GRE Renew Enertech IPO
GRE Renew Enertech Limited is launching a book-built IPO of Rs. 39.56 crores. The issue comprises a fresh issue of 0.38 crore shares aggregating to Rs. 39.56 crores.
The IPO opens for subscription on January 13, 2026, and closes on January 16, 2026. The allotment for the GRE Renew Enertech IPO is expected to be finalised on January 19, 2026. The IPO will list on BSE SME, with a tentative listing date of January 21, 2026.
The price band for the IPO is fixed at Rs. 100 to Rs. 105 per share. The lot size is 1,200 shares. The minimum investment by a retail investor is Rs. 2,52,000 (2,400 shares at the upper price band).
Lead Manager: Share India Capital Services Pvt. Ltd.
Registrar: Maashitla Securities Pvt. Ltd.
Refer to the GRE Renew Enertech IPO DRHP for detailed information.
🕗 Last Update: 7 January 2026, 6.00 AM
👉 GMP | Reviews | Subscription | Allotment
👉 Chanakya Grey Market Intelligence – 8 PM Edition | News Crux |
👉 Power Calls | Breakout Stocks | Coffee Can Portfolio |
IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | Tuesday, January 13, 2026 |
| IPO Close Date | Friday, January 16, 2026 |
| Allotment Date | Monday, January 19, 2026 |
| Refunds Initiation | Tuesday, January 20, 2026 |
| Credit to Demat | Tuesday, January 20, 2026 |
| Listing Date | Wednesday, January 21, 2026 |
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | January 13, 2026 – January 16, 2026 |
| Listing Date | Wednesday, January 21, 2026 |
| Face Value | Rs. 10 per share |
| Issue Price Band | Rs. 100 – Rs. 105 |
| Lot Size | 1,200 shares |
| Sale Type | Fresh Issue |
| Issue Type | Book-Build IPO |
| Listing At | BSE SME |
| Total Issue Size | 37,68,000 shares |
| Issue Size | Rs. 39.56 Cr |
| Market Maker Reservation | 1,92,000 shares (Rs. 2 Cr) |
| Fresh Issue (Ex-Market Maker) | 35,76,000 shares (Rs. 38 Cr) |
| Offer for Sale | – |
| Net Offer to Public | 35,76,000 shares (Rs. 38 Cr) |
| Shareholding Pre-Issue | 1,05,20,000 shares |
| Shareholding Post-Issue | 1,42,88,000 shares |
| Market Cap (Pre-IPO) | Rs. 150.02 Cr |
IPO Reservation
| Investor Category | Allocation |
|---|---|
| QIB | Not more than 50% of Net Offer |
| Retail | Not less than 35% of Net Offer |
| NII | Not less than 15% of Net Offer |
IPO Lot Size
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereafter.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Minimum) | 2 | 2,400 | Rs. 2,52,000 |
| Retail (Maximum) | 2 | 2,400 | Rs. 2,52,000 |
| S-HNI (Minimum) | 3 | 3,600 | Rs. 3,78,000 |
| S-HNI (Maximum) | 7 | 8,400 | Rs. 8,82,000 |
| B-HNI (Minimum) | 8 | 9,600 | Rs. 10,08,000 |
About GRE Renew Enertech Limited
GRE Renew Enertech Limited is engaged in the business of solar energy solutions and LED lighting products.
The company offers rooftop and ground-mounted solar installations, along with indoor and outdoor LED lighting solutions. Originally focused on LED lighting manufacturing, the company has transitioned towards solar EPC and renewable energy solutions.
Product Portfolio
• EPC (Engineering, Procurement and Construction) solar projects
• Rooftop solar systems (On-Grid)
• Hybrid solar rooftop systems
• PV modules
• Indoor and outdoor LED lighting products
Competitive Strengths
• Experienced management team
• Training and skill development programs to strengthen O&M team
• Visible order book and favourable renewable energy policies
• 24/7 premium support system
• ESG-focused operating model
Company Financials (Rs. crore)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 45.46 | 49.12 | 51.65 |
| Total Income | 84.37 | 92.15 | 53.11 |
| Profit After Tax | 7.03 | 9.91 | 0.89 |
| EBITDA | 9.48 | 11.48 | 1.31 |
| Net Worth | 31.23 | 21.03 | 11.14 |
| Reserves & Surplus | 20.71 | 19.78 | 9.89 |
| Total Borrowings | 1.59 | 4.57 | 4.75 |
Objects of the Issue
| Sr. No. | Objects | Estimated Amount (Rs. Cr) |
|---|---|---|
| 1 | Setting up of 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant | 32.61 |
| 2 | General corporate purposes | – |
Key Performance Indicators (As on March 31, 2025)
| KPI | Value |
|---|---|
| ROE | 26.89% |
| ROCE | 29.60% |
| Debt / Equity | 0.05 |
| RoNW | 26.89% |
| PAT Margin | 8.39% |
| EBITDA Margin | 11.33% |
| Price to Book Value | 3.54 |
Valuation Parameters
| Particulars | Pre IPO | Post IPO |
|---|---|---|
| EPS (Rs.) | 6.68 | 4.92 |
| P/E (x) | 15.72 | 21.35 |
| Promoter Holding | 95.06% | 69.99% |
Promoters:
Mr. Kamleshkumar Dahyalal Patel, Mr. Kirtikumar Kantilal Suthar and Mr. Mukeshkumar Prahladbhai Trivedi
Company Address
GRE Renew Enertech Limited
(As per DRHP)
IPO Lead Manager(s)
Share India Capital Services Pvt. Ltd.
IPO Registrar
Maashitla Securities Pvt. Ltd.
Phone: +91-11-45121795-96
Email: ipo@maashitla.com
Website: https://www.maashitla.com
GRE Renew Enertech IPO – Review
GRE Renew Enertech Limited operates in the solar EPC and rooftop solutions space, aligned with India’s renewable energy transition.
Financial performance moderated in FY25, with revenue and PAT decline, indicating near-term execution pressures.
Return ratios remain healthy, supported by ROCE of 29.60% and ROE of 26.89%.
Low leverage (Debt/Equity of 0.05) provides balance-sheet comfort.
IPO proceeds are largely earmarked for capacity creation via a ground-mounted solar plant.
Valuation at the upper band implies a post-IPO P/E of around 21x.
Execution and margin stability remain key monitorables.
Chanakya View: Suitable for high-risk investors with a long-term positive outlook on renewable energy.
Quicklinks
- Market Analysis by Nagaraj Shetti
- Stock Market today by Vaishali Parekh
- Analysis by Kotak Securities
- Market Analysis by HDFC Securities
- Technical Analysis by Kotak Securities
- Technical Analysis by Samco Securities
- Reliance, Target & Stoploss
- Gold Analysis
- FII buy-Sell
- Technical Analysis
- Calls for the Day
- Currency Analysis
Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
