Ganesh Green Bharat IPO

Closed

Apply now
Don't have a Zerodha account? Sign up

05th – 09th Jul 2024
12 Jul 2024
₹181 – ₹190
600 shares (₹114000)
125cr

Schedule

Issue open date 05 Jul 2024
Issue close date 09 Jul 2024
UPI mandate deadline 09 Jul 2024 (5 PM)
Allotment finalization 10 Jul 2024
Refund initiation 11 Jul 2024
Share credit 11 Jul 2024
Listing date 12 Jul 2024
Mandate end date 24 Jul 2024
Lock-in end date for anchor investors (50%) 11 Aug 2024
Lock-in end date for anchor investors (remaining) 11 Oct 2024

About

Incorporated in 2016, Ganesh Green Bharat, which was primarily an electrical contracting service company, has over the years diversified its business as a service provider into multiple verticals catering to (i) Solar system & allied services, (ii) Electrical contracting services (iii) Water supply scheme projects and as a manufacturer of solar Photo-Voltaic (PV) modules.

The company has completed projects under various schemes of the central and state Governments like – Saubhagya Scheme, KUSUM Scheme, and Saur Sujla Yojna. It has also forayed into the business of designing, constructing, installing, operating, and maintaining water supply scheme projects like the Mukhya Mantri Nishchay Quality Affected Yojna, Jal Jeevan Mission, etc.

In the last 10 years, The company has completed (i) 17 work orders under the Solar system & allied services aggregating to Rs 185.15 crores (ii) 7 work orders under the Electrical contracting services aggregating to Rs 214.62 crores (iii) 2 work orders under water supply scheme projects aggregating to Rs 166.77 crores.


Financials



Issue size

Funds raised in the IPO Amount
Overall ₹125.23 crores
Fresh issue ₹125.23 crores
Offer for sale

Utilisation of proceeds

Purpose INR crores (%)
Debt reduction 19 (15%)
Working capital 60 (48%)
Capital expenditure 11.5 (9.2%)
General corporate purposes 34.73 (27.7%)

*All figures except EPS are in ₹ crores

Strengths

  • Diversified range of solutions: The company is strategically well-placed to run various business verticals like the renewable energy industry, water supply, and electrical contracting under one umbrella.
  • Order Book of projects across India: As of March 31, 2024, The company’s order book includes (i) 10 work orders under Solar system & allied services worth Rs. 273 crores (ii) 7 work orders under Electrical contracting services aggregating to Rs. 27 crores (iii) 1 work order under Water supply scheme projects for an aggregate value of Rs. 14 crores.

Risks

  • Dependence on budgetary allocation: The company bids for projects funded by the Central and State Governments and derives its revenues from the work orders awarded to them. Any reduction in budgetary allocation to the industry may affect the number of projects that the government authorities/bodies may plan to develop in a particular period. The company’s business is directly and significantly dependent on projects awarded by them.
  • Competitive bidding: The projects are awarded through the competitive bidding process by government authorities/bodies. The company may not be able to qualify for, compete, and win future projects, which could adversely affect the business and results of operations.
  • Higher working capital requirements: The company’s business is working capital intensive. If the company experiences insufficient cash flows to meet required payments on its working capital requirements, there may be an adverse effect on the results of the operations.

Note:

  • The above schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion.
  • The allotment status will be available by July 11, 2024, on the registrar’s website and the NSE website.