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 |
13 Jan 26
16 Jan 26
19 Jan 26
19 Jan 26
20 Jan 26
21 Jan 26
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 |
| 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
|
|||
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 |
The estimated Grey Market Premium of GRE Renew IPO is ₹6 per share (5.71%)
| 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 |
| 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.
| 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 |
| 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
| 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
| Name | Shareholding |
|---|---|
| Kamleshkumar Patel | 49.90% |
| Kirtikumar Suthar | 23.76% |
| Mukeshkumar Trivedi | 4.75% |
| Others | 16.63% |
| Total | 95.04% |
| Name | Designation |
|---|---|
| Mehul Raiput | Chairman |
| Kamleshkumar Patel | MD |
| Rakeshkumar Patel | CFO |
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
Frequently 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.