Gensol is targeting to raise over ₹130 million ($1.88 million) from the IPO proceeds to fund its working capital requirements.
Gensol Engineering Limited (Gensol), a company that provides engineering, procurement, and construction (EPC) and advisory services for solar projects in India, has filed a draft red herring prospectus as part of its planned initial public offering (IPO).
The company plans to offer up to 2.4 million equity shares of face value ₹10 ($0.14). Gensol is targeting to raise over ₹130 million ($1.88 million) from the IPO proceeds to fund its working capital requirements. The company also plans to raise funds to meet its financial needs for general corporate purposes such as brand building and strategic initiatives.
Gensol has developed about 188 MW of utility-scale and rooftop solar projects in India, according to the company filings. In addition to the EPC services, it also provides consulting services such as technical advisory and project reviews.