SME IPO: The initial public offering (IPO) of GRE Renew Enertech opened for subscription on Tuesday, January 13. The SME IPO will remain open for bidding till Friday, January 16.
GRE Renew Enertech focuses on delivering solar energy solutions for industrial and commercial clients, primarily through the installation of on-site solar projects. Its operations are broadly classified into two segments—Capital Expenditure (Capex) and the Renewable Energy Service Company (RESCO) model.
Under the Capex segment, the company provides end-to-end services including engineering, procurement, construction, and operation of solar installations. In the RESCO model, the company enters into agreements with rooftop owners to develop and operate solar projects.
GRE Renew Enertech IPO subscription status
The GRE Renew Enertech IPO has been fully subscribed on the first day of bidding itself. The SME IPO was subscribed 1.04 times on Tuesday, January 13, as of 2:50 pm, according to data available on BSE.
The Qualified Institutional Buyers (QIBs) category saw the maximum demand, with 3.52 times subscription. Meanwhile, non-institutional investors (NIIs) and individual investors categories were subscribed 0.08 times and 0.19 times, respectively.
GRE Renew Enertech IPO GMP today
The shares of the GRE Renew Enertech IPO are currently trading at a premium of ₹7 in the gray market, as per Investorgain. This means that the current GMP of the GRE Renew Enertech IPO is +7. However, ahead of the opening, the GMP of GRE Renew Enertech IPO was +9 in the gray market.
The estimated listing price of GRE Renew Enertech IPO is likely to be ₹112, which is 6.67% higher than the upper price band of ₹105.
GRE Renew Enertech IPO details
The GRE Renew Enertech IPO is a book-built issue aggregating ₹39.56 crore and comprises entirely a fresh issue of 0.38 crore equity shares.
The price band for the IPO has been fixed at ₹100- ₹105 per share. Investors can apply in lots of 1,200 shares, with the minimum retail investment amounting to ₹₹2,52,000 for 2,400 shares at the upper end of the price band.
The allotment is expected to be finalized on January 19, while the company’s shares will be listed on the BSE SME on January 21.
Share India Capital Services Pvt. Ltd. is acting as the book-running lead manager to the issue, Maashitla Securities Pvt. Ltd. has been appointed as the registrar, and Share India Securities Ltd. will serve as the market maker.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
