Prozeal Green Energy
Ahmedabad-based Prozeal Green Energy, the country’s fourth-largest solar engineering, procurement and construction (EPC) company by revenue in FY24, plans to raise Rs 700 crore. The offer comprises a fresh issue worth Rs 350 crore and an offer for sale of Rs 350 crore by promoters and existing investors.
Proceeds from the fresh issue will be deployed towards long-term working capital needs, debt repayment at the subsidiary level, and general corporate purposes. The company, which operates in solar EPC and related clean energy solutions, is tapping into India’s rapid build-out of renewable energy capacity. Nuvama Wealth Management and SBI Capital Markets are the book-running lead managers to the issue.
Neilsoft
Separately, engineering services and solutions company Neilsoft, backed by Japan’s Fujita Corporation, has also secured Sebi’s nod. The IPO consists of a fresh issue of shares worth up to Rs 90 crore and an offer for sale of up to 8 million shares by a clutch of promoters and financial investors, including SIDBI and SICOM. The company may also consider a pre-IPO placement of up to 20% of the fresh issue.Neilsoft plans to use about Rs 63.5 crore from the fresh issue for capital expenditure and general corporate purposes.
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The Pune-headquartered firm operates in the engineering research & development (ER&D) space, offering design, digitalization and automation solutions to clients across the architecture, engineering, construction, manufacturing, and industrial plant sectors. Its customers include global names such as Fujita Corporation, Hilti AG, and NBBJ Architecture.
The company posted revenue of Rs 325.9 crore in FY24, up 12% from the previous year, while profit after tax rose 24% to Rs 57.9 crore. For the nine months ended December 2024, revenue stood at Rs 289 crore and profit at Rs 41.3 crore.
Equirus Capital and IIFL Capital Services are the lead managers, while Link Intime India is the registrar. Shares will be listed on NSE and BSE.
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