- Price band
- ₹100 – ₹105
- Issue size
- ₹39.56 Cr
- Lot size
- 1200 sh
- Bidding
- 13 – 16 Jan
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 21 Jan 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for GRE Renew Enertech, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 1999 · Mehsana, Gujarat, India · 48 employees
GRE Renew Enertech builds solar power plants for industrial and commercial customers, mostly in Gujarat. Under its CAPEX model it handles engineering, procurement, construction and operation of rooftop and ground-mounted solar PV plants that the customer pays for and owns; FY25 projects included an 1,850 KWp ground-mounted plant for Mehsana Dairy & Food Products and a 520 KWp rooftop plant for Rotofin Polycompounds. Under its RESCO model the company owns the panels itself and sells the electricity to the site owner at a contracted tariff. It also manufactures indoor and outdoor LED lighting, which was 2.98% of FY25 revenue from operations. A US subsidiary, DK USA Inc., runs convenience stores and gas stations. The company had 48 employees at 30 September 2025.
Revenue is almost entirely project income from building solar plants: the solar segment was Rs 77.16 crore of FY25 revenue from operations of Rs 83.72 crore (92.17%). That is contract work, billed on project value against bought-in panels and balance-of-system equipment, so margins are thin and move with order mix - EBITDA margin was 11.33% in FY25 against 2.52% in FY23. Client concentration is the structural constraint: the top 10 clients were 78.78% of revenue in the six months to 30 September 2025. The issue funds a move into owned assets, a 7.20 MW (AC) / 9.99 MW (DC) ground-mounted RESCO plant earning tariff annuity income, a model under which the RHP says it has built no major ground-mount project before.
The company on paper
- Legal name
- GRE Renew Enertech Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 24 Oct 2008trading as GRE Renew Enertech since 1999
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U31100GJ2008PLC055304
- Sector
- Industrials · Rooftop and ground-mounted solar EPC for industrial and commercial customers
- Employees
- 48
- Registered office
- Mehsana, Gujarat, India
- Promoters
- Kamleshkumar Dahyalal Patel, Kirtikumar Kantilal Suthar, Mukeshkumar Prahladbhai Trivedi
- Promoter holding, pre-issue
- 95.1%
- Promoter holding, post-issue
- 70.0%
- Website
- greindia.com
The numbers
Financial performance
Revenue has compounded at 26.6% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹39.56 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹39.56 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 1,92,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 25.1% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹105.00
- Listed at
- ₹96.00
- Listing gain
- down 8.6%
- Since listing
- up 124.0%
- Against the issue price
- up 104.8%
Trading at ₹215.00 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 2,400
- At cut-off price
- ₹105.00
- Amount blocked
- ₹2,52,000
One lot is 1200 shares at ₹1,26,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,52,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~7%
chance of one lot, per application
- Retail subscription
- 14.10×
- Applicants per share available
- 14.1× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹96.00
listed at, −8.6% against the issue price
- Issue price
- ₹105.00
- Premium said
- —
- If allotted 1200 shares
- −₹10,800
Listing-day figures are as reported by the exchanges.
Our read
Easy to misread
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
Easy to miss in the prospectus
- The last row is a six-month stub to 30 September 2025, not a full year - its revenue, EBITDA and PAT are not comparable to the annual rows above it.
- Consolidated revenue includes DK USA Inc., a US convenience-store and gas-station subsidiary reported as the "Export" segment, which was 34.94% of revenue from operations in FY23 but only 4.85% in FY25. The FY24-to-FY25 fall in total revenue (Rs 90.34 crore to Rs 83.72 crore) is that segment shrinking, not the solar business: solar revenue rose from Rs 72.42 crore to Rs 77.16 crore over the same two years.
Straight from the filing
Read it yourself
The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.
The paperwork
Who is running the issue
- Lead managers
- Share India Capital Services Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- Maashitla Securities Private Limited
How these figures were checked
Built from 8 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.
- BSE cash-market bhavcopy, 21 January 2026 (listing day) - authoritative source for ISIN, market lot (NewBrdLotQty 1200), series MT and day-1 OHLC 96.00/99.00/91.20/91.20 · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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