed 182 solar projects with 784 MWp capacity across 17 Indian states and Nepal. Its order book stands at Rs2,220.92 crore, with over 99% comprising ground-mounted projects.

Prozeal has shown strong financial growth, with revenue rising from Rs287 crore in FY22 to Rs949 crore in FY24 (CAGR 82%). Profits surged from Rs10 crore to Rs92 crore over the same period, while EBITDA grew to Rs124.74 crore in FY24.