Ahmedabad-based renewable energy solutions provider Prozeal Green Energy has filed draft papers with India’s capital markets regulator for a Rs 700-crore initial public offering (IPO). The proposed issue includes a fresh equity infusion of Rs 350 crore and an offer-for-sale (OFS) of Rs 350 crore by promoters and early investors. The company, recognized as India’s fourth-largest solar EPC player by revenue, aims to deploy the raised capital toward working capital, subsidiary investments, debt reduction, and broader strategic growth. With a robust order book and an expanding portfolio of turnkey solar projects, Prozeal is seeking to energize its next growth phase through public capital markets.

IPO Structure: Balanced Between Growth Capital and Stakeholder Exit

The total size of the offering is pegged at Rs 700 crore, split equally between two components:

Fresh issue of Rs 350 crore, intended to bolster long-term business operations

Offer for sale (OFS) of Rs 350 crore, providing a partial exit opportunity for promoters and early backers

The OFS includes shares offloaded by a group of individuals and investment entities including Shobit Baijnath Rai, Manan Hitendrakumar Thakkar, AAR EM Ventures LLP, and others. Additionally, the company may raise up to Rs 70 crore in a pre-IPO placement, which, if executed, will reduce the size of the fresh issue accordingly.

Use of Proceeds: Capital for Strategic Flexibility

According to the draft red herring prospectus (DRHP), Rs 250 crore from the fresh issue will be allocated toward working capital requirements, while Rs 19.53 crore will be used for investments in subsidiaries and debt repayment. The remainder will serve general corporate purposes, giving the company room for maneuver as it scales up in an increasingly competitive renewable energy market.

This deployment strategy underscores Prozeal’s intent to remain agile—reducing leverage while simultaneously strengthening its core operations and project delivery bandwidth.

Market Position: Fourth-Largest Solar EPC Player in India

As per credit rating agency Crisil, Prozeal Green Energy is currently the fourth-largest solar EPC (Engineering, Procurement, and Construction) company in India, based on FY24 operational revenue. Since its inception in 2013, the company has carved a niche by offering turnkey, plug-and-play solar park solutions, executing complex projects across industrial and commercial domains.

Prozeal’s model prioritizes end-to-end integration, from land procurement and engineering to commissioning and grid connection, helping clients transition to clean energy with minimal friction.

Execution Footprint: 182 Projects and Nearly 784 MWp Installed

To date, Prozeal has successfully commissioned 182 solar power projects, with a cumulative installed capacity of 783.98 megawatt peak (MWp). The firm has demonstrated consistency in on-ground delivery and scale-up across multiple geographies, earning a reputation for speed, cost-efficiency, and execution reliability.

These projects span both private sector clients and institutional partners, reflecting the company's operational diversity and strong stakeholder trust.

Order Book: Rs 2,220.92 Crore and Counting

As of September 30, 2024, Prozeal’s order book stood at Rs 2,220.92 crore, with 99.48% of it concentrated in ground-mounted solar projects. This segment has become a key growth engine for India’s solar infrastructure buildout and remains the dominant format in utility-scale clean energy deployment.

The size and composition of the order book reflect both sector tailwinds and Prozeal’s operational momentum, positioning it for sustained top-line visibility over the next two to three fiscal cycles.

Client Portfolio: An Expanding Network of Blue-Chip Partnerships

Prozeal’s clientele includes a host of well-known names across industries:

Torrent Power

Alembic Pharmaceuticals

AM Green Energy

Asahi Songwon Colors

ACG Associated Capsules

Pashupati Cotspin

This roster signifies a clear preference among institutional energy buyers for reliable, bankable EPC partners, particularly in navigating the technical and regulatory complexities of large-scale solar infrastructure.

IPO Advisors and Listing Plans

The IPO is being managed by:

SBI Capital Markets

Nuvama Wealth Management (formerly Edelweiss Securities)

MUFG Intime India will serve as the registrar for the offering. The shares are proposed to be listed on both the BSE and National Stock Exchange (NSE).

The involvement of top-tier merchant bankers and a dual listing strategy reflects the company’s ambition to access broad institutional capital and improve post-listing liquidity.

Renewable Energy Sector Outlook: A Sunrise Opportunity

India’s renewable energy ambitions are among the most aggressive globally, with a target to achieve 500 GW of non-fossil fuel capacity by 2030. Solar energy, especially utility-scale and ground-mounted formats, will comprise the bulk of this push.

Companies like Prozeal, with a strong EPC legacy, are poised to benefit from:

Government incentives under PLI (Production Linked Incentive) schemes

Increasing corporate demand for green energy transition

Capital markets’ growing appetite for clean tech listings

With ESG investing gaining traction, solar-focused infrastructure providers are likely to attract sustained investor interest in the medium term.

Bottomline: Prozeal Green Energy Poised for the Next Growth Orbit

Prozeal Green Energy’s Rs 700-crore IPO is more than a capital-raising event—it's a statement of intent. Backed by a robust execution track record, a rapidly expanding order book, and institutional-grade clients, the company is primed to capture a bigger share of India’s renewable energy buildout.

As global and domestic capital continues to pivot toward sustainable infrastructure, Prozeal’s public market debut offers investors a front-row seat to India’s energy transition, powered by innovation, engineering, and execution excellence.