SME
IPO ·
BSE SME
GRE Renew Enertech Ltd
Listed
GRE Renew Enertech Limited is engaged in the business of solar energy solutions and LED lighting products.
Issue details
Price band
₹100 – ₹105
Face value
₹10
Lot size
1,200 shares
Minimum investment
₹2,52,000
Issue size
₹39.56 Cr
Fresh issue
₹37.55 Cr
Offer for sale
—
Issue type
Book Built
Exchange
BSE SME
Key dates
Opens
13 Jan 2026
Closes
16 Jan 2026
UPI mandate cut-off
5:00 PM on 16 Jan 2026
Allotment
19 Jan 2026
Refunds
20 Jan 2026
Shares in demat
20 Jan 2026
Listing
21 Jan 2026
Subscription and listing
Subscription
11.93x
Listing price
₹96
Registrar
Maashitla Securities Pvt Ltd
Lead manager
Share India Capital Services Pvt.ltd.
Subscription by category
Total
11.93x
Total applications
9,218
Anchor investors
Amount raised
₹11.15 Cr
Bid date
12 Jan 2026
50% lock-in ends
18 Feb 2026
Rest lock-in ends
19 Apr 2026
Listing day
Issue price
₹105
Open
₹96.00
High
₹99.00
Low
₹91.20
Day close
₹91.20
Listing gain at open
-8.57%
Issue structure
Shares reserved per category and share of the total issue
QIB Shares Offered
17,76,000
47.13%
Anchor Investor Shares Offered
10,62,000
28.18%
QIB (Ex. Anchor) Shares Offered
7,14,000
18.95%
NII Shares Offered
5,40,000
14.33%
bNII > ₹10L
3,60,000
9.55%
sNII < ₹10L
1,80,000
4.78%
Retail Shares Offered
12,60,000
33.44%
Market Maker Shares Offered
1,92,000
5.10%
Total Shares Offered
37,68,000
100.00%
Finaccle’s quick read
Avoid
FY25 income down 8%, PAT down 29%, ROE 12.04%, D/E 0.04, post-issue P/E 18.75x.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
GRE Renew Enertech Limited is engaged in the business of solar energy solutions and LED lighting products. They offer rooftop and ground-mounted solar installations, as well as indoor and outdoor LED lighting solutions. The company, originally a manufacturer of LED lighting solutions, now primarily focuses on solar energy. Business Model: CAPEX Model (EPC) (Engineering, Procurement and Construction): The company follows the CAPEX model, where consumers own and fund solar systems, while EPC services manage engineering, procurement, construction, and commissioning, ensuring complete PV plant delivery and grid connection.
Promoters
Promoter holding
Financial performance
Period
PAT
ROE
12.04%
ROCE
15.30%
Debt / equity
0.04
PAT margin
9.13%
P/E post issue
18.75
Market cap
₹150.02 Cr
Use of IPO money
Setting up of 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant
₹31.58 Cr
General Corporate Purposes
₹3.65 Cr
Issue Expenses
₹4.34 Cr
Strengths
✓
Moderate leverage: debt to equity 0.04
Risks to watch
!
Revenue fell 8% in FY25
!
PAT fell 29% in FY25
!
SME platform: large lot size and thinner trading liquidity
!
Modest PAT margin of 9.13%
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.