April 2 (Renewables Now) - Indian rooftop solar installer Gensol Engineering Ltd is looking to raise over INR 130 million (USD 1.9m/EUR 1.7m) in net proceeds from an initial public offering (IPO).
The company has filed a draft red herring prospectus as part of its planned listing. The document shows that Gensol Engineering intends to offer up to 2.4 million equity shares with a face value of INR 10 apiece. The proceeds from the offering will be used to fund working capital requirements and for general corporate purposes.
Gensol Engineering is an engineering, procurement and construction (EPC) firm operating in the solar power sector. To date, it has worked on 51 projects with a combined capacity of 188 MW. While the company has been engaged in ground-mount installations as well, its key focus is on rooftop projects, it says. The firm also offers advisory services along with operation and maintenance (O&M) services for solar power plants.
For the fiscal year through March 2018, Gensol Engineering has generated a revenue of some INR 700 million.
(INR 10 = USD 0.145/EUR 0.130)