New Delhi: Noida-based renewable energy company, GP Eco Solutions’ (better kown as GPES Solar) Initial Public Offer (IPO) had opened for subscription on Friday, i.e. June 14, 2024. The three day stake sale process and would conclude on June 19. The stake sale is basically an SME IPO and the shares of the company will be listed on the NSE SME index. The SME IPO has received robust response from investors in the primary market.
GPES Solar IPO subscription status
On day one, the GPES Solar IPO was oversubscribed almost 62 times its total size. Retail portion was oversubscribed 89 times, while, Qualified Institutional Buyers’ (QIBs) quota was oversubscribed three times and Non-Institutional Investors’ (NIIs) quota 76 times.
GPES Solar IPO GMP
After day one of the stake sale process, the Grey Market Premium (GMP) of the renewable energy stock traded around Rs 156 in the grey market. This signifies around 165 per cent listing gains over and above upper limit of IPO price band of Rs 90 to Rs 94.
GPES Solar IPO Issue Size
The IPO is entirely a fresh equity issue of 32.76 lakh shares. The company aims to raise nearly Rs 31 crore through the stake sale process. Retail investors can subscribe 35 per cent of the total IPO size. While, 15 per cent is reserved for Non Institutional Investors (NIIs) and 50 per cent for Qualified Institutional Buyers (QIBs). Retail investors can bid for a minimum of 1,200 shares in a single lot. Small investors will have to invest a minimum amount of Rs 1.12 lakh. While, the maximum investment limit is set at Rs 2 lakh for such investors.
GPES Solar IPO Expected Listing Date
The stocks of the solar products manufacturing company are expected to be allotted to IPO allottees on Thursday, June 20, 2024. While, the expected listing date is Monday, June 24, 2024 on the NSE SME index.
About the company
Noida-based GP Eco Solutions manufactures solar energy products like solar panels, solar inverters, and solar energy storage solutions.
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GPES Solar IPO was oversubscribed almost 62 times its total size. GPES Solar IPO GMP stood at Rs 156 in the grey market. GPES Solar IPO expected allotment date is Thursday, June 20, 2024. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
