GRE Renew Enertech Ltd IPO
Status: Closed
Overview
IPO date
13 Jan 2026 to 16 Jan 2026
Face value
₹ 10 per share
Price
₹ 100 to ₹105 per share
Issue Size
3,768,000 shares
(aggregating up to ₹ 39.56 Cr)
(aggregating up to ₹ 39.56 Cr)
Allotment Date
19 Jan 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Power Infrastructure
Objectives of GRE Renew Enertech Ltd IPO
GRE Renew Enertech Ltd IPO Strategy
About GRE Renew Enertech Ltd
Unlock Stock of the Month
T&C*
Strengths vs Risks of GRE Renew Enertech Ltd
Know the pros & cons
Strengths
Comprehensive end-to-end EPC solutions provider with a global execution track record.- Strong relationship with customers and other key stakeholders.
- Well-equipped with advance technology.
- Experienced Promoters and Technically Sound Operation Team.
- Track record of growth and profitability.
- Long term relationship with clients and repeat business.
Risks
- The company may be unable to accurately estimate costs under fixed-price EPC contracts, fail to maintain the quality
and performance guarantees under its EPC contracts, The company may experience delays in completing the
construction of solar power projects, which may increase its construction costs and working capital
requirements and thus may have a material adverse effect on the company financial condition, cash flow and results
of operations.
- The company operates in a competitive industry and as such its may not be successful in bidding for and winning bids
for solar power projects to grow the company business at national level, which may have a material adverse effect its
business, financial condition, results of operations and prospects.
- The company has projects mainly concentrated in one state - Gujarat. Any geographical disturbance in Gujarat can
heavily adversely affect its business.
- The company business operations relies on consistent solar weather conditions and unfavourable solar weather
conditions could have a material adverse effect on its business, financial condition and results of
operations.
- The company, inter-alia, bid for projects funded by the Central and State Governments and derives its revenues from
the work orders awarded to the company. Any reduction in budgetary allocation to its industry sector may affect the
number of projects that the government authorities/bodies may plan to develop in a particular period.
- The company relies on its in-house designing and engineering team for project execution.
- The company Order Book may not be representative of its future results and the company actual income may be significantly
less than the estimates reflected in its Order Book, which could adversely affect the company results of operations.
- Delays in the completion of current and future projects could lead to termination of engineering,
procurement and construction ("EPC") agreements or cost overruns, which could have an adverse effect on
the company cash flows, business, results of operations and financial condition.
- The Objects of the Issue for which funds are being raised, are based on the company management estimates and any
bank or financial institution or any independent agency has not appraised the same.
- The company has experienced negative operating cash flows in the past. Any operating losses or negative cash flows
in the future could adversely affect its results of operations and financial conditions.
- Increase in the prices of raw materials and labour could have an adverse effect on the company business, results of
operations and financial condition.
- Additionally, the company does not have long-term contracts with suppliers of Solar PV module and all other raw
materials and therefore, are susceptible to potential unavailability of raw materials.
- The company actual cost in executing Projects may vary substantially from the assumptions underlying its bid or
estimates. The company may be unable to recover all or some of the additional costs and expenses, which may have a
material adverse effect on its results of operations, cash flows and financial condition.
- The company business is operating under various laws which requires its to obtain approvals from the concerned
statutory/regulatory authorities in the ordinary course of business and the company's inability to obtain, maintain or
renew requisite statutory and regulatory permits and approvals for its business operations could materially
and adversely affect the company business, prospects, results of operations and financial condition.
- The company contracts with government authorities/bodies usually contain terms that favour them and they may
terminate its contracts prematurely under various circumstances beyond its control and as such, the company has
limited ability to negotiate terms of these contracts and may have to accept restrictive or onerous provisions.
- The company business is exposed to various implementation risk and other uncertainties which may adversely affect
its business, results of operations and financial condition.
- The company may not be able to grow its portfolio of renewable energy power projects as the company relies on highly competitive
renewable energy power project auctions.
- The company is dependent on its Power Purchase Agreements ("PPA") to sell power and generate the company revenue from
operations. Further, the terms of its PPAs may expose the company to certain risks that may affect its future results
of operations and cash flows.
- Exceptional growth rates in the company business could indicate volatility, and its high dependence on the solar
segment may expose the company to potential risks.
- The Company has in the past entered into related party transactions and may continue to does so in the future.
There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse
effect on its Company's financial condition and results of operations.
- There have been instances of delays in filings of certain forms which were required to be filed as per the
reporting requirements under the Companies Act, 2013 to RoC.
- The Company, in the past has delayed in payment of statutory dues. Any Penalty or demand raised by statutory
authorities in future will affect its financial position of the Company.
- If the company are unable to establish and maintain an effective system of internal controls and compliances, its
business and reputation could be adversely affected
- The company may be unable to sufficiently obtain, maintain, protect, or enforce its intellectual property and other
proprietary rights.
- The company may not be able to grow its portfolio of solar power projects as the company relies on highly competitive central
and state government solar power project auctions.
- The company has not independently verified certain data in this Red Herring prospectus.
- Implementing the company growth strategy requires significant capital expenditure and will depends to a significant
extent on its ability to obtain the necessary funding and on acceptable terms.
- The company operates in a competitive industry and as such its may not be successful in bidding for and winning bids
for solar power projects to grow the company business globally, which may have a material adverse effect its
business, financial condition, results of operations and prospects.
- Orders in the company order book may be delayed, modified or cancelled and letters of intent may be withdrawn or
may not translate to confirmed orders, which may have a material adverse effect on its business, results of
operations and financial condition.
- Its business operations relies on consistent solar weather conditions and unfavorable solar weather
conditions could have a material adverse effect on the company business, financial condition and results of
operations.
- The average cost of acquisition of Equity Shares by its Promoters could be lower than the issue price.
- The company Promoters and members of the Promoter Group will continue jointly to retain majority control over its
Company even after the Issue which will allow them to determine the outcome of matters submitted to
shareholders for approval.
- There may be potential conflicts of interest if its Promoters or Directors get involved in any business
activities that compete with or are in the same line of activity as the company business operations.
- Several of the company key raw materials and components are sourced from a limited group of third-party suppliers
giving rise to supplier concentration risks. Any restrictions in supply or defects in quality could cause delays
in project construction or implementation and impair its ability to provide the company services to customers at a
price that is profitable to its, which could have a material adverse effect on the company business, financial condition
and results of operations.
- The company success will depends on its ability to attract and retain the company key managerial personnel, its design
and engineering team and other key personnel. Failures to does so may have a material adverse effect on
the company business, financial condition and results of operations.
- Change in technology, evolving customer requirements and emerging industry trends may affect the company
business, may render its current technologies obsolete and may requires the company to make substantial capital
investments.
- The company insurance coverage may not be adequate to protect its against certain operating hazards and this may
have a material adverse effect on the company business.
- An inability to protect the company intellectual property rights, or any exposure to misappropriation and
infringement claims by third parties, could have an adverse effect on its business, reputation, financial
condition and results.
- The company operations may cause injury to people or property and therefore could subject its to significant
disruptions in the company business, legal and regulatory actions, costs and liabilities which could materially and
adversely affect its business, financial condition and results of operations.
- The company business, financial condition and results of operations could be materially and adversely affected by
strikes, work stoppages and/or increased wages demands by its employees or any other kind of dispute with
the company employees and other workers.
- In addition to normal remuneration, other benefits and reimbursement of expenses some of the company Promoters
who are directors as well, hold Equity Shares in its Company and may be interested in the Company to the
extent of interest received on loan given, their shareholding and dividend entitlement in its Company
- The company has not made any dividend payments in the past and the company ability to pay dividends in the future will
depends upon future earnings, financial condition, cash flows, working capital requirements, capital
expenditures and restrictive covenants in the company financing arrangements.
- The Issue price of the company Equity Shares may not be indicative of the market price of its Equity Shares after
the Issue and the market price of the company Equity Shares may decline below the issue price and you may not be
able to sell your Equity Shares at or above the Issue Price.
- Lockdown and suspension of commercial operations will affect the growth of the company business and cash flows.
- The company growth will depends on its ability to build the company brand and failure to does so will negatively impact its
ability to effectively compete in this industry.
- The company Subsidiary are involved in a business which is of same line of business/unit as that of its Company.
- You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- The price of the company Equity Shares may be volatile, or an active trading market for its Equity Shares may not
develop.
- If the company is unable to attract new clients or its existing clients does not renew their contract, the growth of the company
business and cash flows will be adversely affected.
- The Objects of the Issue for which funds are being raised, are based on the company management estimates and any
bank or financial institution or any independent agency has not appraised the same. The deployment of
funds in the project is entirely at its discretion, based on the parameters as mentioned in the chapter titles
"Objects of the Issue".
- The company cannot assure you that its equity shares will be listed on the SME platform of BSE in a timely manner
or at all, which may restrict your ability to dispose of the equity shares.
- Sale of Equity Shares by the company Promoters or other significant shareholder(s) may adversely affect the trading
price of the Equity Shares.
- After this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the
Equity Shares may not develop.
- In case of any inability arise to source business opportunities effectively, the company may not achieve its financial
objectives.
GRE Renew Enertech Ltd Peer Comparison
Understand the company’s industry standing
GRE Renew Enertech Ltd
Oriana Power Ltd
Zodiac Energy Ltd.
Face Value
10
10
10
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
79.66
1018.67
407.78
EPS-Basis
6.69
81.92
13.38
EPS-Diluted
6.69
81.92
13.27
NAV Per Share
20.72
256.26
64
P/E-Basic EPS
---
15.99
29.27
P/E-Diluted EPS
---
---
---
RONW(%)
41.93
48.62
27.71
Latest NAV Period
---
---
---
Latest NAV
---
---
---
How to check the allotment status of GRE Renew Enertech Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
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The IPO opens on 13 Jan 2026 & closes on 16 Jan 2026.
GRE Renew Enertech Limited was originally formed as Partnership Firm in name and style of 'M/s. GRE Electronics' pursuant to the Partnership Deed dated April 1, 1999, having its principle place of business at Mehsana, Gujarat on the terms and condition contained in the said Partnership Deed. Further, the Partnership Firm was converted into Private Limited Company in the name and style of 'GRE Electronics Private Limited on October 24, 2008 vide incorporation issued by Registrar of Companies, Gujarat. The name of the Company was changed from 'GRE Electronics Private Limited' to 'GRE Renew Enertech Private Limited' on June 6, 2023 by Registrar of Companies, Ahmedabad. Subsequently, the status was converted into a Public Company and the Company name was changed from 'GRE Renew Enertech Private Limited' to 'GRE Renew Enertech Limited' and a Fresh Certificate of Incorporation dated July 24, 2024 issued by the Registrar of Companies, Ahmedabad.
The Company launched CFL- Energy saving product in 1999. GRE is an emerging player in the field of Rooftop and ground mount solar solutions. It specializes in providing solar energy solutions to industrial and commercial customers. It offer green energy solutions by installing on-site solar projects. Company is also an Indian manufacturer of Light Emitting Diode (LED) lighting solutions. Along with solar, Company goes further in the field of manufacturing of LED lighting applications. It hold a Foreign Subsidiary Company DK USA Inc., established in FY10. It ventured into manufacturing business of LED lightings in 2012. Later, in year 2017, the Company diversified into solar projects.
The purpose of the Company is to protect the environment by reducing carbon footprints by using more and more of the most abundant sources of energy- The SUN. iT help to protect the environment by powering with 100% renewable energy.
The Company has come up with IPO by issuing 37,68,000 equity shares of Rs 10 each and raised Rs 39.56 crore through fresh issue on January 16, 2026.
GRE Renew Enertech Ltd IPO will close on 16 Jan 2026.
- Comprehensive end-to-end EPC solutions provider with a global execution track record.
- Strong relationship with customers and other key stakeholders.
- Well-equipped with advance technology.
- Experienced Promoters and Technically Sound Operation Team.
- Track record of growth and profitability.
- Long term relationship with clients and repeat business.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Kamleshkumar Dahyalal Patel | 5250000 | 49.9 | 5250000 | 36.74 |
| 2 | Kirtikumar Kantilal Suthar | 2500000 | 23.76 | 2500000 | 17.5 |
| 3 | Mukeshkumar Prahladbhai Trived | 500000 | 4.75 | 500000 | 3.5 |
| 4 | Hasmukh Dahyalal Patel | 550000 | 5.23 | 550000 | 3.85 |
| 5 | Jitendrakumar Patel | 400000 | 3.8 | 400000 | 2.8 |
| 6 | Rameshchandra Keshavlal Patel | 100000 | 0.95 | 100000 | 0.7 |
| 7 | Maniben Rameshchandra Patel | 100000 | 0.95 | 100000 | 0.7 |
| 8 | Ashaben Prakashchandra Patel | 400000 | 3.8 | 400000 | 2.8 |
| 9 | Bhavnaben Kamleshkumar Patel | 200000 | 1.9 | 200000 | 1.4 |
- The company may be unable to accurately estimate costs under fixed-price EPC contracts, fail to maintain the quality and performance guarantees under its EPC contracts, The company may experience delays in completing the construction of solar power projects, which may increase its construction costs and working capital requirements and thus may have a material adverse effect on the company financial condition, cash flow and results of operations.
- The company operates in a competitive industry and as such its may not be successful in bidding for and winning bids for solar power projects to grow the company business at national level, which may have a material adverse effect its business, financial condition, results of operations and prospects.
- The company has projects mainly concentrated in one state - Gujarat. Any geographical disturbance in Gujarat can heavily adversely affect its business.
- The company business operations relies on consistent solar weather conditions and unfavourable solar weather conditions could have a material adverse effect on its business, financial condition and results of operations.
- The company, inter-alia, bid for projects funded by the Central and State Governments and derives its revenues from the work orders awarded to the company. Any reduction in budgetary allocation to its industry sector may affect the number of projects that the government authorities/bodies may plan to develop in a particular period.
- The company relies on its in-house designing and engineering team for project execution.
- The company Order Book may not be representative of its future results and the company actual income may be significantly less than the estimates reflected in its Order Book, which could adversely affect the company results of operations.
- Delays in the completion of current and future projects could lead to termination of engineering, procurement and construction ("EPC") agreements or cost overruns, which could have an adverse effect on the company cash flows, business, results of operations and financial condition.
- The Objects of the Issue for which funds are being raised, are based on the company management estimates and any bank or financial institution or any independent agency has not appraised the same.
- The company has experienced negative operating cash flows in the past. Any operating losses or negative cash flows in the future could adversely affect its results of operations and financial conditions.
- Increase in the prices of raw materials and labour could have an adverse effect on the company business, results of operations and financial condition.
- Additionally, the company does not have long-term contracts with suppliers of Solar PV module and all other raw materials and therefore, are susceptible to potential unavailability of raw materials.
- The company actual cost in executing Projects may vary substantially from the assumptions underlying its bid or estimates. The company may be unable to recover all or some of the additional costs and expenses, which may have a material adverse effect on its results of operations, cash flows and financial condition.
- The company business is operating under various laws which requires its to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course of business and the company's inability to obtain, maintain or renew requisite statutory and regulatory permits and approvals for its business operations could materially and adversely affect the company business, prospects, results of operations and financial condition.
- The company contracts with government authorities/bodies usually contain terms that favour them and they may terminate its contracts prematurely under various circumstances beyond its control and as such, the company has limited ability to negotiate terms of these contracts and may have to accept restrictive or onerous provisions.
- The company business is exposed to various implementation risk and other uncertainties which may adversely affect its business, results of operations and financial condition.
- The company may not be able to grow its portfolio of renewable energy power projects as the company relies on highly competitive renewable energy power project auctions.
- The company is dependent on its Power Purchase Agreements ("PPA") to sell power and generate the company revenue from operations. Further, the terms of its PPAs may expose the company to certain risks that may affect its future results of operations and cash flows.
- Exceptional growth rates in the company business could indicate volatility, and its high dependence on the solar segment may expose the company to potential risks.
- The Company has in the past entered into related party transactions and may continue to does so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on its Company's financial condition and results of operations.
- There have been instances of delays in filings of certain forms which were required to be filed as per the reporting requirements under the Companies Act, 2013 to RoC.
- The Company, in the past has delayed in payment of statutory dues. Any Penalty or demand raised by statutory authorities in future will affect its financial position of the Company.
- If the company are unable to establish and maintain an effective system of internal controls and compliances, its business and reputation could be adversely affected
- The company may be unable to sufficiently obtain, maintain, protect, or enforce its intellectual property and other proprietary rights.
- The company may not be able to grow its portfolio of solar power projects as the company relies on highly competitive central and state government solar power project auctions.
- The company has not independently verified certain data in this Red Herring prospectus.
- Implementing the company growth strategy requires significant capital expenditure and will depends to a significant extent on its ability to obtain the necessary funding and on acceptable terms.
- The company operates in a competitive industry and as such its may not be successful in bidding for and winning bids for solar power projects to grow the company business globally, which may have a material adverse effect its business, financial condition, results of operations and prospects.
- Orders in the company order book may be delayed, modified or cancelled and letters of intent may be withdrawn or may not translate to confirmed orders, which may have a material adverse effect on its business, results of operations and financial condition.
- Its business operations relies on consistent solar weather conditions and unfavorable solar weather conditions could have a material adverse effect on the company business, financial condition and results of operations.
- The average cost of acquisition of Equity Shares by its Promoters could be lower than the issue price.
- The company Promoters and members of the Promoter Group will continue jointly to retain majority control over its Company even after the Issue which will allow them to determine the outcome of matters submitted to shareholders for approval.
- There may be potential conflicts of interest if its Promoters or Directors get involved in any business activities that compete with or are in the same line of activity as the company business operations.
- Several of the company key raw materials and components are sourced from a limited group of third-party suppliers giving rise to supplier concentration risks. Any restrictions in supply or defects in quality could cause delays in project construction or implementation and impair its ability to provide the company services to customers at a price that is profitable to its, which could have a material adverse effect on the company business, financial condition and results of operations.
- The company success will depends on its ability to attract and retain the company key managerial personnel, its design and engineering team and other key personnel. Failures to does so may have a material adverse effect on the company business, financial condition and results of operations.
- Change in technology, evolving customer requirements and emerging industry trends may affect the company business, may render its current technologies obsolete and may requires the company to make substantial capital investments.
- The company insurance coverage may not be adequate to protect its against certain operating hazards and this may have a material adverse effect on the company business.
- An inability to protect the company intellectual property rights, or any exposure to misappropriation and infringement claims by third parties, could have an adverse effect on its business, reputation, financial condition and results.
- The company operations may cause injury to people or property and therefore could subject its to significant disruptions in the company business, legal and regulatory actions, costs and liabilities which could materially and adversely affect its business, financial condition and results of operations.
- The company business, financial condition and results of operations could be materially and adversely affected by strikes, work stoppages and/or increased wages demands by its employees or any other kind of dispute with the company employees and other workers.
- In addition to normal remuneration, other benefits and reimbursement of expenses some of the company Promoters who are directors as well, hold Equity Shares in its Company and may be interested in the Company to the extent of interest received on loan given, their shareholding and dividend entitlement in its Company
- The company has not made any dividend payments in the past and the company ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in the company financing arrangements.
- The Issue price of the company Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of the company Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
- Lockdown and suspension of commercial operations will affect the growth of the company business and cash flows.
- The company growth will depends on its ability to build the company brand and failure to does so will negatively impact its ability to effectively compete in this industry.
- The company Subsidiary are involved in a business which is of same line of business/unit as that of its Company.
- You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- The price of the company Equity Shares may be volatile, or an active trading market for its Equity Shares may not develop.
- If the company is unable to attract new clients or its existing clients does not renew their contract, the growth of the company business and cash flows will be adversely affected.
- The Objects of the Issue for which funds are being raised, are based on the company management estimates and any bank or financial institution or any independent agency has not appraised the same. The deployment of funds in the project is entirely at its discretion, based on the parameters as mentioned in the chapter titles "Objects of the Issue".
- The company cannot assure you that its equity shares will be listed on the SME platform of BSE in a timely manner or at all, which may restrict your ability to dispose of the equity shares.
- Sale of Equity Shares by the company Promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
- After this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the Equity Shares may not develop.
- In case of any inability arise to source business opportunities effectively, the company may not achieve its financial objectives.
The Issue type of GRE Renew Enertech Ltd is Book Building - SME.
The minimum application for shares of GRE Renew Enertech Ltd is 2400.
The total shares issue of GRE Renew Enertech Ltd is 3768000.
Initial public issue of up to 37,68,000 equity shares of face value of Rs. 10/- each of GRE Renew Enertech Limited ("GRE or the company or the "Issuer") for cash at a price of Rs.105 per equity share including a share premium of Rs.95 per equity share (the "Issue Price") aggregating to Rs.39.56 crores ("The Offer"), comprising a fresh issue of up to 37,68,000 equity shares aggregating up to Rs. 39.56 crores by the company ("Fresh Issue") out of which, 1,92,000 equity shares aggregating to Rs. 2.02 crores will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion"). The offer less the market maker reservation portion i.e., net offer of up to 35,76,000 equity shares of face value of Rs. 10/- each at a price of Rs. 105 per equity share including a share premium of Rs. 95 per equity share aggregating to Rs. 37.55 crores is herein after referred to as the "Net Offer". The offer and the net offer will constitute 26.37% and 25.02%, respectively, of the post issue paid up equity share capital of the company.
Price Band: Rs.105 per equity share of face value Rs. 10/- each.
The floor price is 10.5 times of the face value of the equity shares.
Bids can be made for a minimum of 2400 equity shares and in multiples of 1200 equity shares thereafter.