Regreen-Excel EPC India files DRHP for IPO with SEBI

Regreen-Excel EPC India Limited has filed its draft red herring prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI), for an initial public offering (IPO).

Regreen-Excel EPC India is a technologically advanced engineering, procurement, and construction (EPC) company that develops, produces, and supplies ethanol facilities. By March 31, 2024, the firm will have emerged as the youngest of the major Indian manufacturers and suppliers of ethanol plants (distillery, sugar and cogeneration, biofuels, zero liquid discharge systems, and renewable energy), according to the F&S Report.

Issue Details 

In addition to a fresh issue of up to ₹350 crore, the promoter selling stockholders would offer up to 11,450,380 equity shares for sale as part of the company's first public offering.

A bid to sell up to 11,450,380 equity shares, which are jointly referred to as the "promoter selling shareholders" and consist of up to 3,944,020 equity shares by Sanjay Shrinivasrao Desai, up to 1,501,272 equity shares aggregating by Tushar Vedu Patil, up to 1,501,272 equity shares by Alimuddin Aminuddin Sayyed, up to 1,501,272 equity shares by Kiran Sudhakar Gavali, a maximum of 1,501,272 equity shares by Rokesh Luis Mascarenhas, and up to 1,501,272 equity shares by Sagar Satish Raut.

The company plans to use the net proceeds from the new offering to fund its capital expenditure needs, pay back or prepay some of the loans it has taken out, fund the margin money needed to obtain bank guarantees, and use the money for general corporate purposes.

The issue's book running lead managers are ICICI Securities Ltd and IIFL Securities Ltd.

Regreen-Excel EPC India has experience working on projects both inside and outside of India, such as in Turkey and Thailand. They had completed projects in 17 states in Northern India, Southern India, Eastern India, Western India, and Central India as of July 15, 2024.

As of July 15, 2024, the business had 64 active projects totalling ₹3,451.68 crore in its order book. They received 15 fresh orders totalling ₹1,046.25 crore for projects between April 1, 2024, and July 15, 2024. As of July 15, 2024, the business had 64 active projects totalling ₹3,451.68 crore in its order book.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.