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Ahmedabad-based Prozeal Green Energy is preparing to launch its INR 700 crore initial public offering (IPO) in the second quarter of FY27 after receiving regulatory approval from SEBI. The development comes shortly after the company secured a major contract from ONGC to develop 250 MW of captive, interstate transmission system (ISTS)-connected wind power projects worth over INR 2,000 crore. The order marks Prozeal's entry into the utility-scale wind energy segment and strengthens its position in India's growing renewable energy sector as it looks to expand operations and support future growth.
Prozeal Green Energy is planning to raise INR 700 crore through an initial public offering (IPO) in the second quarter of FY27, according to a person familiar with the matter.
The renewable energy solutions provider has already received approval from the Securities and Exchange Board of India (SEBI) for its maiden public issue. The proposed IPO will consist of a fresh issue of equity shares worth INR 350 crore and an offer-for-sale (OFS) of INR 350 crore by promoters and investor selling shareholders, according to the company's draft papers filed previously.
The fundraising plans come at a time when activity in India's primary market has started picking up, with several companies moving ahead with public offerings despite ongoing market volatility and global economic uncertainties. While many firms have secured regulatory approvals in recent months, some have delayed listing plans due to fluctuating market conditions.
The company recently announced that it had received a Notification of Award (NOA) from Oil and Natural Gas Corporation Limited (ONGC) for the development of 250 MW of captive, ISTS-connected wind power projects across India. The contract is valued at more than INR 2,000 crore.
Prozeal stated that the project would further strengthen its presence in India's renewable energy ecosystem. The mandate is significant for the company as it marks its entry into the utility-scale wind energy segment, expanding beyond its established solar energy business.
The project includes end-to-end execution responsibilities, covering engineering, procurement and construction activities along with a comprehensive operations and maintenance (O&M) contract spanning 10 years.
Headquartered in Ahmedabad, Prozeal Green Energy provides end-to-end renewable energy solutions and is primarily engaged in the engineering, procurement and construction (EPC) of solar power projects on a turnkey basis. Over the years, the company has built a presence in India's renewable energy sector by executing projects for industrial and commercial customers seeking cleaner energy alternatives.
According to the draft offer documents, proceeds from the fresh issue will be used to support the company's growth plans. Around INR 250 crore has been earmarked for long-term working capital requirements, while INR 19.53 crore will be invested in subsidiaries and utilised towards debt repayment. The remaining funds will be allocated for general corporate purposes.
Source PTI
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