GRE Renew Enertech IPO
smelistedAbout the company
GRE Renew Enertech offers rooftop and ground-mounted solar energy solutions to commercial and industrial clients. The company operate through two business models- Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO). Under the CAPEX model, the company offers engineering, procurement, construction, and operation of solar projects, while clients fund the project. Under the RESCO model, the company owns the solar assets and provides power to rooftop or project site owners at a pre-decided tariff for the duration of the contract. Besides solar energy, the company manufactures LED lighting solutions, but in recent years, most of its focus has been on solar energy. The company's operations are divided into three divisions: Solar, LED, and Export. As of September 2025, Solar contributed 91.60% of revenue, LED 1.91%, and exports 6.49%. It received the Best MSME Awards for three consecutive financial years: 2012-13, 2013-14, and 2014-15, along with the Leadership Excellence Award from the Gujarat Annual Solar Awards in 2023. As of September 2025, Gujarat accounted for 99.41% of domestic revenue, while all exports came from sales to Rwanda.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 15 Jan | ₹7 | ₹112 | 0 |
| 14 Jan | ₹7 | ₹112 | 0 |
| 13 Jan | ₹7 | ₹112 | +1 |
| 12 Jan | ₹6 | ₹111 | -3 |
| 11 Jan | ₹9 | ₹114 | 0 |
| 10 Jan | ₹9 | ₹114 | 0 |
| 09 Jan | ₹9 | ₹114 | 0 |
| 08 Jan | ₹9 | ₹114 | 0 |
Strengths
- Established presence in the renewable and solar energy solutions space
- Alignment with government focus on clean and renewable energy adoption
- Experienced management team with execution capabilities
- Visible project pipeline supporting near-term business visibility
- Exposure to rooftop and ground-mounted solar projects across industries
- Offers diversified business models including EPC and long-term operating models
- Emphasis on quality standards and certified operational processes
Risks
- Working capital pressure due to delayed customer payments
- SME platform listing may result in lower trading liquidity after listing
- Revenue and profitability may show variability due to project-based nature
- Business dependent on timely execution of solar projects
- Exposure to policy, tariff, and regulatory changes in the renewable sector
- Intense competition in the solar and renewable energy market
- Sensitivity to supply chain disruptions and input cost volatility
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed13 Jan 2026Bidding starts for all investor categories
IPO Closes
Completed16 Jan 2026Last day to place your bid
Basis of Allotment
Completed19 Jan 2026Share allotment finalised
Refund Initiation
Completed20 Jan 2026Refunds credited for non-allottees
Credit to Demat
Completed20 Jan 2026Allotted shares credited to demat account
Listing on Exchange
Completed21 Jan 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1200 | ₹126,000 | 1 | ₹126,000 | 1 lot only |
| HNI | 2 | 2400 | ₹252,000 | 2 | ₹252,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,951,220 | 20 | 0 | 0.00x | 100% |
| NII | 15% | 585,366 | 6 | 0 | 0.00x | 100% |
| Retail | 35% | 1,365,854 | 14 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
