GRE Renew Enertech Limited IPO
GRE Renew Enertech Limited IPO
Price Band
₹100 - ₹105
Total Issue
₹39.56 Cr
Bid Dates
13 Jan - 16 Jan
Subscription
15.43x
Est. GMP
₹6 (5.71%)
Tentative Timetable
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
| 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 |
Issue Size
Objects of the Issue
A1
A2
A3
Grey Market Premium
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 20 Jan | ₹6 (5.7%) | ₹111 |
| 19 Jan | ₹6 (5.7%) | ₹111 |
| 18 Jan | ₹6 (5.7%) | ₹111 |
| 17 Jan | ₹6 (5.7%) | ₹111 |
| 16 Jan | ₹6 (5.7%) | ₹111 |
| 15 Jan | ₹7 (6.7%) | ₹112 |
| 14 Jan | ₹7 (6.7%) | ₹112 |
| 13 Jan | ₹7 (6.7%) | ₹112 |
| 12 Jan | ₹6 (5.7%) | ₹111 |
| 11 Jan | ₹9 (8.6%) | ₹114 |
| 10 Jan | ₹9 (8.6%) | ₹114 |
| 09 Jan | ₹9 (8.6%) | ₹114 |
| 08 Jan | ₹9 (8.6%) | ₹114 |
| 07 Jan | ₹9 (8.6%) | ₹114 |
| 06 Jan | ₹9 (8.6%) | ₹114 |
| 05 Jan | ₹9 (8.6%) | ₹114 |
GRE Renew IPO Peer Comparison
(Rs. in crores)
| 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)
| 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%
Management
Subscription Status
Updated as on 16 Jan 2026 | 05:00:00 PM
| 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?
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How to apply GRE Renew IPO in Zerodha?
- 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
How to apply GRE Renew IPO in Groww?
- 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
How to apply GRE Renew IPO using ASBA?
- 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