GRE Renew Enertech IPO
Market Sentiment
IPO Details
IPO Reservation
Financial Analysis
| Metric | 2023 | 2024 | 2025 | Sep 2025 |
|---|---|---|---|---|
| Revenue | 53.11 | 92.15 | 84.37 | 43.98 |
| Expense | 74.91 | 79.52 | 74.91 | 38.58 |
| Profit (PAT) | 0.89 | 9.91 | 7.03 | 4.00 |
| Total Assets | 51.65 | 49.12 | 45.46 | 42.77 |
| Company | P/E | EPS | Market Cap (Cr) |
|---|---|---|---|
| Oriana Power Limited | 15.99 | 81.92 | 49 |
| Zodiac Energy Limited | 29.27 | 13.38 | 28 |
Promoters: Mr. Kamleshkumar Dahyalal Patel, Mr. Kirtikumar Kantilal Suthar, and Mr. Mukeshkumar Prahladbhai Trivedi
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 1,05,20,000 | 95.06% |
| Promoter Holding Post Issue | 1,42,88,000 | 69.99% |
Company Information
Since its incorporation in 2006, GRE Renew Enertech Limited has been engaged in offering rooftop and ground-mounted solar solutions to industrial and commercial customers. Its business is divided into 2 segments, which are Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO). Under the CAPEX segment, the firm provides Engineering, Procurement, construction, and operation of solar projects. Under the RESCO model, the company signs an agreement with rooftop owners to install and operate solar systems on their rooftops. The business is also involved as a manufacturer of Light Emitting Diode (“LED”) lighting solutions. But, as of the past few years, the company’s primary focus has been mostly on solar energy solutions. The GRE Renew Enertech’s main goal is to become the preferred choice of a top-quality solar solutions provider for industrial and commercial customers.
| Purpose | Amount (Cr) |
|---|---|
| Setting up of 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant | 32.61 |
| General corporate purposes | - |
Resources & Documents
GRE Renew Enertech Ltd., Plot no. 423,, G.I.D.C.-II, Dediyasan, Mehsana, Gujarat, 384002
GRE Renew Enertech has set a price band of Rs 100–Rs 105 per share in the renewable energy sector. The stock listed with a 13.14% discount versus its issue price on January 21, 2026.
Since its incorporation in 2006, GRE Renew Enertech Limited has been engaged in offering rooftop and ground-mounted solar solutions to industrial and commercial customers. Its business is divided into 2 segments, which are Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO). The company operates in the renewable energy space.
The issue is promoted by Mr. Kamleshkumar Dahyalal Patel, Mr. Kirtikumar Kantilal Suthar, and Mr. Mukeshkumar Prahladbhai Trivedi with Share India Capital Services Pvt.Ltd. acting as lead manager. Net proceeds will primarily be used towards Setting up of 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant (Rs 33 crore) and General corporate purposes.
Grey market is quoting a premium of +Rs 1 (+0.8% over issue price), down Rs 6 from the previous session. Final subscription data records overall subscription at 16.61x, retail at 14.10x, QIB at 14.69x, NII at 25.02x.
On fundamentals, the company is posting revenue growth of -8.4%, a profit margin of 8.3%, return on equity of 26.9% in its most recent reported period. Listed peers in this segment include Oriana Power Limited (P/E 15.99x, market cap Rs 49 crore) and Zodiac Energy Limited (P/E 29.27x, market cap Rs 28 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
Our data-driven engine currently flags this issue as a Neutral stance — the data is mixed and the risk-reward is balanced rather than one-sided. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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