GRE Renew Enertech IPO is scheduled to open for subscription on January 13, 2026, and will close on January 16, 2026. The allotment is expected to be finalised on January 19, 2026, while the IPO is likely to list on the BSE SME platform on January 21, 2026.
This is a Bookbuilding Issue where the company plans to raise around ₹40 crore through a fresh issue of equity shares. There is no confirmed offer for sale component mentioned in the issue structure.
GRE Renew Enertech IPO is priced in the range of ₹100 to ₹105 per share, with a face value of ₹10 per equity share. Retail investors, HNIs, and QIBs can apply during the subscription period through ASBA or UPI-based IPO applications.
Contents
GRE Renew Enertech IPO Key Details
| Particular | Details |
|---|---|
| IPO Open Date | January 13, 2026 |
| IPO Close Date | January 16, 2026 |
| Face Value | ₹10 per equity share |
| IPO Price Band | ₹100 to ₹105 per share |
| Issue Size | Approx ₹40 Crores |
| Fresh Issue | Approx ₹40 Crores |
| Issue Type | Bookbuilding Issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
GRE Renew Enertech IPO
Open: 13-16 Jan
Issue Size: ₹40 Cr.
Objective: To raise funds to build a 7.2 MW ground-mounted solar power plant.
Exchange: BSE SME
GRE Renew Enertech IPO Review
GRE Renew Enertech operates in the renewable energy space with a strong focus on solar solutions for industrial and commercial clients. The company has shown revenue growth over the years, although FY2025 revenue declined slightly compared to FY2024. Profitability remains healthy, supported by strong margins and low debt levels.
The company’s return ratios such as ROE and ROCE are robust, reflecting efficient capital utilisation. However, investors should note the fluctuation in revenue and profit in recent financial years. Given the long-term growth potential of the solar energy sector and the company’s execution experience, the IPO appears more suitable for investors with a long-term investment horizon rather than short-term listing gains.
GRE Renew Enertech IPO Market Lot Details
The minimum application size for GRE Renew Enertech IPO is relatively high due to SME norms.
| Application Category | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lots | 2,400 | ₹2,52,000 |
| Retail Maximum | 2 Lots | 2,400 | ₹2,52,000 |
| S-HNI Minimum | 3 Lots | 3,600 | ₹3,78,000 |
| S-HNI Maximum | 7 Lots | 8,400 | ₹8,82,000 |
| B-HNI Minimum | 8 Lots | 9,600 | ₹10,08,000 |
GRE Renew Enertech IPO Reservation Details
| Investor Category | Shares Offered | Percentage |
|---|---|---|
| QIB (Ex-Anchor) | – Shares | 50% |
| NII (HNI) | – Shares | 15% |
| Retail Investors | – Shares | 35% |
| Anchor Investors | – Shares | -% |
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GRE Renew Enertech IPO Anchor Investors
| Particulars | Details |
|---|---|
| Anchor Bidding Date | 2026 |
| Anchor Investors List | View PDF |
| Shares Offered | |
| Anchor Size | Cr. |
| Lock-in Period End Date (50% – 30 Days) | 2026 |
| Lock-in Period End Date (50% – 90 Days) | 2026 |
GRE Renew Enertech IPO Important Dates
| Event | Date |
|---|---|
| IPO Open Date | January 13, 2026 |
| IPO Close Date | January 16, 2026 |
| IPO Bidding Cut-off Time | January 16, 2026 – 5:00 PM |
| Basis of Allotment | January 19, 2026 |
| Initiation of Refunds | January 20, 2026 |
| Credit of Shares to Demat | January 20, 2026 |
| IPO Listing Date | January 21, 2026 |
| Listing Exchange | BSE SME |
Promoters and Shareholding Pattern
The promoters of GRE Renew Enertech Limited are Mr. Kamleshkumar Dahyalal Patel, Mr. Kirtikumar Kantilal Suthar, and Mr. Mukeshkumar Prahladbhai Trivedi.
| Particulars | Shares | Shareholding |
|---|---|---|
| Promoter Holding Pre-Issue | 1,05,20,000 | 95.06% |
| Promoter Holding Post-Issue | 1,42,88,000 | 69.99% |
Objects of the Issue
The primary objective of the GRE Renew Enertech IPO is to fund the setting up of a 7.20 MW (AC) / 9.99 MW (DC) ground-mounted solar power plant. A portion of the proceeds will also be utilised for general corporate purposes, which include strengthening operational capabilities and supporting business expansion.
Objects of the Issue – Utilisation Breakdown
| Purpose | Amount (₹ Crores) |
|---|---|
| Solar Power Plant Setup | 32.61 |
| General Corporate Purposes |
About GRE Renew Enertech Limited
Incorporated in 2006, GRE Renew Enertech Limited provides rooftop and ground-mounted solar solutions primarily to industrial and commercial customers. The company operates under two business models: CAPEX and RESCO.
Under the CAPEX model, the company undertakes engineering, procurement, construction, and operation of solar power projects. Under the RESCO model, GRE Renew Enertech installs and operates solar systems on customer rooftops through long-term agreements.
The company is also engaged in manufacturing LED lighting solutions, although its core focus in recent years has shifted towards renewable energy solutions. GRE Renew Enertech aims to establish itself as a preferred solar solutions provider by delivering quality projects with efficient execution.
GRE Renew Enertech Financial Performance
Amount in ₹ Crores
| Financial Year | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | 53.11 | 74.91 | 0.89 | 51.65 |
| 2024 | 92.15 | 79.52 | 9.91 | 49.12 |
| 2025 | 84.37 | 51.59 | 7.03 | 45.46 |
GRE Renew Enertech IPO Valuation Metrics (FY2025)
| KPI | Value |
|---|---|
| ROE | 26.89% |
| ROCE | 29.60% |
| EBITDA Margin | 11.33% |
| PAT Margin | 8.39% |
| Debt to Equity Ratio | 0.05 |
| EPS (Basic) | ₹6.71 |
| P/E Ratio | |
| RoNW | 26.89% |
| NAV | ₹29.68 |
Peer Comparison
| Company Name | EPS | PE Ratio | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Oriana Power Limited | 81.92 | 15.99 | 48.62% | 256.26 | 1018.67 Cr |
| Zodiac Energy Limited | 13.38 | 29.27 | 27.71% | 64 | 407.78 Cr |
IPO Lead Manager
Share India Capital Services Pvt. Ltd.
Company Address
| Particular | Details |
|---|---|
| Company Name | GRE Renew Enertech Ltd. |
| Address | Plot No. 423, G.I.D.C.-II, Dediyasan |
| City | Mehsana |
| State | Gujarat |
| PIN Code | 384002 |
| Phone | +91 9974039300 |
| cs@greindia.com | |
| Website | http://greindia.com |
IPO Registrar
Maashitla Securities Pvt. Ltd.
Phone: +91-11-45121795-96
Email: ipo@maashitla.com
Website: https://maashitla.com/allotment-status/public-issues
GRE Renew Enertech IPO FAQs
What is GRE Renew Enertech IPO?
GRE Renew Enertech IPO is an SME IPO aiming to raise ₹40 crore through a fresh issue of equity shares. The IPO will be listed on BSE SME.
When will GRE Renew Enertech IPO open?
The IPO will open for subscription on January 13, 2026, and close on January 16, 2026.
What is the price band of GRE Renew Enertech IPO?
The price band is fixed at ₹100 to ₹105 per share.
What is the minimum lot size for GRE Renew Enertech IPO?
The minimum lot size is 2,400 shares, amounting to ₹2,52,000.
When is the GRE Renew Enertech IPO allotment date?
The allotment is expected to be finalised on January 19, 2026.
On which exchange will GRE Renew Enertech IPO be listed?
The IPO will be listed on the BSE SME platform.
Expert Comment
GRE Renew Enertech IPO comes from a company operating in a structurally growing renewable energy sector with solid return ratios and minimal debt. While recent financials show some moderation in revenue and profit, the long-term solar capacity expansion plans and strong execution history provide comfort.
Investors looking for long-term exposure to the solar EPC and RESCO business model may consider this IPO after evaluating valuation comfort and risk appetite.
