GP Eco Solutions IPO Allotment Today: Here's how to check status; know latest GMP

Following significant investor interest during the three days of bidding, investors can now check their allotment status for the GP Eco Solutions India IPO. The status can be verified through the IPO registrar, Bigshare Services' website.

The ₹30.79 crore SME IPO of GP Eco Solutions India, which was available for subscription from June 14-19 with a price band of ₹90-94, saw overwhelming demand, being subscribed 856.21 times. Investors bid for 176.82 crore shares compared to the 20.65 lakh shares on offer. The Non-Institutional Investor (NII) portion was the most sought after, with bids 1,924.87 times the available shares, followed by the retail investor quota at 793.20 times, and the Qualified Institutional Buyer (QIB) portion at 236.64 times.

Here's how you can check the allotment status:

Bigshare Services website (IPO registrar):

- Visit the Bigshare Services website.

- Navigate to the IPO allotment status page.

- Select GP Eco Solutions India from the dropdown list of IPOs.

- Enter your application number, PAN, or DP Client ID.

- Submit the details to check your allotment status.

By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

The shares will be credited to the allottees' Demat accounts on June 21. Investors who were not allotted shares will also have their refunds initiated on the same day.

The shares will be listed on NSE SME on June 24, 2024.

IPO details

The issue is entirely a fresh issue with no offer for sale component. The minimum lot size for an application is 1,200 shares and the minimum amount of investment required by retail investors is ₹1,12,800.

The company intends to use the net fresh issue proceeds for the following purposes: meeting the company's working capital requirements; investing in its subsidiary, Invergy India Private Limited ("IIPL") in relation to the purchase of plant and machinery and other miscellaneous assets, as well as construction / civil works for its facility; and general corporate expenses.

Corporate Capital Ventures Pvt Ltd is the book running lead manager of the IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker is Ss Corporate Securities.

According to the Red Herring Prospectus (RHP), GP Eco Solutions India distributes a wide range of solar inverters and panels. It is an authorised distributor of Sungrow India Pvt Ltd for solar inverters in North India, and of Saatvik Green Energy Private Limited and LONGi Solar Technology Co. Ltd for solar panels in the same region. The company also markets products under its own brand, "Invergy". The majority of GP Eco's revenues come from Uttar Pradesh, followed by Haryana, Maharashtra, and Tamil Nadu.

GP Eco's listed peer, Sungarner Energies Ltd, has a P/E ratio of 59.14.

GP Eco Solutions IPO GMP today

The GMP or grey market premium for the stock was ₹180, which indicated that the issue is likely to list at ₹274, a 191.49 percent premium to issue price of ₹94.

The GMP was same in the previous session but was down at ₹168 on June 18, 2024.