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					</table><p>Solar engineering, procurement, and construction company <a href="https://www.prozealgreen.com/" target="_blank" rel="noopener">Prozeal Green Energy</a> has received approval from the market regulator Securities and Exchange Board of India (<a href="https://www.sebi.gov.in/" target="_blank" rel="noopener">SEBI</a>) for its initial public offering(IPO) of shares to raise ₹7 billion (~$102 million).</p>
<p>The IPO comprises a fresh issue of shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹3.5 billion (~$40.91 million), and an offer for sale of shares with the same face value, also aggregating up to ₹3.5 billion (~$40.91 million).</p>
<p>Prozeal Green Energy plans to utilize the net proceeds from the IPO for long-term working capital expenditure, investments in subsidiaries for debt repayment or prepayment, and general corporate purposes.</p>
<p>In April 2025, the company <a href="https://www.mercomindia.com/prozeal-green-energy-files-draft-papers-for-7-billion-ipo" target="_blank" rel="noopener">filed</a> the draft red herring prospectus (DRHP) for the IPO.</p>
<p>As of September 30, 2024, Prozeal Green Energy’s order book stood at ₹22.21 billion (~$259.58 million), with ₹22.09 billion (~$258.18 million) allocated to ground-mounted solar projects.</p>
<p>In its DRHP, Prozeal said its focus is on implementing projects based on the “Plug-and-Play” solar park model to facilitate seamless project deployment from conceptualization and land acquisition to commissioning, and power evacuation. Since April 2021, it said it had not experienced any challenges from land acquisition, finalizing agreements with farmers or aggregators, or securing power evacuation approvals.</p>
<p>The company executed solar projects with a capacity of 66.47 MW in fiscal 2022 and 422.61 MW in fiscal 2024.</p>
<p>It also has plans to diversify into group captive and third-party power project models.</p>
<p>Prozeal’s revenue from operations increased from ₹2.87 billion (~$33.54 million) in 2022 to ₹9.49 billion (~$110.92 million) in 2024. Profit increased from ₹100.71 million (~$1.17 million) in 2022 to ₹922.44 million (~$10.78 million) in 2024.</p>
<p>Last December, the company <a href="https://www.mercomindia.com/prozeal-kintech-sael-guvnl-500-mw-solar-auction" target="_blank" rel="noopener">won</a> a capacity of 100 MW in Gujarat Urja Vikas Nigam’s auction to supply power from 500 MW of grid-connected solar power projects with an additional 500 MW greenshoe option.</p>


Prozeal Green Energy Gets SEBI Approval for ₹7 Billion IPO


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					</table><p>Solar engineering, procurement, and construction company <a href="https://www.prozealgreen.com/" target="_blank" rel="noopener">Prozeal Green Energy</a> has filed its draft red herring prospectus (DRHP) for its ₹7 billion (~$81.81 million) initial public offering (IPO) with the market regulator, the Securities and Exchange Board of India (<a href="https://www.sebi.gov.in/" target="_blank" rel="noopener">SEBI</a>).</p>
<p>The offer comprises a fresh issue of shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹3.5 billion (~$40.91 million), and an offer for sale of shares with the same face value, also aggregating up to ₹3.5 billion (~$40.91 million).</p>
<p>The offer for sale consists of the following:</p>
<ul>
<li>Up to ₹1.69 billion (~$19.75 million) by Shobit Baijnath Rai</li>
<li>Up to ₹1.69 billion (~$19.75 million) by Manan Hitendrakumar Thakkar</li>
<li>Up to ₹30 million (~$350,633) by AAR EM Ventures</li>
<li>Up to ₹20 million (~$233,755) by Bhaveshkumar Bachubhai Mehta</li>
<li>Up to ₹60 million (~$701,266) by Jaya Chandrakant Gogri</li>
<li>Up to ₹20 million (~$233,755) by Manoj Mulji Chheda</li>
</ul>
<p>Prozeal Green Energy plans to utilize the net proceeds from the IPO for long-term working capital expenditure, investments in subsidiaries for debt repayment or prepayment (either in part or full), and general corporate purposes.</p>
<p>Nuvama Wealth Management and SBI Capital Markets are the book-running lead managers for the issue.</p>
<p>As of September 30, 2024, Prozeal Green Energy&#8217;s order book stood at ₹22.21 billion (~$259.58 million), with ₹22.09 billion (~$258.18 million) or 99.48% allocated to ground-mounted solar projects.</p>
<p>The company’s revenue from operations increased from ₹2.87 billion (~$33.54 million) in 2022 to ₹9.49 billion (~$110.92 million) in 2024, reflecting a compound annual growth rate (CAGR) of 81.77%. For the half-year ended September 30, 2024, revenue from operations reached ₹4.69 billion (~$54.81 million).</p>
<p>Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew from ₹115.44 million (~$1.35 million) in 2022 to ₹1.25 billion (~$14.61 million) in 2024, reflecting a CAGR of 228.71%. EBITDA for the half-year ended September 30, 2024, stood at ₹687.13 million (~$8.03 million).</p>
<p>Additionally, profit for the year increased from ₹100.71 million (~$1.17 million) in 2022 to ₹922.44 million (~$10.78 million) in 2024, representing a CAGR of 202.64%. Profit for the half year ended September 30, 2024, was ₹515.95 million (~$6.03 million).</p>
<p>In December last year, Noida-based rooftop solar solutions and products company <a href="https://www.mercomindia.com/fujiyama-raise-funds-ipo" target="_blank" rel="noopener">Fujiyama Power Systems</a>, Maharashtra-based agri-solar solutions provider <a href="https://www.mercomindia.com/agri-solar-solutions-provider-gk-energy-files-papers-for-%E2%82%B95-01-billion-ipo" target="_blank" rel="noopener">GK Energy</a>, and green power producer <a href="https://www.mercomindia.com/continuum-green-energy-files-draft-papers-for-%E2%82%B936-5-billion-ipo" target="_blank" rel="noopener">Continuum Green Energy</a> filed DRHPs for their proposed IPOs.</p>


Prozeal Green Energy Files Draft Papers for ₹7 Billion IPO


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					</table><p><a href="https://oriano.com/" target="_blank" rel="noopener">Oriano</a>, <a href="https://www.waaree.com/" target="_blank" rel="noopener">Waaree Renewable Technologies</a>, <a href="https://www.prozealgreen.com/" target="_blank" rel="noopener">Prozeal Green Energy</a>, <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power Solar</a>, and <a href="https://www.gensol.in/" target="_blank" rel="noopener">Gensol Engineering</a> emerged as the top utility-scale solar engineering, procurement, and construction (EPC) service providers in the calendar year (CY) 2023, according to Mercom&#8217;s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard CY 2023</a>.</p>
<p>Oriano was the top EPC player with a market share of 14.8%, followed by Waaree Renewable Technologies and Prozeal Green Energy with 13.7% and 13.6%, respectively.</p>
<p>Tata Power Solar and Gensol Engineering had 11.9% and 7.4% market share, respectively.</p>
<p>The top five utility-scale solar EPC service providers accounted for over 61.4% of the market share.</p>
<p>In CY 2023, there were significant changes in market shares compared to the previous year. Oriano, Waaree RTL, Prozeal Green Energy, and Gensol were new entries into the top ten list in 2023.</p>
<p>&nbsp;</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-66043 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-10-102910.png" alt="" width="727" height="498" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-10-102910.png 727w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-10-102910-300x206.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-10-102910-650x445.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-10-102910-624x427.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-10-102910-600x411.png 600w" sizes="(max-width: 727px) 100vw, 727px" /></p>
<p>Oriano led the list of EPC service providers in 2023. During the year, the company has installed captive solar power projects totaling 40 MW in Jharkhand and Bihar for Shree Cement.</p>
<p>Waaree Renewable Technology, the EPC arm of Waaree Energies, ranked second during the year. The company commissioned 87.5 MW as a part of UPC Renewables&#8217; 150 MW ISTS-connected solar project in Khandwa, Madhya Pradesh. It also received letters of award to provide EPC services for solar projects totaling over 1 GWp.</p>
<p>Prozeal Green Energy climbed up the list to third position in 2023 from ninth in the previous year. In April 2023, it <a href="https://www.mercomindia.com/prozeal-infra-raises-4-solar-epc-operations" target="_blank" rel="noopener">raised</a> $4 million (~₹327.6 million) in Series A funding from Alchemie Ventures to scale operations and execute developer-model projects for energy and utility companies across India.</p>
<p>Mercom&#8217;s leaderboard report comprehensively covers India&#8217;s solar industry leaders, detailing market shares and rankings across the solar supply chain.</p>
<p>For the detailed and comprehensive report, click <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">here</a>.</p>
<p>The <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Tracker</a> gives quarterly insights into the solar market competitors and their growth rates.</p>


Oriano, Waaree, Prozeal: Leading Solar EPC Companies in 2023

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