Shares of Ganesh Green Bharat were trading at Rs 379.05 on the NSE, a premium of 99.50% compared with the issue price of Rs 190.
The scrip was listed at Rs 361, a premium of 90% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.The counter hit a high of Rs 379.05 and a low of Rs 361. About 9.20 lakh shares of the company changed hands at the counter.
Ganesh Green Bharat's IPO was subscribed 153.61 times. The issue opened for bidding on 5 July 2024 and it closed on 9 July 2024. The price band of the IPO was fixed at Rs 95 to 100 per equity share.
The IPO comprised fresh issue of 65,91,000 equity shares. The promoter and promoter group shareholding diluted to 69.55% from 94.73% pre-IPO.
The company intends to utilize the net proceeds for funding capital expenditure towards installation of additional plant and machinery at factory, repayment in full or in part, of certain of outstanding borrowings, to meet working capital requirements and for general corporate purpose.
Ahead of the IPO, Ganesh Green Bharat on 4 July 2024, raised Rs 35.29 crore from anchor investors. The board allotted 18.57 lakh shares at Rs 190 per share to 20 anchor investor.
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Ganesh Green Bharat is providing comprehensive portfolios in the field of supply, installation, testing and commissioning (SITC) of solar and electrical goods and services to various government bodies. The company's clients include government departments of eight states, such as Gujarat Industrial Development Corporation (GIDC), Ahmedabad Municipal Corporation (AMC), Rajasthan Renewable Energy Corporation (RRECL), and several others. . As of March 31, 2024, the company has 39 employees.
The company recorded revenue from operations of Rs 170.17 crore and net profit of Rs 21.82 crore for the period as on 31 March 2024.
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