GP Eco Solutions shares zoom 304% on market debut

Shares of solar energy solutions provider GP Eco Solutions India on Monday made a stellar debut, closing with a huge premium of 304 per cent against the issue price of Rs 94.

The stock listed at Rs 375, reflecting gains of 298.94 per cent from the issue price on the NSE SME platform. Later, the stock closed at Rs 393.75 apiece, up by 303.94 per cent from the issue price.

The company's market valuation stood at Rs 461.11 crore at market close. In traded volume terms, 15.30 lakh shares of the company changed hands on the bourse.

Last week, GP Eco Solutions India's initial public offering (IPO) was subscribed 856.37 times on the final day, driven by overwhelming participation from institutional investors.

The 30.79-crore IPO was entirely a fresh issue of 32.76 lakh equity shares. The price band was Rs 90-94 per share.

The Noida-headquartered company intends to utilise Rs 12.45 crore of the IPO proceeds to meet the working capital requirements of the company.

The company also plans to invest Rs 7.6 crore in its subsidiary, Invergy India Pvt Ltd (IIPL), to procure plant and machinery and to set up a new facility, and the remaining funds will be used for general corporate purposes.

Founded in 2010 by Deepak Pandey. GP Eco Solutions India distributes a wide range of solar inverters and solar panels. It also provides comprehensive EPC services to commercial and residential customers and O&M of solar plants.