Renewable IPOs see boom as investors eye stellar returns in solar sector

The humungous response to the stock of a small, nondescript distributor of solar panels reflects the prevailing craze for such offerings on Indian bourses

Until yesterday, very few had heard of GP Eco Solutions, a distributor of solar inverters and panels. The Noida-headquartered GP Eco distributes solar panels made by Chinese behemoth Longi Solar and Saatvik Green Energy, and inverters from Sungrow and an in-house brand Invergy. On a turnover of Rs 101 crore, it made a net profit of Rs 3.7 crore, according to its website, where it lists Deepak Pandey and Anju Pandey as directors on the board.

This Monday, GP Eco listed at Rs 375, a fourfold jump over the fixed price band of Rs 94. The initial