Prozeal Green Energy and Gujarat Kidney and Super Speciality Ltd have submitted their draft red herring prospectuses (DRHPs) to the Securities and Exchange Board of India (SEBI) to initiate capital raising through initial public offerings (IPOs).
Prozeal Green Energy IPO
Prozeal Green Energy, ranked as India’s fourth-largest solar engineering, procurement, and construction (EPC) company by revenue in the fiscal year 2024, has announced plans to generate Rs 700 crore via its public offering. This includes a fresh equity sale of Rs 350 crore and an offer for sale (OFS) of Rs 350 crore by promoters and existing investors.
The company intends to allocate the capital for long-term working capital, investments in subsidiaries for debt repayment, and general corporate purposes. Nuvama Wealth Management and SBI Capital Markets have been appointed as the book-running lead managers for this offering.
Specializing in turnkey solar energy solutions, Prozeal serves primarily commercial and industrial clients, with a portfolio comprising 182 solar projects and a total installed capacity of 783.98 MWp across India and Nepal. As of September 30, 2024, its order book was valued at Rs 2,220.92 crore, with a significant portion in ground-mounted solar power projects.
The company has experienced robust financial growth, with revenue climbing from Rs 287 crore in FY22 to Rs 949 crore in FY24, reflecting a compounded annual growth rate (CAGR) of 81.77%. Net profit rose from Rs 10 crore to Rs 92 crore during the same period.
Gujarat Kidney and Super Speciality IPO
Gujarat Kidney and Super Speciality Limited, a regional healthcare chain, has submitted its IPO proposal consisting of a fresh issue of 2.2 crore shares. The hospital chain plans to allocate Rs 77 crore for the acquisition of Parekhs Hospital in Ahmedabad, Rs 12.4 crore for completing the purchase of Ashwini Medical Centre, and Rs 30.2 crore for establishing a new hospital in Vadodara. Additionally, it will allocate Rs 7.3 crore for the procurement of robotic equipment and Rs 1.5 crore for debt repayment and potential acquisitions.
Currently operating six multi-speciality hospitals across Gujarat with a total capacity of 400 beds, the company reported an increase in revenue from Rs 34.01 crore in FY23 to Rs 41.04 crore in FY24. Profit after tax rose from Rs 2.8 crore to Rs 4.34 crore.
Nirbhay Capital Services has been appointed as the sole book-running lead manager for the IPO, with plans to list equity shares on the NSE and BSE.