Indian EPC Gensol plans IPO

Indian solar company Gensol Engineering Limited, provider of 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). According to consultancy Mercom Capital Group, the company plans to offer up to 2.4 million equity shares and is targeting to raise over INR 130 million ($1.88 million) from the IPO proceeds »to fund its working capital requirements.«
Gensol has developed about 188 MW of utility-scale and rooftop solar projects in India, according to Mercom. In addition to the EPC services, it also provides consulting services such as technical advisory and project reviews. Gensol had a revenue of about INR 700 million ($10.1 million) for the financial year ending March 31, 2018, according to the company’s filing.
»So far it has not been easy for a renewable energy company to go public in India or anywhere in the world due to volatility and market dependence on policy for growth,« commented the Mercom analysts. © PHOTON

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