GRE Renew Enertech Limited IPO
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.
Price Band₹100 - ₹105 |
Dates13 Jan - 16 Jan |
GMP₹6 (5.71%) |
Subscriptions15.43 times |
Issue Size₹39.56 Crs |
GRE Renew IPO Key Dates
Opening Date
13 Jan 26
Closing Date
16 Jan 26
Basis Of Allotment
19 Jan 26
Initiations Of Refund
19 Jan 26
Credit Of Shares
20 Jan 26
Listing Date
21 Jan 26
GRE Renew IPO Objects
- Setting up of 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant
- General corporate purposes
GRE Renew IPO Details
Price Band₹100 - ₹105 |
Listing AtBSE SME |
IPO Issue Type100% Book Built Offer |
Fresh Issue₹39.56 Cr (0.38 Cr Shares) |
Offer For Sale₹0.00 (0.00 Shares) |
Total Issue₹39.56 Cr (0.38 Cr Shares) |
Face Value₹10 per equity share |
GRE Renew IPO Lot Information
| Investor Category | Lot | Shares | Amount | |
|---|---|---|---|---|
| Individual Investor |
Minimum
2
2,400
2,52,000
Maximum
2
2,400
2,52,000
|
|||
| Small HNI |
Minimum
3
3,600
3,78,000
Maximum
7
8,400
8,82,000
|
|||
| Big HNI |
Minimum
8
9,600
10,08,000
|
|||
GRE Renew IPO Subscription
Updated as on 16 Jan 2026 | 05:00:00 PM
| Investor Category | Subscription (times) | Shares Offered | Shared Bid |
|---|---|---|---|
| QIB | 14.69 | 7,14,000 | 1,04,85,600 |
| NII | 18.46 | 5,40,000 | 1,35,13,200 |
| bNII (bids above ₹10L) | 28.53 | 3,60,000 | 1,02,69,600 |
| sNII (bids between ₹2L to ₹10L) | 18.02 | 1,80,000 | 32,43,600 |
| Retail | 14.10 | 12,60,000 | 1,77,60,000 |
| Total | 15.43 | 27,06,000 | 4,17,58,800 |
GRE Renew IPO GMP
The estimated Grey Market Premium of GRE Renew IPO is ₹6 per share (5.71%)
Category Allocation
| Particulars | Allocation |
|---|---|
| QIB | Not more than 50% of Net Offer |
| NII | Not less than 15% of Net Offer |
| Retail | Not less than 35% of Net Offer |
| Market Maker | 1,92,000 EQ. Shares |
GRE Renew IPO Financials
| 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 |
The financial information presented is on a consolidated basis.
Key Performance Indicators
| KPI | VALUES |
|---|---|
| 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.
GRE Renew IPO Peer Comparision
| 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
GRE Renew IPO Peer Comparision
| Particulars | GRE Renew |
|---|---|
| Revenue | 79.66 |
| PAT | 7.01 |
| EPS (₹) | 6.69 |
| NAV (₹) | 20.72 |
| RONW | 41.93% |
| EBITDA | 12.20% |
| PAT Mrgn | 8.80% |
| PE Ratio | 15.65 |
| Debt to Equity | 0.07 |
| Oriana Power | Zodiac Energy |
|---|---|
| 1,018.67 | 407.78 |
| 163.35 | 19.97 |
| 81.92 | 13.38 |
| 256.26 | 64.00 |
| 48.62% | 27.71% |
| 21.74% | 9.08% |
| 16.04% | 4.90% |
| 15.99 | 29.27 |
| 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
Promoter Details
| Name | Shareholding |
|---|---|
| Kamleshkumar Patel | 49.90% |
| Kirtikumar Suthar | 23.76% |
| Mukeshkumar Trivedi | 4.75% |
| Others | 16.63% |
| Total | 95.04% |
Management Details
| Name | Designation |
|---|---|
| Mehul Raiput | Chairman |
| Kamleshkumar Patel | MD |
| Rakeshkumar Patel | CFO |
Company Details
Name: GRE Renew Enertech Limited
Address: Plot no. 423, G.I.D.C.-II, Dediyasan, Mehsana-384002, Gujarat
Number: +91 9974039300
Email: cs@greindia.com
Website: https://greindia.com
Book Running Lead Managers (BRLMs)
RTAs
Maashitla Securities
Visit WebsiteFrequently Asked questions?
Find answers to common questions that come in your mind related to IPO.
GRE Renew IPO is a SME IPO having an issue size of Rs. ₹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.
GRE Renew IPO opens on 13 Jan 26 and closes on 16 Jan 26.
The estimated Grey Market Premium of GRE Renew IPO is ₹6 per share (5.71%).
The minimum lot size of GRE Renew IPO is 1200 shares & the minimum application amount is Rs. 126000.
The allotment date of GRE Renew IPO is 19 Jan 26.
The listing date of GRE Renew IPO is 21 Jan 26.
GRE Renew IPO is subscribed 15.43 times.
GRE Renew IPO is priced at ₹100 - ₹105 per share.
Click the allotment link on GRE Renew IPO page of IPO360.
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select GRE Renew IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
