Investors who participated in the GP Eco Solutions India IPO can now check if they have been allotted shares. The allotment status is available on the IPO registrar Bigshare Services’ website.
About the IPO
GP Eco Solutions’ ₹30.79 crore IPO, targeted at the SME segment, was open for subscription from June 14 to June 19, with a price range of ₹90 to ₹94 per share. The IPO saw immense interest, being oversubscribed by a staggering 856.21 times. Investors bid for 176.82 crore shares, far exceeding the 20.65 lakh shares on offer.
Subscription Breakdown
- Non-Institutional Investors (NII): Bids were 1,924.87 times the available shares.
- Retail Investors: Bids were 793.20 times the available shares.
- Qualified Institutional Buyers (QIB): Bids were 236.64 times the available shares.
Checking Allotment Status
You can check your IPO allotment status by following these steps:
- Visit the Bigshare Services Website: Go to Bigshare Services’ IPO allotment page.
- Select the IPO: From the dropdown list, choose GP Eco Solutions India.
- Enter Details: Input your application number, PAN, or DP Client ID.
- Submit: Click submit to view your allotment status.
Key Dates
- Allotment: Shares will be credited to successful applicants’ Demat accounts by June 21.
- Refunds: For those who did not receive shares, refunds will also be processed on June 21.
- Listing: GP Eco Solutions shares will start trading on the NSE SME on June 24, 2024.
IPO Details
- Type: Entirely a fresh issue with no offer for sale.
- Lot Size: Minimum lot size is 1,200 shares.
- Investment: Minimum investment required is ₹1,12,800 for retail investors.
Use of Funds
The proceeds from the IPO will be used for:
- Working Capital: Enhancing the company’s working capital.
- Investment in Subsidiary: Funding Invergy India Private Limited for purchasing equipment and constructing facilities.
- General Corporate Purposes: Covering various corporate expenses.
Company Background
GP Eco Solutions India deals in solar inverters and panels. They distribute products for Sungrow India Pvt Ltd in North India, and for Saatvik Green Energy Private Limited and LONGi Solar Technology Co. Ltd in the same region. They also sell products under their own brand, “Invergy”. The company generates most of its revenue from Uttar Pradesh, followed by Haryana, Maharashtra, and Tamil Nadu.
GMP Today
The Grey Market Premium (GMP) for GP Eco Solutions’ shares stands at ₹180. This suggests the shares might list at around ₹274 each, which is 191.49% above the issue price of ₹94. The GMP has remained stable from the previous session but was lower at ₹168 on June 18, 2024.
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