GRE Renew Enertech Limited IPO

GRE Renew Enertech Limited IPO

SME BSE SME 100% Book Built Offer
Closed

Price Band

₹100 - ₹105

Total Issue

₹39.56 Cr

Bid Dates

13 Jan - 16 Jan

Subscription

15.43x

Est. GMP

₹6 (5.71%)

Website RHP Check Allotment

Tentative Timetable

Open
Close
Allotment
Refunds
Credit
Listing

Business Overview

GRE Renew Enertech Limited specializes in providing solar energy solutions to industrial and commercial customers through on-site solar projects. Its operations are structured around two models: Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO). Under the CAPEX model, customers invest in the project while the company undertakes engineering, procurement, construction, and operation. Under the RESCO model, GRE Renew Enertech develops, owns, and operates solar assets, supplying power to rooftop owners or consumers at a pre-agreed tariff over the contract tenure. While historically focused on rooftop projects, the company is planning a 7.20 MW (AC) / 9.99 MW (DC) ground-mounted solar project under the RESCO model. The company also manufactures LED lighting solutions; however, this segment contributes less than 5% of total turnover, with primary focus now on solar energy.

Lot Info

Lot Information for GRE Renew IPO
Category Lots Shares Amount
Individual (Min) 2 2,400 ₹2,52,000
Individual (Max) 2 2,400 ₹2,52,000
S-HNI (Min) 3 3,600 ₹3,78,000
S-HNI (Max) 7 8,400 ₹8,82,000
B-HNI (Min) 8 9,600 ₹10,08,000
Market Maker
1,92,000 EQ. Shares
Employee
₹0.00
Shareholder
₹0.00

Issue Size

Total ₹39.56 Cr
Fresh Issue
₹39.56 Cr (0.38 Cr Shares)
Offer For Sale
₹0.00 (0.00 Shares)

Objects of the Issue

A1

₹B1 Cr

A2

₹B2 Cr

A3

₹B3 Cr

Grey Market Premium

GMP ₹6
Est. Price ₹111
Est. Gain 5.71%

GRE Renew IPO Peer Comparison

(Rs. in crores)

GRE Renew IPO Peer Comparison Table
Particulars GRE Renew Oriana Power Zodiac Energy
Revenue 79.66 1,018.67 407.78
PAT 7.01 163.35 19.97
EPS (₹) 6.69 81.92 13.38
NAV (₹) 20.72 256.26 64.00
RONW 41.93% 48.62% 27.71%
EBITDA 12.20% 21.74% 9.08%
PAT Mrgn 8.80% 16.04% 4.90%
PE Ratio 15.65 15.99 29.27
Debt to Equity 0.07 0.06 1.63

All information pertains to FY 2024-25. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of December 15th, 2025 for Peers

Financial Performance

(Rs. in crores)

Financial Performance Metrics for GRE Renew IPO
Particulars Sep-25 Mar-25 Mar-24 Mar-23
Revenue 43.98 84.37 92.15 53.11
PAT 4.00 7.03 9.91 0.89
Net Worth 35.22 31.23 21.03 11.14
Borrowings 1.45 1.59 4.57 4.75
Assets 42.77 45.46 49.12 51.65
NAV (₹) 33.48 29.80 21.03 11.14
EPS (₹) 3.80 6.71 9.91 0.89

KPIs

EBITDA

11.33%

PAT

8.39%

ROE

26.89%

ROCE

29.60%

Debt to Equity

0.05

PE Ratio

15.65

PB Ratio

3.52

Mkt Cap (in Crs.)

150.02

  • All the data pertains to FY 2024-25.
  • PE, PB, and market capitalization are calculated based on the Upper Price Band.

Shareholding

Promoter

95.04%

Public

4.96%

Kamleshkumar Patel 49.90%
Kirtikumar Suthar 23.76%
Mukeshkumar Trivedi 4.75%
Others 16.63%

Management

Mehul Raiput Chairman
Kamleshkumar Patel MD
Rakeshkumar Patel CFO

Registrar & Lead Managers

Registrar

Maashitla Securities

Maashitla Securities

Lead Managers (1)

Share India Capital Share India Capital

Subscription Status

Updated as on 16 Jan 2026 | 05:00:00 PM

BSE SME Subscription Status for GRE Renew IPO
Category Sub (x) Offered Bids
QIB 14.69x 7,14,000 1,04,85,600
NII 25.02x 5,40,000 1,35,13,200
bHNI 28.53x 3,60,000 1,02,69,600
sHNI 18.02x 1,80,000 32,43,600
Individual Investor 14.10x 12,60,000 1,77,60,000
Total 16.61x 25,14,000 4,17,58,800

Frequently Asked Questions

What is GRE Renew IPO?
GRE Renew IPO is a SME IPO having an issue size of ₹39.56 Crs. GRE Renew IPO is priced at ₹100 - ₹105 per share. The issue opens on 13 Jan 26 and closes on 16 Jan 26.
When will GRE Renew IPO open?
GRE Renew IPO opens on 13 Jan 26 and closes on 16 Jan 26.
What is the GMP of GRE Renew IPO?
The estimated Grey Market Premium of GRE Renew IPO is ₹6 per share (5.71%).
What is the lot size of GRE Renew IPO?
The minimum lot size of GRE Renew IPO is 1200 shares & the minimum application amount is Rs. 126000.
When is the allotment of GRE Renew IPO?
The allotment date of GRE Renew IPO is 19 Jan 26.
What is the listing date of GRE Renew IPO?
The listing date of GRE Renew IPO is 21 Jan 26.
What is the subscription of GRE Renew IPO?
GRE Renew IPO is subscribed 15.43 times.
What is the price band of GRE Renew IPO?
GRE Renew IPO is priced at ₹100 - ₹105 per share.
How to check allotment status of GRE Renew IPO?
Click the allotment link on GRE Renew IPO page of IPO360.
How to apply GRE Renew IPO in Zerodha?
  1. Go to Kite App → Tap on Bids → Tap on IPO
  2. Select the IPO → Tap on apply → Enter UPI ID
  3. Enter Qty and Price
  4. Submit the application
  5. Approve the UPI Mandate on your UPI app
How to apply GRE Renew IPO in Groww?
  1. Go to Groww App → Stocks Section → Select IPO option
  2. Select the IPO you want to apply
  3. Enter your bid details and price
  4. Enter UPI ID & submit
  5. Approve the UPI Mandate on your UPI app
How to apply GRE Renew IPO using ASBA?
  1. Log in to your bank's net banking portal.
  2. Navigate to the 'IPO' or 'ASBA' section.
  3. Select GRE Renew IPO from the list of available IPOs.
  4. Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
  5. Submit the application.
  6. Money will remain blocked till the refund date