GP Eco Solutions India IPO Debuts with 298.94% Premium

Strong Listing for GP Eco Solutions India IPO (GPES Solar) in NSE-SME Segment

GP Eco Solutions India (GPES Solar) had a robust listing on 24th June 2024, debuting at ₹375.00 per share, a substantial premium of 298.94% over the issue price of ₹94 per share in the IPO. Here is the pre-open price discovery for the GP Eco Solutions India IPO (GPES Solar) on the NSE.

PRE-OPEN ORDER COLLECTION SUMMARY

Data Source: NSE

The SME IPO of GP Eco Solutions India (GPES Solar) was a book-built IPO in the price band of ₹90 to ₹94 per share. Given the strong subscription response at over 856X and the anchor allocation being done at the upper end of the band, the price discovery of the IPO also occurred at the upper end of the price band at ₹94 per share. On 24th June 2024, the stock of GP Eco Solutions India (GPES Solar) listed at ₹375.00 per share, a premium of 298.94% over the IPO price of ₹94.00 per share. For the day, being in the 5% circuit filter category, the upper circuit price has been set at ₹393.75, and the lower circuit price has been set at ₹356.25.

As of 10.10 am, the volumes were 13.76 lakh shares while the turnover (value) stood at ₹5,236 lakhs. The opening market cap of the stock is ₹461.11 crore. The stock will be traded in the ST segment of the NSE, which is for compulsory delivery only (Trade for Trade Surveillance Segment - TFTS) under T+1 rolling settlement. At 10.10 am, the stock is trading at ₹393.75, which is above the listing price of ₹375.00 per share, and the stock is locked in the upper circuit in the morning after a very strong listing. The stock of GP Eco Solutions India (GPES Solar) has a face value of ₹10 per share, and the market lot comprises 1,200 shares. The stock trades under the NSE symbol (GPECO), and the ISIN code for demat credits will be (INE0S7E01015).

About GP Eco Solutions India IPO (GPES Solar)

The stock of GP Eco Solutions India (GPES Solar) has a face value of ₹10 per share and it is a book-built issue. The price for the book building issue is set in the band of ₹90 to ₹94 per share. Being a book-built issue, the final price will be discovered within this band. The IPO of GP Eco Solutions India (GPES Solar) has only a fresh issue component and no offer for sale (OFS) portion. While the fresh issue portion is EPS dilutive and equity dilutive, the OFS is just a transfer of ownership and hence is not EPS or equity dilutive. As part of the fresh issue portion of the IPO, GP Eco Solutions India (GPES Solar) will issue a total of 32,76,000 shares (32.76 lakh shares), which at the upper band IPO price of ₹94 per share aggregates to fresh fund raising of ₹30.79 crore. Since there is no OFS, the fresh issue size will also double as the overall issue. Therefore, the overall IPO size will also comprise of the issue of 32,76,000 shares (32.76 lakh shares) which at the upper band IPO price of ₹94 per share will aggregate to overall IPO size of ₹30.79 crore.

Read more about GP Eco Solutions India IPO

Like every SME IPO, this issue also has a market making portion. The company has set aside a total of 3,27,600 shares as a quota for market inventory. SS Corporate Securities Ltd has already been appointed as the market maker for the issue. The market maker provides two-way quotes to ensure liquidity on the counter and low basis costs. The company has been promoted by Deepak Pandey, Anju Pandey, and Astik Mani Tripathi. The promoter holding in the company currently stands at 86.40%. However, post the fresh issue of shares, the promoter equity holding share will get diluted to 62.23%. The fresh issue funds will be used by the company for investing in its subsidiary, Invergy India Private Ltd, for the purchase of plant & machinery and towards civil construction costs, and also to meet the working capital needs. Corporate Capitalventures Private Ltd will be the lead manager for the issue, and Bigshare Services Private Ltd will be the registrar for the issue. The market maker for the issue is SS Corporate Securities Ltd. The IPO of GP Eco Solutions India (GPES Solar) will be listed on the SME IPO segment of the NSE.