Minimum Investment
About Company
Company Name: GRE Renew Enertech Limited
Industry / Sector: Renewable Energy / Solar EPC & LED Lighting
Founded Year: Not specified (incorporated prior to 2023 based on financials)
Promoters: Kamleshkumar Dahyalal Patel, Kirtikumar Kantilal Suthar, Mukeshkumar Prahladbhai Trivedi
GRE Renew Enertech Limited is engaged in providing solar energy solutions including rooftop and ground-mounted solar installations (EPC and RESCO models) and LED lighting products. The company offers turnkey EPC services for on-grid, hybrid solar systems, PV modules, and focuses on renewable energy projects with annuity-based revenue from RESCO model. It operates in Gujarat with a focus on CAPEX (client-funded) and OPEX (company-funded) solar models.
IPO Basic Details
| Company Name | GRE Renew Enertech Limited |
| IPO Type | SME IPO |
| Price Band | ₹100 – ₹105 |
| Lot Size | 1200 |
| Total Issue Size | ₹39.56 Cr (37,68,000 shares approx) |
IPO Strengths & Risks
Strengths
- Experienced management team
- Training & skill development for O&M
- Visible order book & policy support
- 24/7 premium support system
- ESG focus (Environment, Social, Governance)
Risks
- Inconsistency in top and bottom lines historically
- Dependence on solar sector policies & subsidies
- Competition in renewable EPC
- Execution risks in large projects
- Working capital requirements
IPO Important Dates
| IPO Open Date | 13 Jan 2026 |
| IPO Close Date | 16 Jan 2026 |
| Basis of Allotment | 19 Jan 2026 |
| Refund Initiation | 20 Jan 2026 |
| Demat Credit Date | 20 Jan 2026 |
| Listing Date | 21 Jan 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | 16 Jan 2026 |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – ₹3.65 Cr
Investor Reservation
| QIB Quota | ≈47% (Anchor raised ₹11.15 Cr) |
| Retail Quota | ≈35% |
| HNI Quota | ≈15% (bNII & sNII split) |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 lots | 2400 | ₹2,52,000 |
| Retail Maximum | 2 lots | 2400 | ₹2,52,000 |
| S-HNI Minimum | 3 lots | 3600 | ₹3,78,000 |
| S-HNI Maximum | - | - | - |
| B-HNI Minimum | 8 lots | 9600 | ₹10,08,000 |
Key Performance Indicators (KPI)
| ROE | 12.04% (Sep 2025) / 26.89% (FY25) |
| ROCE | 15.30% (Sep 2025) / 29.60% (FY25) |
| RoNW | 12.04% (Sep 2025) / 26.89% (FY25) |
| PAT Margin | 9.13% (Sep 2025) / 8.39% (FY25) |
| EBITDA Margin | 13.06% (Sep 2025) / 11.33% (FY25) |
| EPS | ₹6.68 (pre) / ₹5.60 (post) |
| NAV per share | N/A |
| Debt to Equity | 0.04 (Sep 2025) / 0.05 (FY25) |
| P/E Ratio | 15.72x (pre) / 18.75x (post) |
| Industry P/E | 20–40x (renewable energy EPC) |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| 31 Mar 2023 | ₹51.65 Cr | ₹53.11 Cr | ₹0.89 Cr | ₹1.31 Cr | ₹11.14 Cr | ₹4.75 Cr |
| 31 Mar 2024 | ₹49.12 Cr | ₹92.15 Cr | ₹9.91 Cr | ₹11.48 Cr | ₹21.03 Cr | ₹4.57 Cr |
| 31 Mar 2025 | ₹45.46 Cr | ₹84.37 Cr | ₹7.03 Cr | ₹9.48 Cr | ₹31.23 Cr | ₹1.59 Cr |
| 30 Sep 2025 | ₹42.77 Cr | ₹43.98 Cr | ₹4.00 Cr | ₹5.72 Cr | ₹35.22 Cr | ₹1.45 Cr |
Grey Market Premium
| GMP Price | ₹1 – ₹7 (~1–7%) pre-listing (peaked at ₹7 early, settled low near listing) |
| Kostak Rate | N/A |
| Subject to Sauda | N/A |
| Last Updated | Jan 2026 |
| Estimated Listing Price | ₹106 – ₹112 (actual listed at ₹96, -8.57% discount) |
IPO Subscription Data
| Total Subscription | 16.53x (final) |
| QIB (Ex Anchor) | 14.69x |
| HNI Subscription | 24.67x (bNII 27.99x, sNII 18.02x) |
| Retail Subscription | 14.10x |
| Anchor | - |
IPO Intermediaries
Registrar: Maashitla Securities Private Limited
Registrar Website: https://maashitla.com
IPO Lead Manager(s)
Company Information
Address: Plot No. 423, G.I.D.C.-II, Dediyasan, Mehsana, Gujarat 384002
Website: https://greindia.com
Email: cs@greindia.com
Phone: +91 99740 39300
IPO Documents
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