Regreen-Excel EPC India Limited, a company specializing in engineering, procurement, and construction (EPC), has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) to launch an Initial Public Offering (IPO).
About the Company
Regreen-Excel EPC India focuses on creating and supplying ethanol plants. It’s one of the fastest-growing companies in India, working on ethanol projects such as distilleries, sugar plants, biofuels, and renewable energy systems. According to a report by F&S, by March 31, 2024, the company will be the youngest among major Indian ethanol plant suppliers.
IPO Details
The IPO will include a fresh issue of shares worth ₹350 crore. Additionally, some of the company’s promoters will sell up to 11,450,380 shares. The promoters involved in selling their shares include:
- Sanjay Shrinivasrao Desai: 3,944,020 shares
- Tushar Vedu Patil: 1,501,272 shares
- Alimuddin Aminuddin Sayyed: 1,501,272 shares
- Kiran Sudhakar Gavali: 1,501,272 shares
- Rokesh Luis Mascarenhas: 1,501,272 shares
- Sagar Satish Raut: 1,501,272 shares
Use of IPO Proceeds
The company will use the funds raised from the IPO to cover capital expenses, repay loans, provide margin money for bank guarantees, and for general corporate purposes.
Lead Managers
ICICI Securities Ltd and IIFL Securities Ltd are the lead managers for this IPO.
Project Experience
Regreen-Excel EPC India has worked on projects both in India and abroad, including Turkey and Thailand. By July 2024, they had completed projects in 17 states across India and were working on 64 ongoing projects worth ₹3,451.68 crore. They also secured 15 new projects between April and July 2024, valued at ₹1,046.25 crore.
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