GRE Renew Enertech IPO Day 1: Issue fully subscribed on first day. Here's GMP, price band and other details

SME IPO: The initial public offering (IPO) of GRE Renew Enertech opened for subscription on Tuesday, January 13. The SME IPO will remain open for bidding till Friday, January 16.

GRE Renew Enertech focuses on delivering solar energy solutions for industrial and commercial clients, primarily through the installation of on-site solar projects. Its operations are broadly classified into two segments—Capital Expenditure (capex) and the Renewable Energy Service Company (RESCO) model.

Under the capex segment, the company provides end-to-end services including engineering, procurement, construction, and operation of solar installations. In the RESCO model, the company enters into agreements with rooftop owners to develop and operate solar projects.

GRE Renew Enertech IPO subscription status

The GRE Renew Enertech IPO got fully subscribed on the first day of the bidding itself. The SME IPO was subscribed 1.04 times on Tuesday, January 13, as of 2:50 pm, according to data available on BSE.

The Qualified Institutional Buyers (QIBs) category saw the maximum demand, with 3.52 times subscription. Meanwhile, non-institutional investors (NIIs) and individual investors categories were subscribed 0.08 times and 0.19 times, respectively.

GRE Renew Enertech IPO GMP today

The shares of GRE Renew Enertech IPO are currently trading at a premium of ₹7 in the grey market, as per Investorgain. This means that the current GMP of the GRE Renew Enertech IPO is +7. However, ahead of the opening, the GMP of GRE Renew Enertech IPO was +9 in the grey market.

The estimated listing price of the GRE Renew Enertech IPO is likely to be ₹112, which is 6.67% higher than the upper price band of ₹105.

GRE Renew Enertech IPO details

GRE Renew Enertech IPO is a book-built issue aggregating ₹39.56 crore and comprises entirely a fresh issue of 0.38 crore equity shares.

The price band for the IPO has been fixed at ₹100– ₹105 per share. Investors can apply in lots of 1,200 shares, with the minimum retail investment amounting to ₹2,52,000 for 2,400 shares at the upper end of the price band.

The company plans to use the funds from the maiden share sale for setting up of 7.20 MW (AC) / 9.99 MW (DC) ground-mounted solar power plant, along with general corporate purposes.

The allotment is expected to be finalised on January 19, while the company’s shares will list on the BSE SME on January 21.

Share India Capital Services Pvt. Ltd. is acting as the book-running lead manager to the issue, Maashitla Securities Pvt. Ltd. has been appointed as the registrar, and Share India Securities Ltd. will serve as the market maker.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.