GRE Renew Enertech Ltd is set to open its IPO on 13th January 2026. The issue is a book-building IPO and is entirely a fresh issue. Below is a detailed overview of the company, the IPO details, financials, and key highlights.
About GRE Renew Enertech Ltd.
GRE Renew Enertech Ltd 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. While it originally operated as a manufacturer of LED lighting solutions, it now primarily focuses on solar energy.
Business model
CAPEX Model (EPC)
Under this model, consumers own and fund the solar systems, while EPC services manage engineering, procurement, construction, and commissioning, ensuring complete PV plant delivery and grid connection.
RESCO Model (Opex)
Under this model, the company funds and owns rooftop solar systems and earns annuity income while consumers pay monthly tariffs. Securing low-cost capital remains a key challenge.
Products and services
- EPC (Engineering, Procurement, and Construction): Turnkey solar solutions from design to commissioning, including operation and maintenance as required
- Rooftop Systems (On grid): Grid-tied solar systems reduce electricity bills by supplying power and feeding excess to the grid
- Solar Rooftop Systems (Hybrid): Combines solar panels, batteries, and grid access to ensure a continuous, eco-friendly power supply anytime
- PV Module: High efficiency, reliable solar modules suitable for various applications with strong performance in all conditions
Competitive strengths
- Experience management team
- Training and skill development programmes to strengthen the operation and maintenance team
- Existing number, visible order book, and favourable national policy support
- 24/7 premium support system
- ESG (Environment, Social and Governance)
GRE Renew Enertech IPO Details
The GRE Renew Enertech IPO is a book build issue of ₹39.56 crores. The issue is entirely a fresh issue of 0.38 crore shares aggregating to ₹39.56 crores.
GRE Renew Enertech IPO opens for subscription on January 13, 2026 and closes on January 16, 2026. The allotment is expected to be finalised on January 19, 2026. The IPO will list on BSE SME with a tentative listing date fixed as January 21, 2026.
The price band is ₹100 to ₹105 per share, and the lot size is 1,200 shares.
Lead manager: Share India Capital Services Pvt. Ltd.
Registrar: Maashitla Securities Pvt. Ltd.
Market maker: Share India Securities Ltd.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Tue, Jan 13, 2026 |
| IPO Close Date | Fri, Jan 16, 2026 |
| Allotment (Tentative) | Mon, Jan 19, 2026 |
| Refund (Tentative) | Tue, Jan 20, 2026 |
| Credit of Shares | Tue, Jan 20, 2026 |
| Listing Date (Tentative) | Wed, Jan 21, 2026 |
Key IPO Details
| Particulars | Details |
| Face Value | ₹10 per share |
| Price Band | ₹100 to ₹105 per share |
| Lot Size | 1,200 shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh Capital |
| Listing At | BSE SME |
| Total Issue Size | 37,68,000 shares (aggregating up to ₹40 Cr) |
| Reserved for Market Maker | 1,92,000 shares (aggregating up to ₹2 Cr)
Share India Securities Ltd. |
| Net Offered to Public | 35,76,000 shares (aggregating up to ₹38 Cr) |
| Shareholding Pre Issue | 1,05,20,000 shares |
| Shareholding Post Issue | 1,42,88,000 shares |
| Market Cap (Pre IPO) | ₹150.02 Cr |
IPO Reservation
| Investor Category | Shares Offered |
| QIB | Not more than 50% of the net issue |
| Retail | Not less than 35% of the net issue |
| NII | Not less than 15% of the net issue |
Lot Size of GRE Renew Enertech IPO
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares.
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 2,400 | ₹2,52,000 |
| Individual investors (Retail) (Max) | 2 | 2,400 | ₹2,52,000 |
| S-HNI (Min) | 3 | 3,600 | ₹3,78,000 |
| S-HNI (Max) | 7 | 8,400 | ₹8,82,000 |
| B-HNI (Min) | 8 | 9,600 | ₹10,08,000 |
GRE Renew Enertech Ltd. Financials
GRE Renew Enertech Ltd.’s revenue decreased by 8%, and profit after tax (PAT) dropped by 29% between the financial year ending with March 31, 2025 and March 31, 2024.
Key company financials (₹ in 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 and Surplus | 20.71 | 19.78 | 9.89 |
| Total Borrowing | 1.59 | 4.57 | 4.75 |
Objects of the Issue
The company proposes to utilise the net proceeds from the issue towards the following objects:
| Issue Objects | Estimated Amount (₹ Cr.) |
| Setting up of 7.20 MW (AC) / 9.99 MW (DC) ground-mounted solar power plant | 32.61 |
| General corporate purposes | – |
Key Performance Indicators
KPI as of Mon, Mar 31, 2025:
| KPI | Value |
| ROE | 26.89% |
| ROCE | 29.60% |
| Debt to Equity | 0.05 |
| RoNW | 26.89% |
| PAT Margin | 8.39% |
| EBITDA Margin | 11.33% |
| Price to Book Value | 3.54 |
Valuation snapshot
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 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
GRE Renew Enertech IPO: Peer Comparison
GRE Renew Enertech IPO can be compared with peers such as Waaree Renewable Technologies Ltd, Sterling and Wilson Renewable Energy Ltd, KP Energy Ltd, Inox Wind Ltd, and Suzlon Energy Ltd. Reviewing these companies helps investors gauge GRE Renew Enertech’s position within the renewable energy and solar EPC segment and better understand its scale, business model, and long-term growth potential.
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Conclusion
The GRE Renew Enertech IPO is a book-building issue and entirely a fresh issue. GRE Renew Enertech Ltd operates in solar energy solutions and LED lighting products, with offerings across rooftop and ground-mounted solar installations and LED lighting solutions, supported by CAPEX and RESCO models. Investors may review the IPO structure, lot size, reservation details, financial snapshot, and stated objects of the issue to form a clearer view.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
