GRE Renew Enertech SME IPO Sees Strong Demand on Opening Day
The initial public offering for GRE Renew Enertech began accepting subscriptions on Tuesday, January 13. This small and medium enterprise IPO will continue to welcome bids until Friday, January 16. The company specializes in providing solar energy solutions to industrial and commercial clients, mainly through on-site solar project installations.
Business Model and Operations
GRE Renew Enertech operates through two distinct business segments. The first is the Capital Expenditure model where the company handles everything from engineering and procurement to construction and operation of solar installations. The second segment follows the Renewable Energy Service Company approach. Under this model, the company partners with rooftop owners to develop and manage solar projects.
IPO Subscription Status Shows Varied Interest
The GRE Renew Enertech IPO achieved full subscription on its very first day of bidding. By 2:50 pm on Tuesday, January 13, the offering was subscribed 1.04 times according to Bombay Stock Exchange data.
Different investor categories showed varying levels of interest. Qualified Institutional Buyers demonstrated the strongest demand with their portion subscribed 3.52 times. Meanwhile, non-institutional investors subscribed only 0.08 times of their allocated portion. Retail individual investors showed moderate interest with 0.19 times subscription.
Grey Market Premium and Listing Expectations
According to market sources, GRE Renew Enertech shares are currently commanding a premium of ₹7 in the unofficial grey market. This represents a decrease from the ₹9 premium observed before the IPO opening. Based on current market indications, the estimated listing price stands at approximately ₹112 per share. This would represent a 6.67 percent increase over the upper price band of ₹105.
Key IPO Details for Investors
The GRE Renew Enertech IPO represents a fresh issue totaling ₹39.56 crore. The company plans to issue 0.38 crore equity shares through this offering. The price band has been established between ₹100 and ₹105 per equity share.
Investors can participate through lot sizes of 1,200 shares. At the upper price band, the minimum investment for retail investors would amount to ₹2,52,000 for 2,400 shares.
The share allotment process is scheduled for completion on January 19. Successful applicants will see their shares listed on the BSE SME platform starting January 21.
Share India Capital Services Private Limited serves as the book-running lead manager for this issue. Maashitla Securities Private Limited has been appointed as the registrar. Share India Securities Limited will function as the market maker for the offering.
Investment decisions should be made after proper consultation with qualified financial advisors. This information serves educational purposes only.
