GRE Renew Enertech was incorporated on April 1, 1999. The company is an emerging provider of rooftop and ground-mounted solar solutions for industrial and commercial customers, offering on-site green energy projects. Its operations span CAPEX and RESCO models, delivering EPC and O&M services under CAPEX, while owning and operating assets and supplying power at pre-agreed tariffs under the RESCO model
| Bidding Dates |
|---|
| 13 Jan 2026 - 16 Jan 2026 |
| Subscription |
|---|
| 15.43x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,40,000 | 2 | 2 | 1200 | 3.8 M | ₹100 - ₹105 | 69.99 % | ₹376.8 M - ₹395.6 M | RHP DOC |
GRE Renew Enertech IPO SUBSCRIPTION STATUS
16 Jan '26GRE Renew Enertech IPO overall subscription rate was 15.43 times the total available shares
GRE Renew Enertech IPO retail subscription rate was 18.75 times in the retail segment
GRE Renew Enertech IPO non-institutional investor subscription rate was 33.29 times in the non-institutional investor category
GRE Renew Enertech IPO Qualified Institutional Bidder subscription rate was 7.75 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
16 Jan 2026 (Day 4) | 18.75x | 33.29x | 7.75x |
15 Jan 2026 (Day 3) | 1.19x | 2.13x | 3.72x |
14 Jan 2026 (Day 2) | 1.08x | 2.12x | 3.72x |
13 Jan 2026 (Day 1) | 0.42x | 0.64x | 3.72x |
GRE Renew Enertech FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| H1FY26 | 43.8 | 4.0 | 0.3 | -1.0 | 13.1% |
| FY25 | 83.7 | 7.0 | 10.7 | -0.2 | 12.2% |
| FY24 | 90.3 | 9.9 | 5.8 | 5.1 | 14.4% |
| FY23 | 52.2 | 0.9 | -2.9 | 3.1 | 4.2% |
GRE Renew Enertech IPO SUBSCRIPTION STATUS DETAILS
GRE Renew Enertech had 3.8 M shares on offer
GRE Renew Enertech IPO offer price was in the range ₹100 - ₹105
GRE Renew Enertech IPO minimum Investment was ₹240000
GRE Renew Enertech IPO issue size was ₹ 376.8 M - ₹ 395.6 M
GRE Renew Enertech had a minimum lot size of 1200 Shares per application
GRE Renew Enertech NUMBER OF SHARES ON OFFER
GRE Renew Enertech IPO IMPORTANT DATES
| Issue Open Date | 13 Jan 2026 |
| Issue close Date | 16 Jan 2026 |
| Allotment Date | 19 Jan 2026 |
| Refund Date | 20 Jan 2026 |
| Demat Account Credit Date | 20 Jan 2026 |
| Listing Date | 21 Jan 2026 |
| Listing on Exchange(s) | BSE |
| GRE Renew Enertech Allotment Status | Exchange/ Registrar |
GRE Renew Enertech IPO subscription opened on 13 Jan 2026, and closed on 16 Jan 2026
IPO allotment for GRE Renew Enertech was finalized on Monday, 19 Jan 2026
IPO listing for GRE Renew Enertech was on BSE on Wednesday, 21 Jan 2026
GRE Renew Enertech IPO LISTING GAINS
| Issue Price (adjusted) | 105.0 |
| Listing Open Price | 96.0 |
| Listing Close Price | 91.2 |
| Listing Gain% | -8.6% |
| Current Gain% | 73.3% |
GRE Renew Enertech Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GRE Renew Enertech Ltd. | 182 | 260 | 19.2 | 0.2 | 2.1 | 17 | 12.8 | 125.8 | 49.1 | 13.6 | 93.2 | 9.5 | 93.2 |
| Adani Green Energy Ltd. | 1372.4 | 226058.5 | 126.7 | 29.7 | 16.7 | 8.6 | 1.1 | 13819 | 11.2 | 1652 | 14.4 | 10.8 | 4.3 |
| Siemens Energy India Ltd. | 3648.8 | 129941.2 | 87.3 | 1.9 | 13.8 | 25.1 | 11.5 | 7932 | 66.6 | 1100.1 | 83.4 | 41.8 | 46.7 |
| NHPC Ltd. | 76.9 | 77266.4 | 20.4 | 0.8 | 6.3 | 9.1 | 3.1 | 12686.1 | 8.2 | 3765.7 | 25.2 | 3.8 | 24.1 |
| NTPC Green Energy Ltd. | 91.5 | 77100.9 | 127 | 13.9 | 23.5 | 2.8 | 0.9 | 3035.1 | 23.1 | 522.6 | 9.9 | 0.7 | 9.2 |
| SJVN Ltd. | 68 | 26706.9 | 41.8 | -5.6 | 5.3 | 4.5 | 1.2 | 4722.8 | 39.9 | 642.1 | -21.7 | 1.6 | -7.4 |
GRE Renew Enertech INFORMATION ON IPO ISSUE
About GRE Renew Enertech
GRE Renew Enertech was incorporated on April 1, 1999. The company is an emerging provider of rooftop and ground-mounted solar solutions for industrial and commercial customers, offering on-site green energy projects. Its operations span CAPEX and RESCO models, delivering EPC and O&M services under CAPEX, while owning and operating assets and supplying power at pre-agreed tariffs under the RESCO model
Object of the Issue
- Setting up of 7.20 MW (AC) / 9.99 MW (DC) ground mounted solar power plant
- General corporate purposes
GRE Renew Enertech - PROMOTERS
| Name |
|---|
| Kamleshkumar Dahyalal Patel |
| Kirtikumar Kantilal Suthar |
| Mukeshkumar Prahladbhai Trivedi |
GRE Renew Enertech - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Kamleshkumar Dahyalal Patel | Managing Director |
| Kirtikumar Kantilal Suthar | Whole Time Director |
| Mukeshkumar Prahladbhai Trivedi | Whole Time Director |
| Lokesh Laxmanbhai Dave | Independent Director |
| Kavita Khatri | Independent Director |
| Mehul Ganesh Rajput | Independent Director |
GRE Renew Enertech Book Running Lead Manager
Share India Capital Services Private Limited
kunal.bansal@shareindia.co.in
GRE Renew Enertech Registrar to the issue
Maashitla Securities Private Limited
ipo@maashitla.com
GRE Renew Enertech Strengths
Training & skill development programs
The company’s in-house team of 38 experts manages all aspects of projects, from system design and sourcing to installation, maintenance, and monitoring. Regular training and workshops ensure the team stays updated on technical, safety, and operational best practices, enhancing service quality and client access
Premium support system
The company maximizes solar yield through a dedicated remote monitoring and analytics platform, with its in-house O&M team ensuring continuous monitoring to optimize costs and minimize downtime for clients
Environment, social & governance
The company aims to protect the environment by promoting 100% renewable energy from the sun, reducing carbon footprints, and providing innovative solar solutions to help create a sustainable future
GRE Renew Enertech Risks
Depend on solar weather conditions
The company’s operations depend on consistent solar conditions, and unfavorable weather can reduce power output, delay project completion, and negatively impact business, revenues, and cash flows
Operational risks
The company’s operations face various implementation risks and uncertainties, including supply delays, cost overruns, labour or material shortages, technical issues, equipment failures, force majeure events, infectious disease outbreaks, and regulatory or financing challenges, any of which could adversely impact its projects, business, financial condition, and results of operations
Competition
The company’s growth in renewable energy projects depends on highly competitive auctions, where awards are influenced by pricing, technical expertise, financing, past experience, market conditions, and government incentives. Despite carefully selecting bids based on policy, infrastructure, and off-taker reliability, there is no certainty it will be awarded new projects
IPO FAQs
The promoters of the company are Kamleshkumar Dahyalal Patel, Kirtikumar Kantilal Suthar and Mukeshkumar Prahladbhai Trivedi.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 100.0 - 105.0.
The IPO application opens on Jan 13, 2026 and closes on Jan 16, 2026.
The minimum lot size for the IPO is 2400. The maximum lot size for the IPO is 2400.
For all category investors, the minimum application amount for this IPO is Rs. 240,000.0, the maximum value for this IPO is Rs 252,000.0.
This IPO will be allotted on Jan 19, 2026.
The refund will be credited to your account on Jan 20, 2026.
The allotted shares will be credited to your demat on Jan 20, 2026.
GRE Renew Enertech Ltd.’s shares listed on the stock exchanges on Jan 21, 2026.