The initial public offer (IPO) of GRE Renew Enertech received bids for 4,17,58,800 shares as against 27,06,000 shares on offer. The issue was subscribed 15.43 times.
Qualified Institutional Buyers (QIBs) bid for 1,04,85,600 shares, Non-Institutional Investors (NIIs) for 1,35,13,200 shares, while individual investors (IND category bidding for 2 lots) placed bids for 1,77,60,000 shares.
The issue opened for bidding on 13 January 2026 and it closed on 16 January 2026. The price band of the IPO was fixed between Rs 100 to Rs 105 per share. The minimum order quantity is 1,200 equity shares. The equity shares will list on BSE’s SME platform.
The IPO comprised fresh issue of 37,68,000 equity shares.
The company intends to utilised the net proceeds for setting up of 7.20 MW (AC) / 9.99 MW (DC) ground mounted solar power plant and general corporate purposes.
Ahead of the IPO, GRE Renew Enertech 12 January 2025, raised Rs 11.15 crore from anchor investors. The board allotted 10.62 lakh shares at Rs 105 each to 9 anchor investors.
GRE Renew Enertech specializes in providing solar energy solutions to industrial and commercial customers. The company’s operations are primarily divided into two business models: Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO). Under the CAPEX model, customers make the capital investment, while the company provides engineering, procurement, construction, and operation services for solar projects.
Under the RESCO model, the company develops, owns, and operates solar projects. Electricity generated from these projects is supplied to rooftop owners or consumers at a pre-determined tariff for the tenure of the agreement, while ownership of the solar assets remains with the company. The RESCO model also includes ground-mounted solar projects, where the land is owned or leased by the company. While the company has not previously developed any major ground-mounted projects under this model, it is planning to implement a 7.20 MW (AC) / 9.99 MW (DC) ground-mounted solar power project. As of 30 September 2025, the company had employed 48 employees.
The company recorded revenue from operations of Rs 43.80 crore and net profit of Rs 4 crore for the period ended 30 September 2025.